Mortgage indemnity guarantees Abbey National

Emma2019

Hi everyone. Can you advise if Mortgage indemnity guarantees can count as mis-sold, Abbey National Mortgages. Paid £2000 in 1994 and was added to the interest only mortgage.


Many thanks.

Nearlyold

MIG's could not be miss sold. They were compulsory at the time with many lenders if you wanted to borrow above a certain Loan to Value.

It wasn't "Sold" to you anyway, you just had to pay for it, the lender took out the policy to protect themselves against negative equity if you failed to pay the mortgage and the property had to repossessed.

You had the choice to buy a cheaper house, put down a larger deposit or find a lender who didn't insist on a MIG if you didn't want to pay it.

[Deleted User]

Emma2019 wrote: »

Paid £2000 in 1994 and was added to the interest only mortgage.

The alternative to this was saving for a larger deposit or buying a cheaper house.

MIG was a legitimate requirement of mortgages with a high percentage of loan compared to value.

So you won't ever be getting a refund.

dunstonh

Can you advise if Mortgage indemnity guarantees can count as mis-sold,

Impossible to be missold it.