Can I claim PPI or similar on my mortgage insurance?

happyhero

Hi, I can see similar questions on here so apologies for going over the same stuff if I do.


All I want to know right now is can I make a claim so should I go forward with it and whats my next step.


I have all the paperwork from the beginning.


I took out a mortgage in 1995 with the Woolwich which was organised for me by a guy working at the back of the Barnard Marcus estate agents. Looked like he was the financial guy maybe independant based in that estate agents.


Truth is I was abit nieve then and was so happy that he got me the mortgage I was struggling to get elsewhere that when he told me I had to take out an insurance policy as well I just went along with it. I didnt really know what it was for but it seemed I had to have it and it was not terribly expensive in the excitement of the moment at £22.30/m. I've been paying it ever since. I did ask a few feable questions along the way some years later when I had doubts about having it, but was convinced to keep it running.


I should mention that although I took the mortgage out with the Woolwich in 1995 initially I later remortgaged in 2002 to go with First Direct.


I would never have quearied this except for watching a PPI Martin Lewis program the other day which mentioned mortgages had insurance that was sometimes mis-sold and you could claim a refund. I checked all my familys past policies and couldn't find any PPI to claim but had never thought about the insurance on the mortgage.


My insurance is with Royal Life, it says it is a Life Policy £90,000 without profits to pay out a tax-free guaranteed lump sum if I die at ant time during a set period of time (the term of the policy). commencing 13/07/1995 and terminating 13/07/2020.


Can anybody tell me, can I claim anything?


Any help/guidance appreciated.

dunstonh

I took out a mortgage in 1995 with the Woolwich which was organised for me by a guy working at the back of the Barnard Marcus estate agents. Looked like he was the financial guy maybe independant based in that estate agents.

This is key information as estate agent brokers were not regulated until January 2005 for insurance.

he told me I had to take out an insurance policy as well I just went along with it.

It is a common model for fees free mortgage advisers to require the purchase of an insurance policy instead of charging you a fee. This model is allowed as long as the insurance is suitable.

I would never have quearied this except for watching a PPI Martin Lewis program the other day which mentioned mortgages had insurance that was sometimes mis-sold and you could claim a refund.

MPPI has lowest complaint success rate of any type of PPI. Indeed, you can still buy MPPI today. MPPi sold by advisers, brokers and estate agents account for under 1% of PPI complaints at the FOS and the majority get rejected. Indeed, the two largest mortgage broker networks in the country (which account for over half of all mortgages) both have under 30 complaints about PPI at the FOS during each reporting period (under 30 means data is not published).

My insurance is with Royal Life, it says it is a Life Policy £90,000 without profits to pay out a tax-free guaranteed lump sum if I die at ant time during a set period of time (the term of the policy). commencing 13/07/1995 and terminating 13/07/2020.

That is a life assurance policy. It is not PPI.

Can anybody tell me, can I claim anything?

Only when you are dead.