Mortgage insurance reclaim

Patricia23

We had a couple of Mortgages from the Nationwide in the 90s and 2000s which charged us an additional 1% for the first year on top of our normal interest payments . This was a condition of the mortgage and we were told it was to protect the Nationwide against us defaulting.

Has anyone else had this and been able to reclaim?

[Deleted User]

It was an indemnity and a condition of the mortgage.

That means it wasn't mis sold and only Nationwide could claim on it, not you.

Nasqueron

This is called MIG, it is not PPI


You cannot complain about it as it was a condition of the mortgage - you either borrowed less or provided a bigger deposit to avoid it

[Deleted User]

Patricia23 wrote: »

We had a couple of Mortgages from the Nationwide in the 90s and 2000s which charged us an additional 1% for the first year on top of our normal interest payments . This was a condition of the mortgage and we were told it was to protect the Nationwide against us defaulting.

Yes, it protected the lender not you. Your alternative was to save for a bigger deposit or to look for a more affordable property.

Since it was in no way mis-sold to you, you won't be able to "reclaim" it.

Sorry.

tomessie

I was with theNorthern Bank now Danske, I enquired from them about PPI but was told my mortgage was a long time ago and their records do not go back that far, around 1981, would this be correct?

[Deleted User]

If that's what they've told you, then yes.

[Deleted User]

tomessie wrote: »

I was with theNorthern Bank now Danske, I enquired from them about PPI but was told my mortgage was a long time ago and their records do not go back that far, around 1981,

PPI was still very rare in the early eighties so, even if there were records, I doubt you'd have got very far with a complaint from almost four decades ago....

Sorry.

SonOf

tomessie wrote: »

I was with theNorthern Bank now Danske, I enquired from them about PPI but was told my mortgage was a long time ago and their records do not go back that far, around 1981, would this be correct?

PPi would be extremely rare in the early 80s. Especially from a building society, most of whom did not offer an in-house insurance product back then but used local broker firms instead.

tony_sadler

My first post, but I wonder if anyone else has been told, apparently wrongly, that mortgages taken out over the last 30 years qualify for PPI? My experience is that we took a mortgage out with the old Leeds Permanent, which then became the Halifax, and in the 1990's, we moved house and took on an extra advance. I have mortgage statements from the mid 1990's showing our monthly payment with a separate sum for Mortgage Repayment Insurance. On claiming for this, I have a letter from the Halifax, refusing the claim because it was before regulations came into force in 2004. Our mortgage was paid off in 2000, but the information that you can claim for a mortgage before 2004 would appear to be misleading. Has anyone else had this experience?

SonOf

I wonder if anyone else has been told, apparently wrongly, that mortgages taken out over the last 30 years qualify for PPI?

Your wording is confusing.
PPI is a product. If you had a mortgage and were eligible for cover then you could have taken out PPI.

On claiming for this, I have a letter from the Halifax, refusing the claim because it was before regulations came into force in 2004.

Insurance became regulated on 14th Jan 2005. If the seller of the policy was not a member of the ABI or GISC prior to that date they do not have to consider pre-regulation complaints. If they were a member, they only have to go back as far as when their membership started. Banks have to consider all earlier complaints as they volunteered to access pre-regulation cases back in 1988.

Our mortgage was paid off in 2000, but the information that you can claim for a mortgage before 2004 would appear to be misleading.

its not misleading. Way back when Martin Lewis was the owner of this site he said that he cannot do 30 seconds on TV or write simple to understand articles which then cover every single nuance or variation.

Banks are the ones that mostly missold PPI. Building societies were a bit later to it. Banks have to consider all complaints irrespective of the date as they volunteered to do so back in 1988. However, other distribution channels did not. Some building societies did but not all.

Most mortgages in the UK are put in place by mortgage brokers, estate agents and advisers. They dont consider pre 2005 complaints.

Halifax do consider pre-regulation stuff on their sold cases but I cannot find anything that suggests that the Leeds were a member of the ABI. It doesnt mean they were not. Just that i can't find anything. And the rejection suggests they were not.

[Deleted User]

tony_sadler wrote: »

My first post, but I wonder if anyone else has been told, apparently wrongly, that mortgages taken out over the last 30 years qualify for PPI?

The age of your mortgage is largely irrelevant, you either had a Payment Protection Insurance policy or you didn't. By no means all finance had PPI, the majority did not. You don't therefore "qualify" for PPI, if you want a refund you have to show that a policy was somehow mis-sold to you.

tony_sadler wrote: »

Our mortgage was paid off in 2000, but the information that you can claim for a mortgage before 2004 would appear to be misleading.

There are always exceptions to such information provided, as it is, in a truncated form. In your case, you have fallen foul of purchasing PPI from a lender which was not regulated at the time of the sale. If you had been mis-sold by a Bank at the time, those institutions were regulated by an earlier body and so would have had to consider a complaint now. So the information in the advice article is indeed correct but with some notable exceptions...

Since you have no access to the Ombudsman, your complaint is at an end.

Sorry.