Insurance reimbursement 17 August 2022 at 1:37PM in Reclaiming mortgage fees, council tax, etc 3 replies 75 views

Salty1234

When i took out my mortgage over 15 years ago, I was told by my lender that I must take out their buildings insurance. 

About 2 years ago they said that this was no longer the case. 

After a look around, I found insurance at 1/3 of the previous price. 

Do I have a case for a complaint?
How do I go about it?

Cheers 

The_Unready

No, you don't. Move on.

Salty1234

The_Unready said:

No, you don't. Move on.

Why not? 

[Deleted User]

Salty1234 said:

The_Unready said:

No, you don't. Move on.

Why not? 

If the lender required you to cross purchase for a product, that is allowed, only if they pretended you did when you didn't would it not be. What is more likely is that you used an advisor who got his payment via commission and thus to get the deal and pay 0 fees, you had to buy their insurance and keep it for a certain period.

Unless they lied that you had to buy it, then you have no legitimate reason for complaint.

Further, it'll probably be timed barred under the 6 and 3 year rules. 6 years from taking out the product, 3 years from knowing you had reason for complaint, or could reasonably have known you did which their annual letters / the introduction letter would have told you would flag these