Nationwide Cancel Mortgage Payment Protection Insurance after 22 years!
Masonl777
Forumite Posts: 1 Newbie
Had anyone else had their mortgage protection insurance cancelled? Been a loyal customer of Nationwide for over 20 years and received a letter to say they wont be renewing my insurance!
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Had anyone else had their mortgage protection insurance cancelled?yes. loads.Been a loyal customer of Nationwide for over 20 years and received a letter to say they wont be renewing my insurance!Pretty much inevitable to be honest. The demand for PPI has died and the appetite of the reassurers to cover it during or prior to recessionary periods is low to non-existent. Most have pulled out and if Nationwide cannot find an alternative Reassurer or at least one that is cost effective they have to decide whether its worth keeping it going. If they did use one of the handful let that still cover it, the premium increase would be significant and chances are most would cancel and it wouldn't be viable to retain it.
You were lucky it wasn't ended earlier.
I am an Independent Financial Adviser (IFA). The comments I make are just my opinion and are for discussion purposes only. They are not financial advice and you should not treat them as such. If you feel an area discussed may be relevant to you, then please seek advice from an Independent Financial Adviser local to you.0
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