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Total Mortgage Payment Protection
graham158
Posts: 2 Newbie
Hi, I took out my first morrtgage at the end of 2004 and the lender involved told me that I had to take out their total mortgage payment protection or I wouldn't get the loan. I'm currently paying them £47 per month for this prviellege. Were they allowed to coerce me into taking out an insurance policy like this without shopping around?
Any advice would be greatly appreciated.
Graham
Any advice would be greatly appreciated.
Graham
0
Comments
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the lender involved told me that I had to take out their total mortgage payment protection or I wouldn't get the loan.
That is a breach of FSA rules. They can insist that you take insurance but cannot insist on you taking theirs.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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