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  • FIRST POST
    • lozzer1701
    • By lozzer1701 7th May 18, 9:31 PM
    • 38Posts
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    lozzer1701
    Legal & General mortgage PPI
    • #1
    • 7th May 18, 9:31 PM
    Legal & General mortgage PPI 7th May 18 at 9:31 PM
    Hi,

    I am going through the process of sorting out my finances, and spurred on by family members I've been looking at whether or not I've had PPI, etc...

    Amongst all my paperwork, is some information relation to the initial mortgage my partner and I took out on this property, which was with Legal & General. This mortgage was active between February / March 1997, and early 2006. Along with the mortgage, there was L&G critical illness cover, L&G home insurance, and L&G mortgage payment protection. Out of all of those products, and according to the paperwork I can find, only the L&G home insurance was actually a requirement of the mortgage offer, and not the other products- which just had to be 'suitable' with no mention that they had to be from the same provider as the mortgage. Yet both my partner and I can honestly say that we believed this was the case, to the point we were quite confused when we re-mortgaged that the (different) advisor we had for that was looking at several different providers for the different products

    I've tried reading through some similar threads, but I'm just as in the dark as to what I can and can't do about this. While in particular I can see that mortgage payment protection can be seen as a 'good' thing, I'm concerned after what I've read today that we may not have been provided with the most suitable product. We certainly weren't given the opportunity to source our own, and despite what the paperwork may suggest we believed that we had to have L&G products covering the mortgage.

    ...So what can we do, and if we can do anything, who do we need to speak to...?
Page 1
    • dunstonh
    • By dunstonh 7th May 18, 10:04 PM
    • 95,307 Posts
    • 62,905 Thanks
    dunstonh
    • #2
    • 7th May 18, 10:04 PM
    • #2
    • 7th May 18, 10:04 PM
    Along with the mortgage, there was L&G critical illness cover, L&G home insurance, and L&G mortgage payment protection.
    Does it actually say Mortgage payment protection or mortgage protection?

    The decreasing term assurance for a mortgage would be called mortgage protection. You also fail to mention any life assurance in your list. So, where is the life cover and are you mixing your cover up?

    I'm concerned after what I've read today that we may not have been provided with the most suitable product.
    If everything is from L&G, then that almost certainly means you used an L&G rep. If you use a sales rep then they can only sell the products of their own company. L&G products are not bad. There are better available but they are totally suitable for the job they are needed to do. If you dont use an IFA, then product differences do not matter as the sales rep does not have that choice to make.

    Yet both my partner and I can honestly say that we believed this was the case, to the point we were quite confused when we re-mortgaged that the (different) advisor we had for that was looking at several different providers for the different products
    It is not uncommon for sales reps to give the impression that they are whole of market in all areas when in reality they are only whole of market on mortgages. Problem is that you wont have any evidence of wrongdoing and nothing will exist on that.
    We certainly weren't given the opportunity to source our own
    You are not required to be unless you ask for it.

    and despite what the paperwork may suggest we believed that we had to have L&G products covering the mortgage.
    And as you used an L&G sales rep, then L&G products is all you would get.

    ...So what can we do, and if we can do anything, who do we need to speak to...?
    As a tied sales rep can only retail their own product range, there is no wrong doing there.
    I am an Independent Financial Adviser (IFA). Comments are for discussion purposes only. They are not financial advice. If you feel an area discussed may be relevant to you, then please seek advice from an Independent Financial Adviser local to you.
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