Mortgage insurance & PPI

MaxineG · 18 January 2019 at 5:06PM

Hi, I’m a newbie in the forum and wasn’t sure if I should add my query on a similar thread or start my own. As I cannot find yesterday’s thread I have started a new one. Hope it’s ok

I currently have PPI insurance on my Halifax mortgage that at the time of taking out I was told I had to have from the Halifax. In order to claim the PPI back I am concerned that it will be cancelled and my mortgage called in.

My question is what type of insurance do I need to take out to satisfy the mortgage lender and replace the PPI insurance?

Nasqueron · 18 January 2019 at 5:11PM

You can complain about the PPI element though they will of course cancel it. You can't complain you didn't want it and they should refund you and still keep it.

Halifax do seem to be able to separate the element of PPI/life insurance etc

If it was a condition of your mortgage that you had to have it, it cannot be miss-sold.

MaxineG · 29 January 2019 at 2:49PM

Ok, I have checked the insurance and basically it covers sweet fanny Adams! It covers less than £5k of my mortgage, unemployment, accidents and sickness or career cover. It also says it is optional and I was told at the time I had to have this.
My problem is that I am now retired and don’t seem to be able to find what insurance I need to replace the above insurance with.
Advice as to which insurance I need would be appreciated.

Nasqueron · 29 January 2019 at 4:07PM

You need to speak to an IFA or broker to decide that, people can't give you financial advice on this forum

Mortgage insurance & PPI

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