PPI for Mortgages
Mortgage Payment Protection Insurance (MPPI) has been mis-sold for years, similar to that of credit cards and loans. Unfortunately, it is estimated that these mis-sold PPI policies number in their thousands.
Borrowers paid for an insurance policy to ensure the security of their mortgage repayments, should they be unable to work. However, you could have paid for payment protection insurance, even if you were not told by your broker. The MPPI policies were sold in large numbers by sales staff, and you could be eligible for compensation.
Am I Entitled to Reclaim PPI?
If you believe you have been mis-sold PPI for your mortgage from one of these methods, we urge you to submit your claim:
- If the sales person did not detail the cost of the PPI policy and what it entailed, separately from your mortgage advance, that’s a cause for concern.
- If your MPPI policy was sold to you when you were a student, retired or unemployed.
- If you were not made aware that the PPI policy was an option, and you did not have to purchase, you could have been mis-sold.
- Many people who have been mis-sold PPI for mortgages reported that they were pressurised into buying their PPI policy. If you feel the same, you are entitled to submit a claim.
- Should you have happened to be off sick from work as your payment protection insurance policy was sold, you shouldn’t have needed the policy as you were, most likely, covered by your sick pay.
- If the lender did not check you had any alternative cover, or outline these covers, before selling you PPI.
- You should have been told by the exclusion causes within a PPI policy and, if not, you can look into a claim that you were mis-sold PPI.