Mortgage Payment Protection Claims
Taking out a mortgage is a huge financial commitment and most people worry how they would keep up their repayments if they became involuntarily unemployed. This is perhaps the major reason why, for many years, mortgage payment protection was so popular.
Mortgage payment protection insurance, like other forms of PPI, is a type of policy that insures a borrower against involuntary unemployment, sickness and accident. The cover is designed to step in and take over debt repayments, but has faced a barrage of criticism in recent years.
Mortgage payment protection cover can be very expensive and, although it is generally considered more valuable than other forms of PPI, it does not always represent good value for money. In addition it is, of course, not suitable for everyone and some people have been sold policies they do not need, are unable to use or simply don’t want. As a consequence, there has been a significant increase in the number of mortgage payment protection claims.
The issues surrounding the sale of PPI were investigated by the Financial Services Authority between 2006 and 2008 and they found some worrying failures regarding the way the policies were being sold and several major lenders were fined. Since that time, there have been many improvements in the way most businesses sell PPI, but it is thought that many people may still be paying for unwanted or unneeded cover.
If you are unsure whether you can make mortgage payment protection claims you should consider whether you were given full and clear information when you were sold your policy. Was any of the information you were given incorrect or misleading? If so you may be entitled to make mortgage payment protection claims. You may also be entitled to make a claim if you were sold a policy you didn’t actually need or were ineligible to use.
To start you claim, complete the form above.