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PPI Mortgages

What is it?

Mortgage PPI (Mortgage Repayment Protection) is designed to protect your mortgage repayments if you were unable to work due to accident, sickness or redundancy. This insurance has been sold by banks and credit providers for in excess of 10 years and would normally be sold at the time as the mortgage was taken or at the point of a remortgage.

Do I have it?

This insurance would most frequently have been sold as part of the mortgage deal when you took out a new mortgage or remortgaged. The premium would generally be charged monthly. If you are unsure if this policy was taken out your bank statements from the period of the sale and onwards should indicate if you were paying for this type of cover. Original mortgage documents would also be a good starting point as it should confirm if this product was added at outset. If you cannot see any evidence of the cover and remain unsure if you had this type of policy, the bank or provider will be able to investigate further to establish any polices that were purchased.

Signs that it was mis-sold

  • You did not know that you had taken out the policy, it was added automatically without your knowledge or you declined the policy.  
  • The policy was not suitably explained to you. You were not given any information about how the plan worked. 
  • You were not able to claim on the policy due to the exclusions, for example you had a pre-existing medical condition.
  • You already had sufficient cover in place, for example through your employer or an alternative provider.
  • You were informed that you had to take out the policy in order to obtain the mortgage.
  • You were pressurised into taking out the policy.
  • Your employment status was not established making the policy unsuitable, for example you were not employed or retired.