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Mortgage PPI Claims, The Hidden Windfall

Mis sold PPI has been in the press for over four years now, with countless companies, consumer watchdogs and ‘experts’ telling you to check your loans and credit cards for mention of the insurance. But there’s one borrowing that may have cost you a fortune in PPI payments yet it gets little little attention, which is strange given that it’s probably the largest loan you’ll ever take out.

The largest PPI refunds we’ve seen

I’m talking about a mortgage, for example: PPI costs were typically £1 for every £100 you borrow, so take out a mortgage for £100,000 over 25 years with PPI included and you can see how big your insurance premiums might have been. Some of the largest refunds we’ve seen have been mortgage PPI claims as the amount borrowed and length of repayment is usually much greater than a credit card, car loan or other credit agreements.

But there’s another reason why mortgage PPI claims should be seriously considered and it’s unique to home loans; unlike credit cards or loans you can remortgage your property. Every time you remortgaged or signed up for a new mortgage you may have started paying for a new PPI policy, this means you may be owed compensation from mis sold cover issued alongside each mortgage and remortgage, that’s when the refund amount really adds up.

How do I check for mortgage PPI?

If you have the mortgage agreement paperwork, check it for mentions of PPI, Payment Protection Insurance, ASU, Accident and Sickness Cover, Payment Insurance and similar names. Each lender calls PPI something different so look for something that sounds like a type of cover. Also check your mortgage statements. If you don’t have any paperwork, get in touch with the lender and ask for them, if you finished paying off the mortgage over six years ago it can be tricky to get the documents – but try anyway.

Of course, not all mortgage PPI was mis sold but after potentially spending thousands on cover – it’s definitely worth checking.

Shortcut summary: Mortgage PPI claims are some of the highest refunding cases, mainly down to the amount borrowed and length of agreement. You may have been paying for mis sold insurance for decades so check all of your mortgages and remortgages for PPI, if it’s in the paperwork and you think it may have been mis sold – start a claim.

This is part 8/15 – continue your PPI claims education…

PPI Claims 101 – 1/15 | What is PPI?
PPI Claims 101 – 2/15 | Should I Bother Making a PPI Claim?
PPI Claims 101 – 3/15 | How To Claim Back PPI Yourself
PPI Claims 101 – 4/15 | How To Find The Best PPI Claims Company
PPI Claims 101 – 5/15 | No Win No Fee PPI Claims Explained
PPI Claims 101 – 6/15 | What is a PPI Template Letter?
PPI Claims 101 – 7/15 | Credit Card PPI Claims
PPI Claims 101 – 8/15 | Mortgage PPI – The Hidden Windfall
PPI Claims 101 – 9/15 | PPI Claims Deadline – Forget One, Remember The Rest
PPI Claims 101 – 10/15 | The Information You’ll Need To Make a PPI Complaint
PPI Claims 101 – 11/15 | What To Do If Your PPI Claim Is Rejected
PPI Claims 101 – 12/15 | The Financial Ombudsman & PPI Claims
PPI Claims 101 – 13/15 | Payment Protection Insurance Consumer Questionnaire
PPI Claims 101 – 14/15 | How Long Does a PPI Claim Take?
PPI Claims 101 – 15/15 | Do I Need To Pay Tax On My PPI Refund?

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By John Gregory

John writes for a OracleLegal.co.uk as well as a number of financial blogs, he also create content for infographics, FAQ’s and personal finance sites. You can find him on Google+ and Twitter, get in touch – he doesn’t bite. Unless you’ve been mis-selling financial products.