General Frame

Mortgage insurance is meant as a form of protection of the mortgage holder. It is supposed to protect individuals should they find themselves unable to make regular repayments against their mortgage either of because of ill health or through being made redundant. While different policies do offer different benefits, it has been found that many borrowers were in fact mis sold mortgage insurance in a number of ways.

 

One of the more common ways that people were mis sold mortgage insurance is that they were informed it was an obligatory purchase. In order to ramp up sales figures and to make sales that they were pressured into making, agents essentially told borrowers that they had to take out payment insurance if they wanted to be guaranteed a mortgage.

 

Payment protection is not and has never been anything other than an optional addition to your personal finance portfolio. If you were told that it was a prerequisite to receiving your mortgage then you were mis sold your policy and you have a legal right to claim back the PPI payments that you have made on this account. You could be owed several thousands of pounds in reclaimed payments so it is definitely worth pursuing.