Many people do not realise that when taking out a mortgage many lenders and financial advisers will offer you Payment Protection Insurance, PPI on your mortgage payments.
When taking out a new mortgage you often have a lot of information about home insurance, life insurance and other forms of insurance so you may not realise if you have taken out mortgage PPI.
What is mortgage PPI?
Mortgage PPI is payment protection Insurance that protects your house if you become sick or lose your job, by paying mortgage PPI the insurance company can help support your mortgage payments in the event of redundancy, or illness.
Financial advisers make a commission off insurance sales such as mortgage PPI and may have offered you Mortgage Payment Protection Insurance without you knowing, needing it or being eligible to claim in the event of illness or job loss.
Your first steps to finding out is you can reclaim PPI on your mortgage is to find out if you are actually paying mortgage PPI. Many people paying PPI on their mortgage do not realise they are doing so. Check your mortgage contracts and your yearly mortgage statements to see if there are any unusual payments.
If you are self employed or retired then mortgage PPI does not cover you, therefore if you are paying for PPI then you have been mis-sold Payment Protection Insurance.
It is the responsibility of your financial advisor to explain fully what mortgage PPI is, how much of the costs and why and when you may need it. If your PPI was not explained in full then you may also be entitled to make a claim. It is important when signing up for PPI insurance you have all the details and can make an informed decision on whether you need it or not.
It is also very important that the sales person or financial advisor did not coerce or bully you into taking it through fear or persuasion if you took out PPI on your mortgage then you should have done it as your own well informed decision.
Reclaiming mortgage PPI – how can Canary Claims help?
If you feel you are eligible to reclaim PPI payments on your mortgage then get in touch with Canary Claims. We have had thousands of successful claims and happy customers, and know how to get your claim processed quickly and efficiently.
Why wait any longer to claim back the mortgage PPI payments plus interest, reclaim PPI today.