mortgage protection - any recommendations?

[sleep envy]

as thread title

[sleep envy]

tell me about it

[Steamer]

I know Liverpool Victoria tend to get a bit of a harsh rep. but they bailed my arse out 4 years ago - no problems & not too many questions either.

I had only been with the 8 months - if thats of any interest.

Edited by Steamer on Wednesday 19th November 18:25

[sleep envy]

L&V are only offering with life

seems like lots of companies are going the same way

just read Hitaachi's T&C's - the new definition of wooly

[sleep envy]

any more before I sign on the dotterd line?

[Steamer]

sleep envy said:

any more before I sign on the dotterd line?

Who did you pick out of interest?

...surprised there wasn't more input into this thread!

[sleep envy]

me too

abbey's subbed one, whilst not the cheapest it's only 60 days before it activates and they pay out upon receipt of redundancy confirmation

[SS HSV]

sleep envy said:

mortgage protection - any recommendations?

Waste of money if you are talking about the fund which is supposed to protect you if you cant pay.

Had a nasty incident during the last recession in 91 when the housing market crashed. My ex missus was supposed to be paying the mortgage with the cash I was giving her, I was working abroad at the time. She was spending it and hiding the truth. The mortgage company repossessed the house and when I got back I couldnt get in. By the time I found out what had happened, the house had been sold of at auction, for less than half of its saleable value. The insurance paid out and covered the gap between mortgage and sale price.

About a month later I received a letter from the insurance company asking me to repay the loss of £39,995 by return of post.. yeah right

The insurance was only there to protect the lender and in that respect it did exactly what it said on the tin. It was my fault for not bothering to read the policy document, if I had bothered to read it I would not have bothered with it

[sleep envy]

SS HSV - slightly different to the policy I took out but thanks nonetheless for the post

[Piglet]

SS HSV said:

sleep envy said:

mortgage protection - any recommendations?

Waste of money if you are talking about the fund which is supposed to protect you if you cant pay.

Had a nasty incident during the last recession in 91 when the housing market crashed. My ex missus was supposed to be paying the mortgage with the cash I was giving her, I was working abroad at the time. She was spending it and hiding the truth. The mortgage company repossessed the house and when I got back I couldnt get in. By the time I found out what had happened, the house had been sold of at auction, for less than half of its saleable value. The insurance paid out and covered the gap between mortgage and sale price.

About a month later I received a letter from the insurance company asking me to repay the loss of £39,995 by return of post.. yeah right

The insurance was only there to protect the lender and in that respect it did exactly what it said on the tin. It was my fault for not bothering to read the policy document, if I had bothered to read it I would not have bothered with it

You're talking about Mortgage Indemnity Guarantee (MIG) which was indeed the rip off product of the 80's and 90's. Don't feel too bad about it, you wouldn't have been able to see the policy, that was the absolute classic feature of it that although you paid for it (and you were probably required to take it as a condition of your mortgage) it wasn't for your benefit and they wouldn't let you have a copy of the policy wording.