Sorry if this isn't in the right area, I wasn't sure if I should post in here or mortgages or another section.

I have been looking through my direct debits and seeing where I can save money and noticed one from Legal and General. I dug out the policy documents and it's a mortgage life assurance policy. Basically my mortgage is paid off if I die or am diagnosed with a critical illness.

My mortgage was arranged through a broker (6 years ago) and I was told at the time that I had to have this cover. However, I have spoken to my mortage company today and they said I do not need this cover. I asked for this in writing and they said they would send out the details of my mortgage offer in order to confirm.

So I've paid nearly £1,600 into this policy and now find out I don't actually need it, despite being told that this cover was required for my mortgage offer by the broker.

Is there anything I can do?

Thanks

Bump

Sorry if this isn't in the right area, I wasn't sure if I should post in here or mortgages or another section.

 

I have been looking through my direct debits and seeing where I can save money and noticed one from Legal and General. I dug out the policy documents and it's a mortgage life assurance policy. Basically my mortgage is paid off if I die or am diagnosed with a critical illness.

 

My mortgage was arranged through a broker (6 years ago) and I was told at the time that I had to have this cover. However, I have spoken to my mortage company today and they said I do not need this cover. I asked for this in writing and they said they would send out the details of my mortgage offer in order to confirm.

 

So I've paid nearly £1,600 into this policy and now find out I don't actually need it, despite being told that this cover was required for my mortgage offer by the broker.

 

Is there anything I can do?

 

Thanks

Probably nothing other than cancel the policy now or stop paying it so it lapses!

I am sure they will argue that you have had the benefit of this policy for the last 6 years!!

If you had died or suffered a critical illness since the policy was taken out then you would have benefited by getting a lump sum to pay off your mortgage.

I'm bumping this post because of everything on TV about PPI. I realise that a mortgage life assurance policy is not PPI but it got me thinking again.

Firstly, I was told I needed this for my mortgage application to be approved, but subsequently found out from my lender that I don't. And secondly, reading a little more about life assurance policies, they seem to be there so that should the mortgage holder die, their wife, children etc are not left to pay off the mortgage. I am not married, nor have I ever been, and I don't and never have had any children. Surely the life assurance policy would have been useless to me and therefore mis sold?

Hello there. As someone mentioned earlier, you also had Critical Illness cover as well as life cover.

I don't know what you did last time, but I would start with the FSA helpline who should be able to advise you if you have a case. Then there's the ombudsman after that.

My best, HB