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Halifax Building Society - Mortgage Guarantee Insurance


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I had mortgages from 1977, on the statements there is a figure for INS, I also have a letter saying “Where a mortgage is covered by a Mortgage Guarantee Policy the premium is paid by the society and added to your account and interest is charged. Does anyone have any original information on this policy? Does anyone know if this is an early version of PPI?

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no it was not ppi, it was a mortgage indemnity policy paid by the borrower to indemnify the lender typically when the mortgage had a high loan to value, around 80% plus

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Basicaly, PPI alledgedly :-) covers the borrower, whereas MGI although paid by the borrower only covers the lender, eg if the lender repossesed the property and sold with a shortfall, the lender would claim on the MGI

PLEASE HELP US TO KEEP THIS SITE RUNNING

EVERY POUND DONATED WILL HELP US TO KEEP HELPING OTHERS

 

 

 

 

Any help I am able to give is from my own experience only. Should you have any doubt you should contact a qualified professional.

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