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Mortgage Payment Protection Insurance Refund

Those of us who have been unfortunate enough to have been mis sold mortgage payment protection insurance probably already know just how costly it is and perhaps have also had the misfortune of trying to claim benefits on the policy. Of all types of payment protection, mortgage payment protection insurance is by far the costliest but not for the reason you might imagine! The reason it is so expensive is simply because a mortgage is likely to be the largest loan you will ever take out in your lifetime and PPI is based on a percentage of the money you are borrowing. However, the cost is not really the underlying reason why so many people are seeking a mortgage payment protection refund.

What Is the Problem with Mortgage PPI?

If the cost alone were the main reason why people were unhappy with mortgage PPI then there would be grounds for very few complaints. The real reason why people are so unhappy is the fact that such a high priced insurance product offers very little in the way of benefits. Lenders are misselling PPI alongside mortgages without explaining the conditions and exclusions in the small print. UK rules and regulations regarding the sale of insurance products along with other financial products dictate that the purchaser must be apprised of everything in the contract (policy). As well, there are times when the lender makes it appear as though the borrower wouldn't qualify for a mortgage or at least wouldn't qualify for as much money. Any time a lender mis sells a payment protection product the borrower has grounds to file a PPI claim for a mortgage payment protection insurance refund.

Why Is Mortgage PPI So Expensive?

Actually, if you were to look at mortgage payment protection it isn't priced any differently than any other type of payment protection except for the fact that the loan is so high. Payment protection insurance is based on a percentage of the amount being borrowed. Therefore, if you were to take out an automobile loan and PPI was assessed at 45% and a mortgage loan with PPI being attached at the same rate, you can see how the mortgage payment protection would be so much costlier. It simply stands to reason that 45% of £100,000 is a much larger figure than 45% of £35,000. In the end, mortgage PPI is so much more expensive because the loan itself is so much higher. Then, if the policy was mis sold and the homebuyer couldn't use the cover when needed, he or she would certainly seek a mortgage payment insurance refund.

Anyone who feels that they have been mis sold mortgage PPI should file a claim for a full mortgage payment protection refund. Because lenders are not readily willing to admit to having mis sold such an expensive cover, there may be a need to appeal to the Financial Ombudsman Service. For this reason, many UK consumers are requesting the services of PPI claims management companies such as Belmont Thornton, Belmont Thornton, to help them in filing a claim. For information on how easy it is to file a claim, even against the big high street banks, contact the claims team on 0207 471 2000. With our fast and easy no win no fee* service, you can have your claim in the works within a matter of 24 hours and you'll be that much closer to getting back all that money you should never have spent.

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Belmont Thornton Limited is incorporated in England and Wales, Company number 6621233, whose head office at Unit B11, Kestrel Court, Harbour Road, Portishead, Bristol, BS20 7AN and registered office at Harwood House, 43 Harwood Road, London, SW6 4QP.

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