Payment protection insurance on mortgages
Buying a home is the most considerable purchase most people will make in their lifetimes. With property prices increasingly on the rise, and the need for more substantial up-front investment from homebuyers, the premium on property ownership has never been greater, and especially for those looking to get on the property ladder for the first time, security of payments can be a really important factor in giving peace of mind.
Making mortgage payments every month is an essential part of homeownership, and missed payments can spell disaster – both in terms of the consumer’s credit rating and also their continuing ownership and residence in the property. Unfortunately, lenders secure their mortgages against property for a reason, and while many are sympathetic to ultra short-term difficulties, repossession is a constant threat for those unable to meet their monthly payments.
One way in which consumers can guard against this risk is by taking out payment protection insurance, more commonly known as mortgage protection insurance, or similar, when sold in conjunction with mortgages. PPI coverage is designed to cater for extraordinary circumstances under which repayments cannot be met, such as a loss of employment or ill health. In some circumstances, PPI coverage can be a solid way to protect repayments, and where making repayments month on month is as critical as it is with mortgage payments, some consumers might find PPI a valuable safety net.
However, countless other thousands of consumers have bought PPI on their mortgages without full knowledge of the facts, without asking for it and without necessarily wanting it, thanks to now widely condemned sales practices in the consumer lending industry. UKPPIClaims.org is a claims management agency, specializing in assisting consumers seek compensation for PPI illegitimately sold on mortgages, credit cards and personal loans.
With a flat, no-win-no-fee commission of 25%, we’ll take you through the complaints and compensation process with your lender. Get in touch today to find out more about how we can help.