PPI on Mortgages – How to Claim?

Most of us from a young age dream of owning our own home, in order to do this the vast majority of people in the UK will need to take out a long-term loan and this is called a mortgage. Mortgages require long-term commitment as some can take up to 25 years to pay off.

You would think that the biggest mortgage companies in the UK such as the Halifax, Abbey National, Barclays, nationwide building society, HSBC, Abbey National and the Alliance & Leicester would all be careful and operate in a professional manner.

In recent years it has been decided in the UK that these mortgage companies have mis-sold payment protection insurance in their thousands to people who did not need or require it. Mis-sold PPI on mortgages is one of the most common area of concern for the banks and building societies along with mis-sold PPI on credit cards and loans.

Only a few weeks ago Lloyds TSB have had to set aside billions of pounds extra in order to pay back to loyal customers who are now seeking compensation and this includes mortgages. So what is exactly the best way on claiming back mis-sold PPI on mortgages?

mortgage ppiThe first course of action should be to check your mortgage agreement with the building society or bank that you have agreement with. You may have changed or transferred mortgage to another provider, this does not matter as you should be claiming against the original company who sold you payment protection insurance that you did not need or require.

In some cases, the company has gone bust or being bought out by another high Street building society in this case there will be official documentation on the website of the lender which should detail who you contact for cases that date back years. In the UK the mis-selling of mortgage PPI is a serious offence and there are strict regulations and official guidance for UK consumers in order to successfully claim back mis-sold PPI.

You can of course visit the FSA website they will guide you on a positive course of action in order for you to claim back mortgage payment protection insurance, while this process suit some people others simply do not have the time or the patience to deal with a long drawnout process that could take weeks and months to sort out. Even though there are strict timelines where building societies and banks must respond to claimants requests the simple truth is that because of huge backlogs of new cases of mis-sold PPI this system is far from perfect.

The second option is to hire PPI claims company who can fight your claim for you, although this may seem like an easy option you must be aware of potential pitfalls and try to find a reputable PPI claims company. This website is not affiliated to any company so unfortunately we cannot recommend you a good PPI company.

There are plenty of forums on the Internet that you can search but as always perform your due diligence and make sure the company will fight your claim properly in the right way and this includes a no win no fee policy.

The last thing you need or hefty administration costs and bills for a company that seem to do very little in claiming back mis-sold PPI that could potentially be worth thousands of pounds in monthly mortgage repayments.