Reclaim your Mis-Sold PPI On Mortgages
Mortgages And PPI
Just let's say that mortgages are perhaps not the biggest money spinners for banks. Well not unless you sell the customer something else at the same time - now you are talking !!
Of the portfolio of borrowing that a bank can sell customers, mortgages in themselves make the smallest margin. Priced closer to the Bank of England Base Rate than a personal loan and certainly much more so than a credit card, they tend to operate on a daily interest basis.
So, with that in mind the banks came up with a fantastic new game called cross-selling. The more you cross-sell, the more points you get .... and as everyone knows, points make prizes. And make them, they certainly did. Staff were often heavily incentivised to sell or even penalised if they didn't.
So where does the PPI come in ? Well, the banks wanted these monthly repayments covered, but what they didn't tell you was, that you didn't need to buy the cover from them and it many, many cases, you simply didn't need it any way.
Mortgage PPI or as it was most commonly know as, Accident, Sickness and Unemployment Cover, was what the team at Beat the Banks, call a scattergun approach to insurance - a kind of one size fits all, regardless of the limitations of the contract. Priced per £100 of cover, the price varied between lenders, with the average being somewhere between £6/7 per £100 of cover. Now here is the good bit - everybody paid the same price per £100 of cover. Regardless of whether you were a 64 year old male miner, smoking 60 a day or an 18 year old, non-smoking female office worker, the price was precisely the same. All logical common sense, as you will appreciate!
Now, if you had work benefits or savings, it might not have been the best thing for you - but let's not get that in the way of a good chance to cross-sell. The 90's and early naughties saw the banks sell this type of product by the bucketload. Northern Rock Paysafe, Abbey National Paymentcare, Halifax TMP are just some of the more recognisable names.
Just like the sale of every type of PPI, certain rules had to be abided by and with our masses of practical banking experience, we know precisely what should have happened and what should have been said, at the time of every single sale.
If you think you have been mis-sold PPI on your current or a previous mortgage, then you can give our team a call on 01382 200474 or for free on 0800 193 1234.
Oh and the other cross-sales? - building and contents insurance and the BIG money spinner - life or life and crucial illness cover. Certainly in the case of the latter, the moral is never, ever buy these products from a bank. In most cases the cost is hugely inflated and often can be of significantly poorer quality. Sold at a cosy business partner rates with insurance companies such as Scottish Widows, Aviva and L&G, maybe it's time you checked your cover. A service that Beat the Banks are happy to offer through a number of tried and trusted brokers.
Beat The Mortgage Providers
Beat The Banks care, we care about you, we care about reclaiming what's rightfully yours and together we will continue to Beat The Banks.