"I need you to sign this mortgage protection disclaimer"….
sign it, it makes no difference whatsoever, it’s just there so in 5 years if you get made redundant you can’t chase his company for not making you aware that you should protect the mortgage. This just states that you’ve been made of aware of the need and have chosen to decline it, woop de doo!Posted 4 years agodannybgoodeSubscriber
Absolutely standard and shows the mortgage broker is doing a proper job (and note mortgage payment protection is completely different to single premium payment protection and is a valuable product to some people).
The problem they have is that the FCA and FOS, when dealing with a complaint against them, will ask to see the file detailing the sale of the mortgage and all associated products.
If the file does not support the mortgage broker’s version of events they will find against them.
So, in this case, in x years time you get made redundant and your house is in danger of being repossessed. Someone mentions you could have taken out payment protection and you do not remember (or choose not to remember) whether your broker discussed this with you.
You complain and the FOS ask to see his file. He swears down he told you but there is nothing on file to support this, he is shafted.
By getting you to sign something it is clearly documented it was discussed with you and you do not want to take it.
I used to insure mortgage brokers against complaints and would very much expect to see this sort of thing on file.Posted 4 years ago
The mortgage broker we used is chasing me to sign a “disclaimer” because we declined to purchase mortgage payment protection through him.
The wording slapped across the disclaimer states “I’ve declined to protect my mortgage.” What on earth makes him think I’m going to sign something like that??Posted 4 years agoSTATOMember
sign a “disclaimer” because we declined to purchase mortgage payment protection through him
“You’ve declined to purchase insurance trough us” = fine.
“You’ve declined to protect your mortgage” = not true.
Yeah, sound like it was totally him that made your mortgage application difficult 🙄Posted 4 years agoslowjoMember
So…have you declined to take out life insurance to cover your debt if you die before the end of the term? If you have made that decision wtf are you prevaricating about?
If you have adequate life cover elsewhere, where is your problem? Sign the piece of paper and go on your way.
You expect your mortgage broker to be professional but you choose to act like a twit?
Shakes head in despairPosted 4 years ago
“We have discussed the importance of protecting your mortgage in the event of:
– your death
– you suffering a critical illness
– your long term illness
You have declined protecting your mortgage against these scenarios, despite my recommendation. Signed…..”
That’s it, and he isn’t accepting the email approach saying “thanks but no thanks to buying protection through you etc. etc.”
To be fair to him he did a really good job and the whole thing was suprisingly easy so it would be nice to help him out, but I’d rather the form had a box saying that “I’ve gone elsewhere”.Posted 4 years agoslowjoMember
My recommendation then is to respond to the letter, thanking him for his assistance and recommendation. Then add a comment to the effect that you have adequate cover which you have effected elsewhere. It means you have acted in a businesslike fashion, and he is seen to have fulfilled his responsibilities to you. Job done. You are happy, he is happy.Posted 4 years ago
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