Cheap Mortgage Payment Protection Uk
Q: Scottish Amicable have informed me that my endowment policy has been mis-sold under PIA regs and are offering full re-payment of all premiums + interest.
Given terrible press for endowments, I'm considering using an ISA as my re-payment vehicle but am not too sure which UK financial institutions offer them?? I've heard of Abbey National, but does anyone know of any other good providers?
A: there are a staggering amount of ISAs available. What I'm thinking of is a equities Mini-ISA (more than liklely a FTSE100 or 250 tracker) combined with life assurance and critical illness cover as a sort of bundle. These protection products can be bought as a bundle or as stand alone, as the cover "can" be pretty much the same, its worth shopping about based on cost, but make sure the covers what you want Both Abbey and I have now found out Halifax offer these sort of products where I have someone at the financial institution that keeps an eye on how my investments are doing and reviewing whether they're on track to pay off my ??50,000 mortgage. Just to explain I do currently have a mortgage and I had been pressurised into getting an endowment from Scottish Amicable. However this policy was mis-sold (ie the mortgage broker who gave me the financial advice and signed me up wasn't qualified and had all the meeting reports signed by one of her colleagues who was qualified and who I never met!) so ScotAm have offered to re-pay all premiums plus interest at PIA rates so my partner and I are quickly looking round for another repayment vehicle (still have 24 1/2 years to go on the mortgage). Have considered just a re-payment mortgage, but have decided to stick to a interest only to take advantage of the growth opportunities of the stock market .
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