Hi everyone,

Hope you are all well. I just wanted to ask a quick question regarding Mortgage Indemnity Premium's. I had to have one when I took out my mortgage 10 years ago. The halifax are now saying that they will not be making a claim on this policy as they are only valid for 9 years after the mortgage goes through. Is this correct?

Thanks for all your help,

Mel

-- Mel (melanie.trudgett@ntlworld.com), June 20, 2003

Answers

Hi Mel,

This would depend on the actual wording of the mig policy.

If this is a mortgage shortfall chase this is Strange - it's unlike Halifax to not claim the Mig upon shortfall calculation (usually done a month after sale of property)

have you sarned them, halifax computer data prints supplied in a SARN show the mig fee claimed and the £ limit of the claim.

I believe Royal Sun Alliance (sometimes in previous company names such as Globe Insurance) have covered lots of Halifax accounts and having seen one of their policies from early nineties with the Leeds (who were taken over by Halifax) I can confirm it doesnt state any time limit period.

However, the problem is that even if they did claim, Royal Sun Alliance or whoever more than likely would give / given Subrogation rights to Halifax (i.e. Halifax would pursue you for the payment made in addition to the amount owed to them and share it in half with the insurer)

Regards

-- fairer financial world (fairerfinancialworld@hotmail.com), July 09, 2003.