Old Halifax Mortgage Question

[Bazza]

Hope some mortgage experts on here can kindly assist.

My OH and I took out our first mortgage in 1990 (100% repayment) and we were sold a 25 year Standard Life policy through a Halifax Property Services agent, who advised that it was compulsory at the time for the mortgage to be agreed.

We got into some financial difficulties in early 2000 and the direct debit was cancelled and never reinstated. I also don't recall ever hearing anything from the Halifax or Standard Life regarding further payments.

I have now located the relevant policy details with relevant policy numbers and various HPS letters regarding the sale.

Now before I go any further, was the advice by the HPS agent / Standard Life representative correct in what he said ? Or is this a form of miss-selling and we could have sought other alternatives ?

If so who do I contact with complaint ?

Thank-you for any advice.

[stevemLS]

Re: Old Halifax Mortgage Question

I take it this wasn't an endowment?

To be honest, I think you will be in real difficulty bringing a claim for mis-selling 21 years after the event at the very least in evidential terms - how can you prove that you were told you had to buy the policy?

I also seem to recall that very commonly back then, lenders did require some form of life insurance to cover the loan, but afraid I don't have any detail.

[Bazza]

Re: Old Halifax Mortgage Question

I take it this wasn't an endowment?

To be honest, I think you will be in real difficulty bringing a claim for mis-selling 21 years after the event at the very least in evidential terms - how can you prove that you were told you had to buy the policy?

I also seem to recall that very commonly back then, lenders did require some form of life insurance to cover the loan, but afraid I don't have any detail.

OK thank-you for your reply.

To my knowledge, I do not think it was an endowment.

I can assure you I do remember the conversation during our meeting and I can also remember the persons name from HPS, the standard life representative. I also have advice details in writing amongst the paperwork that I found.

It has only recently come to our notice after receiving subject access request details from the Halifax, in which included mortgage details.

[stevemLS]

Re: Old Halifax Mortgage Question

So on what basis was the policy recommended to you?

[Bazza]

Re: Old Halifax Mortgage Question

So on what basis was the policy recommended to you?

That it was required in order that the 100% repayment mortgage was agreed and that it was compulsory.

[stevemLS]

Re: Old Halifax Mortgage Question

As far as I know there was nothing to prevent lenders at that time from making life insurance a requirement of a loan agreement. I vaguely remember having to take out a policy when I bought my first property, which was about 1988.

The fact that it was compulsory does not mean it was mis-sold.

[Bazza]

Re: Old Halifax Mortgage Question

As far as I know there was nothing to prevent lenders at that time from making life insurance a requirement of a loan agreement. I vaguely remember having to take out a policy when I bought my first property, which was about 1988.

The fact that it was compulsory does not mean it was mis-sold.

Thanks again stevemLS

So being told that we had to accept the policy and not advised that we could shop around - does this not constitute mis-selling ?

I was under the impression that it was only buildings insurance that had to be taken out with the lender.

[stevemLS]

Re: Old Halifax Mortgage Question

I'm basing my view on my vague recollections, which I know aren't much use.

The whole regulatory regime was different then which I think will be half your difficulty, the other half being evidence.

And the other half (I know that makes 3 halves) delay and limitation.

[Bazza]

Re: Old Halifax Mortgage Question

I'm basing my view on my vague recollections, which I know aren't much use.

The whole regulatory regime was different then which I think will be half your difficulty, the other half being evidence.

And the other half (I know that makes 3 halves) delay and limitation.

Ok many thanks again and I will see what else I can find to give it a go.

Just one more question, who would I address complaint to - the Halifax on behalf of HPS or Standard Life Assurance ?

[stevemLS]

Re: Old Halifax Mortgage Question

Your complaint, if indeed you have one, is to whoever gave you the advice and sold you the policy.

No doubt you will let us know how you get on?

[Bazza]

Re: Old Halifax Mortgage Question

Your complaint, if indeed you have one, is to whoever gave you the advice and sold you the policy.

No doubt you will let us know how you get on?

Well it was HPS Financial Services / company rep for Standard Life ?

[stevemLS]

Re: Old Halifax Mortgage Question

I have no doubt that if you complain against the wrong one, they will have no hesitation in trying to shift the blame if they think your complaint has legs.

[Bazza]

Re: Old Halifax Mortgage Question

Cheers again and as you say they will blame each other.

I will keep you posted g/l :tinysmile_twink_t2: