YOU COULD BE OWED £1,000s IN PPI COMPENSATION ON YOUR BUILDSTORE MORTGAGE SERVICES MORTGAGE ACCOUNT
Buildstore Mortgages is one of the largest suppliers of mortgages for the self-build and renovation market. They also offer mortgages if you are just looking for a better rate on an existing property while planning a building project.
Self-build mortgages carry a number of differences to standard mortgages, one being that the money is paid out in instalments rather than a lump sum. Buildstore Mortgages offer the Accelerator Buildstore Mortgage Scheme, which lets customers have a more positive cash flow, being able to receive more money in advance, which is highly useful for those who struggle to raise the initial funds required for a project.
Buildstore Mortgages also works with numerous banks and building societies to help arrange self-build mortgages.
What is a Mortgage PPI Claim?
Many mortgage lenders sold PPI to their customers over the last 20 years or so. The policy was meant to act as a safety net to protect you from falling into arrears if you ever stopped working because of sickness, an accident or if you became unemployed, the policy would cover your mortgage repayments.
As a result mortgage PPI claims can be of high value because of the amount borrowed and the duration of the agreement. Bear in mind that mortgage PPI applies to remortgages as well as mortgages, so you may have been paying PPI on each mortgage and remortgage you may have taken out. Was the PPI mis-sold to you? Check all your paperwork from Buildstore Mortgage Services and other lenders carefully.
Grounds on Which Buildstore Mortgage Services May Have Mis-sold Mortgage PPI
There are several ways in which Buildstore Mortgage Services PPI was mis-sold. Lots of people took out PPI cover with their mortgages believing that it boosted their likelihood of being accepted, or that the policy was a necessity. However, there are many other ways it may have been mis-sold:
- Were you aware that Buildstore Mortgage Services had added the PPI insurance to your mortgage? If you had no idea you had it, you may have been mis-sold.
- At the time Buildstore Mortgage Services sold you mortgage PPI, were you unemployed, retired or a student? If so, you may never have been able to claim on the policy, so it could have been mis-sold.
- If the policy costs weren’t listed separately by Buildstore Mortgage Services to the mortgage advance, you may have been mis-sold. Buildstore Mortgage Services was required to list the costs separately.
- Did Buildstore Mortgage Services provide you with information about alternative policies? If not, then you may have been mis-sold, because there may have been cheaper and alternative cover elsewhere.
- Were you informed by Buildstore Mortgage Services about any exclusions? For example, if you had any pre-existing medical conditions, the cover may have been voided, therefore you could be classed as being mis-sold.
- Did Buildstore Mortgage Services make it clear that mortgage PPI was optional and not compulsory? If Buildstore Mortgage Services told you it was required in order to get the mortgage, or you felt pressured in any way to taking out mortgage PPI, you might have been mis-sold.
- Were any checks done by Buildstore Mortgage Services to determine if you already had other policies in place? If not, you may already have been fully covered, so were mis-sold if they failed to check.
- Did Buildstore Mortgage Services check if your employer provides full sick pay? If no checks were done and you are entitled to full sick pay, your mortgage payments would have been covered rendering the mortgage PPI unnecessary.
What Do I need to Start My PPI Claim with Buildstore?
Start by finding your paperwork with evidence of mis-sold PPI. You will need this to make a claim.
If you notice that your account had PPI attached to it, think back to when it was sold to you. Can you remember when or why you agreed to it? Were you informed that it would be added?
If you can’t remember please don’t worry as this can be done during the PPI check with Buildstore.
How to start your PPI claim with Buildstore?
Please Note: The PPI deadline (29th August 2019) set by the FCA has now passed and we are no longer accepting any new PPI claims.
PPI DEADLINE FAQ’s
Plevin Ruling – Making a High Commission PPI Claim with Buildstore?
If you have raised a previous PPI complaint with Buildstore which was not upheld, you are now be entitled to raise a further complaint relating only to the commission charged under the new Plevin ruling on your PPI policy. Learn more about High Commission PPI claims.
Mortgage providers facing PPI claims:
The following is a list of mortgage providers who are known to have sold PPI. Please note this is not an exhaustive list.