Mortgage PPI on house we let out...

[PDR]

I have just been going through our direct debits and it seems we are still paying £60/month mortgage PPI for a property we rent out (residential mortgage but we have permission to let it for the remainder of the term).

I am unable to speak to anyone in the right department at the bank and they no longer even sell this product so no useful info online.

I am presuming that this policy would be null and void if we ever did want to claim as we don't actually live in the house and the rental income more than covers the mortgage anyway. Anyone know for sure?

I should have noticed sooner so its entirely my fault :(

Anyone?

yes i suspect it would - you need to look at your t's anc c's. cancel your d/d and they'll soon be in contact so you can discuss with them.

PPi normally pays out if you lose your income due to being too ill to work or redundancy. Assuming you are employed, it wouldn't really matter if the rental income covers the mortgage, the policy covers your earned income. If however, you are self employed or not employed, you may be paying for something you could never claim on. Also, £60/month for PPI sounds extraordinarily expensive.