The Cheshire Building Society appears to be robbing pensioners and other vulnerable people blind. They have forced people to have their building cover with them if they have a mortgage. If you cant afford to pay the £300+ they add it onto the mortgage and as such this is then subject to interest every year which is then compounded. The miss selling of insurance has only just come to light as a new company is now demanding the money as the Cheshire no longer take the money from you account.
The new insurance typically came to £362 which pensioners cant afford but a check on compare website above every quote was well under this price most were as little as 58 pounds for the same house. So the Cheshire had been ripping people off to the tune of over £300 per year. If its then added to the mortgage that capital will remain on there for 20 years with the interest accumulating every year so atypical mortgage could have £10,000 or more added to it.
The basic cost for people who have had a mortgage for 22 years is £6,650 plus interest. There seems to be no reason why the insurance should be so expensive as the cover level is the same for £58. One assumes that a reputable company would give professional advice to customers and arrange insurance at a reasonable price not extortionate price. All prices from the compare sites are well known companies not back street ones.
I fail to see how the Cheshire build Society can justify this massive cost a few pound maybe but over £300 is a lot of money. If you have insurance with them for your building I suggest you take a good look at it and us compare sites then ask the Cheshire build Society why they have ripped you off for years and years. This is worse than PPI and they should hang there heads in shame as some people may now never own their own home with these extra cost added
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