THINK CAREFULLY BEFORE SECURING OTHER DEBTS AGAINST YOUR HOME.
THE MORTGAGED PROPERTY (WHICH MAY BE YOUR HOME) MAY BE REPOSSESSED IF YOU DO NOT KEEP UP REPAYMENTS ON YOUR MORTGAGE
Your policy schedule provides information about how much this insurance has cost you in the past year.
Things you should know about your Optional Payment Protection Insurance.
- You can cancel your policy at any time and it will not affect your credit. Cheaper or more appropriate cover may be available from other providers.
- There are other products which can protect you against loss of your income. For impartial information about insurance, please visit the money advice service website.
Further details about this cover, including any significant exclusions and limitations, are included in your policy summary which is provided with your MPPI Annual Review. Copies are available on the relevant link on the right hand side of the webpage. It is important that you read your MPPI documentation to check that the MPPI policy is suitable for you.
The reference guide below will help you understand the information contained in your MPPI annual review. You should check that all your details are correct, otherwise your insurance cover may be affected.
- Life insurance is not included with this policy.
- Where Accident & Sickness cover has been selected, this is the maximum number of months the benefit is payable should you need to make a claim.
- Where Unemployment cover has been selected, this is the maximum number of months the benefit is payable should you need to make a claim.
- No other benefits are available with this policy.
- To be eligible to claim under this policy, you must be in paid work (employed or self employed) for at least 16 hours per week and have been so for the last 6 months. If your employment status is incorrect you must contact the Society immediately.
- The date of birth recorded on our files for each beneficiary.
- The cost of this policy for the period 1st January 2016 to 31st December 2016. If you are a joint policyholder, the cost of the policy for each beneficiary will be shown based on the individual benefit levels. The figure shown takes into account all policy amendments and premium changes during the period 1st January 2016 to 31st December 2016. If your policy started during this period, this figure will reflect the total payments received in this period.
- The estimated cost of this policy for either; the remaining term of the mortgage, or until you reach the age of 65, whichever occurs first, calculated as at the 31st December 2016. This is an estimate only as the calculation assumes there will be no change to the current monthly premium. Where there are joint beneficiaries, this is calculated per beneficiary and based on the individual benefit levels.
- The average monthly premium, calculated by dividing the total amount of premiums due between 1st January 2016 and 31st December 2016 by the number of months monthly premiums are due, between 1st January 2016 and 31st December 2016 (regardless of whether your mortgage has been in arrears and there are unpaid premiums between these dates). For example, if the total amount of premiums paid in 2016 was £600 and you have been paying your monthly premium each month since March 2016, your average monthly premium would be calculated as £60.
- If the monthly premium is £30.05 and the benefit you have chosen is £500 for accident, sickness and unemployment, then the monthly cost per £100 of monthly benefit is £6.01. This includes Insurance Premium Tax at the appropriate rate.
- The earliest date recorded on our systems as being the start date of your mortgage.
- The remaining term of the mortgage, as at 31st December 2016.
- The outstanding mortgage balance as at 31st December 2016. This is the balance outstanding on the mortgage as shown on your recent mortgage statement (excluding interest and other charges.)
- The estimated total amount of interest and other charges that will be applied to your mortgage, from 31st December 2016 until the mortgage is repaid. A number of assumptions have been made when calculating this amount. The calculation has used the current interest rate and any interest rate(s) which will apply thereafter, as detailed in your mortgage offer and then assumes no further changes are made to the mortgage or monthly payments before the end of the term.
- The sum of the total outstanding balance (13) and the estimated total amount of interest and other charges (14), as at 31st December 2016.
- The proportion of the monthly payment made in respect of the mortgage only, this excludes any payments in respect of any insurance policies you may have arranged through the Society.
- The total monthly benefit amount covered by the MPPI policy. Where joint beneficiaries are present, this is the total combined monthly benefit amount for all policyholders.
You can cancel your Payment Protection Insurance at any time by providing 30 days' notice to us. To cancel, please call 03452 340 686 or write to Mortgage Services at Leeds Building Society, 105 Albion Street, Leeds LS1 5AS. There is no charge for cancellation. For general enquiries, please call 03452 340 686.