Updates to PI and Interest-only mortgages

I am pleased to confirm that despite the turmoil in the market we have recently successfully renewed our Professional Indemnity insurance cover for the next 12 months. You will find the summary certificate in BOX in the Compliance folder should you wish to refer to it.
There were a few amendments to be aware of as detailed below:
1. The amount of excess for standard claims is £5000 per claim.
2. The amount of excess for ‘Residential Interest Only’ cases is £10,000
3. For new Interest Only cases, there is also a mandatory requirement for the INTEREST ONLY DECLARATION to be completed as part of the Suitability Requirements in order for PI Cover to be in place.
Residential Interest-Only type cases are fairly rare, but if you are authorised for Residential mortgages, please note this requirement.
Should you have any queries, please don’t hesitate to discuss them with the Compliance team.
01708 676110