When I took out my mortgage, many years ago, I was charged a fee for a Mortage Indemnity Bond - I understood that this was an insurance that all lenders insisted on selling customers who were borrowing more than 75% LTV.
Did they stop selling these bonds in later years?
If not, does anyone know why this bond can't be called on to soften the blow for people in negative equity who want to sell their homes?
Did they stop selling these bonds in later years?
If not, does anyone know why this bond can't be called on to soften the blow for people in negative equity who want to sell their homes?