Just about to draw down and facing a major hurdle that I’m not sure how to resolve. I activated my mortgage protection policy a couple of months ago after arranging last year in good time for my mortgage and ahead of my new build being completed. But the house has been delayed time and time again and now the bank is rejecting the policy, saying I activated in too early and it’s three months out of synch with the end of the mortgage term.
I’ve been trying to get the life company to amend accordingly but they are hemming and hawing as to whether that’s possible without kicking all back to underwriting. Any other options available to me besides starting again with another policy or provider which could take weeks to sort since the last one triggered a medical because of my age (50).
Seriously panicked now that the bank will pull the funding if I can’t get it sorted and then I’m in trouble with the builder for not completing within the time frame for closing.
Wasn’t aware that starting the policy too early would cause such problems, so if anyone has any suggestions or has come up against this before I’d be grateful!
I’ve been trying to get the life company to amend accordingly but they are hemming and hawing as to whether that’s possible without kicking all back to underwriting. Any other options available to me besides starting again with another policy or provider which could take weeks to sort since the last one triggered a medical because of my age (50).
Seriously panicked now that the bank will pull the funding if I can’t get it sorted and then I’m in trouble with the builder for not completing within the time frame for closing.
Wasn’t aware that starting the policy too early would cause such problems, so if anyone has any suggestions or has come up against this before I’d be grateful!