Hi,
I have an investment property and am paying life insurance of E25 per month. I am trying to cut costs and hope to cancel it as I am told it's not critical on residential properties. I rang IBRC and they are refusing to give me permission to cancel the Irish life policy.
Question- Can I just stop the direct debit anyway? What are the consequences? The outstanding mortgage is in 2 parts- a small balance representing the original mortgage and an interest only portion of E40000. I am nervous they will change the interest only portion to repayment if I annoy them too much- I have had it for 9 years and they have never asked to change back although it was originally only for 5 years.
Many thanks
Niall
I have an investment property and am paying life insurance of E25 per month. I am trying to cut costs and hope to cancel it as I am told it's not critical on residential properties. I rang IBRC and they are refusing to give me permission to cancel the Irish life policy.
Question- Can I just stop the direct debit anyway? What are the consequences? The outstanding mortgage is in 2 parts- a small balance representing the original mortgage and an interest only portion of E40000. I am nervous they will change the interest only portion to repayment if I annoy them too much- I have had it for 9 years and they have never asked to change back although it was originally only for 5 years.
Many thanks
Niall