Reassigning life assurance to new mortgage company

N

NiallA

Registered User
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179
hi,

i am moving jobs and have to move house. i have a current life policy covering my existing mortgage. i am looking to swicth mortgage providers as well as moving house, as my existing mortgage provider (perm tsb) are charging much higher interest than NIB.

does anyone have experience of reassigning their life cover to a new mortgage provider.

thanks
 
There will be a new assignment of life policy form in the loan offer pack you get from the new lender.

When your new mortgage is approved and you switch mortgage providers, the existing mortgage company should release the assignment of life policy as they no longer have an interest over this. The life assurance company will do this when they receive notification from the existing mortgage company.
You then organise for the life cover to be re-assigned to your new lender prior to drawdown.
 
any idea how long this takes,
i am hoping to complete sale and purchase in one day
 
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