I have a tracker mortgage .75% above ECB on an investment property.
The place is worth €200k and there is €52K outstanding.
Im trying to do some tidying up in my finances.
I have an insurance policy that I took out over 20 years ago when I got the mortgage. It paid a specific sum on death and increased with inflation.
This year policy costs €105 pm and pays out about €300K on death. If I cancel there is about €10k in the insurance fund that would be paid to me.
Now I dont need that insurance anymore as the property is leased to the council and I have plenty of insurance elsewhere, so I asked to cancel it.
And thats my problem. The insurance company contacted the bank and the bank said no, so the insurance company wont cancel it.
I would stop paying except that they owe me about €10k.
How can I get rid of this expensive insurance? I dont mind replacing it with a cheaper insurance if I have to (would be about €10pm), but the insurance company wont do it without the banks say so, and ive no idea how to contact the bank about it or what to say to them. The bank is PTSB and they have never made anything easy?
Thanks in advance for any advice.
The place is worth €200k and there is €52K outstanding.
Im trying to do some tidying up in my finances.
I have an insurance policy that I took out over 20 years ago when I got the mortgage. It paid a specific sum on death and increased with inflation.
This year policy costs €105 pm and pays out about €300K on death. If I cancel there is about €10k in the insurance fund that would be paid to me.
Now I dont need that insurance anymore as the property is leased to the council and I have plenty of insurance elsewhere, so I asked to cancel it.
And thats my problem. The insurance company contacted the bank and the bank said no, so the insurance company wont cancel it.
I would stop paying except that they owe me about €10k.
How can I get rid of this expensive insurance? I dont mind replacing it with a cheaper insurance if I have to (would be about €10pm), but the insurance company wont do it without the banks say so, and ive no idea how to contact the bank about it or what to say to them. The bank is PTSB and they have never made anything easy?
Thanks in advance for any advice.