Cheapest Mortgage Protection Cover?

J

John_Jo

Registered User
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25
Hi guys, need some advice. Have 94K left on my mortgage and 17 years approx to repay.

Paying Friends First €37 per month in Protection Cover. The cover was brokered by the lender (First Active) when I took out the mortgage 8 years ago. I now realise that there may be some duplication in what I have done. As part of a group scheme at work I have pretty good critical illness cover. I would like to get a more basic level of cover for the mortgage. One website quoted me €10 per month. That would be over €300 per year in savings so not too shabby.

Has anyone any experience of changing the level of cover on their mortgage and do lenders resist this if they are on a commission? Thanks. J.
 
Commission is long gone for the lender on this one, was only in first year, they won't care if you change now and probably won't even notice. You need to take out the new policy and send in a copy asking for removal of their interest in the FF policy as it may be assigned, also send letter of cancellation to FF. Cancel the direct debit for the FF policy as soon as your new one is set up in case it takes the a while to cancel the policy.
 
Thanks wbbs. Seems a no brainer now, kicking myself that I didn't do this a few years ago!
 
Sure wouldn't you have been glad of it if you had to claim! Be grateful you didn't, insurance is always a waste unless you have a claim :)
 
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