Fixed Rate Mortgage Protection Policy

Discussion in 'Payment Protection Insurance claims' started by Tawny, Jul 8, 2017.

  1. Tawny

    Tawny New Member

    My wife and I took out a fixed balance mpp for 250,000 in 2006 for the life of the mortgage. We were in our late 40s at the time. We have been paying €97 per month since then. At the time we felt it was steep but as we had a few minor health issues we did not quibble. There is about €100K left on the mortgage now. About a year ago a bank rep contacted us and did a financial audit. The main conclusion was that we would be wise to convert to a reducing balance policy. As I was sceptical of any offer from any bank since the crash and tracker fiasco I did not convert even though I could do with any saving that would come from any conversion. Was I wise to think there might be a hidden agenda?
  2. Monbretia

    Monbretia Frequent Poster

    Other than earning commission on a new policy sale you mean?

    I wouldn't take advice from a source that has no options to offer you other than their own anyway, discuss your financial situation with an independant financial adviser and see if their advice tallies with what you have got. Even if it does you will have more options in any new policy you take out, as you are now in your late 50s life cover won't be that cheap but on the other hand you may not have the same need for it that you had 10 yrs ago. It all depends on so many other things like dependants/death in service benefits/other policies, get independant advice.
    RedOnion likes this.