cruiseshipjonny
New Member
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Hello,
I wonder if anyone can give me some advice.
We have a tiny mortgage outstanding with AIB (a couple of hundred euros left so it costs me a couple of euro a month at the minute). It obviously makes sense on one level to pay this off in full and I could do this right now.
But- we have our current account with AIB and it works well for us day to day. AIB current account fees are steep and all of our fees are waived as long as we have our mortgage with them. We also have a few of the 3% online savers, which you need the current account to access. Just as a point of principal it annoys me to pay such high fees to a bank for a current account so I'm keen to keep avoiding this.
But, to have a mortgage we obviously had to have mortgage protection insurance. The one we have reduces in payout value over time and has 16 years left to run. It would pay out something like 160k today if the worst were to happen. It costs us 24 euro per month. You could argue that this is reasonable value life insurance but the payout will continue to reduce over the next 16 years. We also don't actually truly have a mortgage to pay off should something happen to one of us and we each have good jobs and savings so I don't really want the policy for its own sake.
My understanding is that as long as I have the AIB mortgage, I have to pay the 24 euro per month in mortgage protection but if I ditch the mortgage, I will just have to pay AIB banking fees instead.
Can anyone advise what they think is best to do in this situation?
Thank you.
I wonder if anyone can give me some advice.
We have a tiny mortgage outstanding with AIB (a couple of hundred euros left so it costs me a couple of euro a month at the minute). It obviously makes sense on one level to pay this off in full and I could do this right now.
But- we have our current account with AIB and it works well for us day to day. AIB current account fees are steep and all of our fees are waived as long as we have our mortgage with them. We also have a few of the 3% online savers, which you need the current account to access. Just as a point of principal it annoys me to pay such high fees to a bank for a current account so I'm keen to keep avoiding this.
But, to have a mortgage we obviously had to have mortgage protection insurance. The one we have reduces in payout value over time and has 16 years left to run. It would pay out something like 160k today if the worst were to happen. It costs us 24 euro per month. You could argue that this is reasonable value life insurance but the payout will continue to reduce over the next 16 years. We also don't actually truly have a mortgage to pay off should something happen to one of us and we each have good jobs and savings so I don't really want the policy for its own sake.
My understanding is that as long as I have the AIB mortgage, I have to pay the 24 euro per month in mortgage protection but if I ditch the mortgage, I will just have to pay AIB banking fees instead.
Can anyone advise what they think is best to do in this situation?
Thank you.