Hello all,
looking for opinion / advice please.
May partner and I are completing purchase of our first home this week (supposedly!) We shopped around for various mortgage protection insurance quotations from places other than our bank as their quote was quite high.
We got a good quote from an online website and informed bank of same when finalising all relevant documents etc for drawdown on mortgage funds.
The bank contacted us shortly after and asked us to forward them all the relevant documentation / health and medical questionnaires etc from this company and they would see if they could price match it.
A few weeks later they rang us with the good news that they would price match the policy . We were happy with this, keep our mortgage and associated insurance in the one place.
We have signed contracts, funds due to be drawn down in next few days.
I checked our policy online last week and it was still at the higher rate originally quoted that we refused. I contacted the rep who said that had to go onto the system that way initially and it would be amended on activation.
Rang again to day as it is still wrong, got a call back and they said they had to add an increase onto their original price match to account for family history. This was ALL disclosed, written down and confirmed in the documents sent to them for their review, upon their request.
My question: We were asked for the information, it has been provided, they agree and offer a monthly premium, we accept, complete all relevant documentation, signed and dated. How can they now change OR are they allowed to?
This, to me, is legally binding surely? It has delayed the completion of purchase of our home and I refuse to pay the higher premium when we have accepted and signed for a lower one. The difference is about 4k over the term of the policy!
Advice and opinions most welcome please.
looking for opinion / advice please.
May partner and I are completing purchase of our first home this week (supposedly!) We shopped around for various mortgage protection insurance quotations from places other than our bank as their quote was quite high.
We got a good quote from an online website and informed bank of same when finalising all relevant documents etc for drawdown on mortgage funds.
The bank contacted us shortly after and asked us to forward them all the relevant documentation / health and medical questionnaires etc from this company and they would see if they could price match it.
A few weeks later they rang us with the good news that they would price match the policy . We were happy with this, keep our mortgage and associated insurance in the one place.
We have signed contracts, funds due to be drawn down in next few days.
I checked our policy online last week and it was still at the higher rate originally quoted that we refused. I contacted the rep who said that had to go onto the system that way initially and it would be amended on activation.
Rang again to day as it is still wrong, got a call back and they said they had to add an increase onto their original price match to account for family history. This was ALL disclosed, written down and confirmed in the documents sent to them for their review, upon their request.
My question: We were asked for the information, it has been provided, they agree and offer a monthly premium, we accept, complete all relevant documentation, signed and dated. How can they now change OR are they allowed to?
This, to me, is legally binding surely? It has delayed the completion of purchase of our home and I refuse to pay the higher premium when we have accepted and signed for a lower one. The difference is about 4k over the term of the policy!
Advice and opinions most welcome please.