Mortgage protection policy

[Haille]

I intend to re mortgage my main residence to purchase an investment property I intend to go for an interest only re mortgage.As I will be taking out level term mortgage protection insurance policy.I am entitled to shop around for the best deal.I intend taking out my mortgage with NIB.To what extent is one pressurised to take out a policy from a company chosen by them.Can they put red tape or obstacles in ones way to discourage you from deciding a policy of one's own choosing.Just interested in hearing others experiences.
I understand that many of the companies on the web offer generous discounts on first years premiums.Do the banks mention this fact? Can one change ones mortgage protection policy to a different company annually to avail of these discounts?

 

[ClubMan]

I intend to re mortgage my main residence to purchase an investment property I intend to go for an interest only re mortgage.As I will be taking out level term mortgage protection insurance policy.

Do you need mortgage protection life assurance? Perhaps it's mandatory here if you are securing the loan used to purchase the investment property on your PPR?

I am entitled to shop around for the best deal.I intend taking out my mortgage with NIB.To what extent is one pressurised to take out a policy from a company chosen by them.

Not really in my experience but it may vary. In any case just ignore any pressure and shop around since they would be on dodgy ground if they attempted to coerce you into taking their own cover.

I understand that many of the companies on the web offer generous discounts on first years premiums.Do the banks mention this fact?

No - tied agents will not recommend products from other providers.

Can one change ones mortgage protection policy to a different company annually to avail of these discounts?

You can usually switch cover at any time but bear in mind that as time passes and you get older the quoted premium may get higher.