Why? Anyway there's not but you can cancel the policy and stop paying the premiums once the mortgage is cleared.
When any years policy is due for renewal is there anything preventing someone taking out a mortgage protection policy for less years than their actual mortgage term (e.g. 20yr mortgage protection on a 30yr mortage),assuming they are confident they will have the mortgage cleared within the protection policy term?
If you reduce the effective term of the loan through accelerated lump sum or regular capital repayments then the lender may well be amenable to renegotiating the actual term of the loan and thus allowing you to put in place mortgage protection life assurance cover for the shorter term.When any years policy is due for renewal is there anything preventing someone taking out a mortgage protection policy for less years than their actual mortgage term (e.g. 20yr mortgage protection on a 30yr mortage),assuming they are confident they will have the mortgage cleared within the protection policy term?
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