Reassigning mortgage protection

S

Sarsfield

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I'm in the process of moving mortgage from BOI to NIB.

How exactly do I go about reassigning my mortgage protection policy?

Having assigned it to BOI in the first place do I need to have them assign it back to me? Does the date of reassignment have to correspond to the date the BOI mortgage is redeemed (and the NIB one taken out)

And who do I go to first? BOI or Hibernian (cover taken out via LA brokers)?
 
I'm in the process of moving to NIB at the moment too. They are organising the switch for me. They're actually saving me about 10%. I just literally opened the acceptance letter from Irish Life.
 
NIB is organising the switch of your mortgage protection? I was in with them today filling out all the forms and was told clearly it's up to me to reassign the policy.

Are you getting a new policy rather than reassigning an existing one?
 
Yeah...I am getting a new policy. They got me a cheaper quote.
 
BOI wont release the policy until their mortgage is paid off in full and NIB wont issue the new mortgage to repay BOI until they have adequate mortgage protection assigned. If you are reassigning an existing policy then your solicitor will have to issue an undertaking stating they will reassign the policy to NIB upon redemption of the BOI mortgage. You will have to contact your broker and request a letter from the life assurance agency confirming that the policy is paid up to date, the term remaining and the policy amount as NIB will require confirmation that on reassignment the policy has adequate cover.
 
Thanks for that. I'll contact my broker.

I'm trying to reassign my policy rather than take out a new one as I have high blood pressure and don't want the hassle of more medicals. I got my current policy at normal rates despite my condition and don't want to lose that!
 
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