We have completed sale on our house and hoping to buy another in next 12 months.
there are about 21 years left on the mortgage protection policy which is reducing in line with original mortgage but stands at about 150k of cover right now.
The bank have removed their claim to the policy.repayment is very cheap and policy was taken out when we were very young and healthy. if we do proceed with buying another house in next 12 months can we assign this policy to the new mortgage?It will be a similar term to what is outstanding but there may be Up to 50k of a shortfall based on what the new mortgage Amount would be .
What are our options? is it possible to get a new policy for the difference or do we have to let the older cheaper policy go and start again with a brand new policy?
I am public sector so have death in service cover and also salary protection in place. Himself also has some salary protection through union.
there are about 21 years left on the mortgage protection policy which is reducing in line with original mortgage but stands at about 150k of cover right now.
The bank have removed their claim to the policy.repayment is very cheap and policy was taken out when we were very young and healthy. if we do proceed with buying another house in next 12 months can we assign this policy to the new mortgage?It will be a similar term to what is outstanding but there may be Up to 50k of a shortfall based on what the new mortgage Amount would be .
What are our options? is it possible to get a new policy for the difference or do we have to let the older cheaper policy go and start again with a brand new policy?
I am public sector so have death in service cover and also salary protection in place. Himself also has some salary protection through union.