Transferring mortgage protection when switching mortgage

[DubMom]

Hi,
We're in the process of switching mortgage from BOI to PTSB. We already have life assurance / mortgage protection in place with BOI that covers the amount and duration of the new PTSB mortgage and we just need to reassign it from BOI to PTSB.

I was talking to someone in PTSB yesterday who starting raising issues about there being a gap (maybe a week) between getting the new PTSB mortgage and paying off the old BOI mortgage. He suggested that because of that gap we needed to get completely new life assurance!

Personally, I think it's his job to sell life assurance and that's why he raised this problem. I suggested to him that people are switching mortgages all the time and it's supposed to be a seamless process. He said that a solicitor's letter confirming that life assurance would be transferred from BOI to PTSB might be a possibility. But that solicitor's really don't like doing it and it happens very rarely.

Has anyone experience of this? Presumably people transferring their life assurance / mortgage protection is very common for a mortgage switching process?

 

[RedOnion]

Ask your solicitor if he'll sign an undertaking that it will be transferred. They might not, as it's in your control rather than theirs. But if they will, that's usually enough along with a copy of the policy.

It might be an opportunity to check the market to see if you can get a better quote anyhow.

There are a few recent threads in the switcher forum on the topic.

 

[misemoi]

Kbc accepted an undertaking signed by me for this .On our third switch and our solicitor obviously provided this in the past.