Mortgage Protection Again

[claire81]

hi i'm sorry cos i know this probably has been posted before but i'm clueless.myself and my partner bought a house in june 05 and are paying the mortgage since aug 05.anyway took it out with bank of ireland and went to see this mortgage man and basically i couldn't tell u what we put our names to.paying the mortgage is fine but basically we are paying Mortgage Payment Protection of €62 a month and then we've BOI Life coming out twice a month-one €34 & €35. i'm 25, he's 27-both in full time employment, healthy etc.so is it nessessary to be paying all this??cos i'm broke form it!!!how do i go about cancelling whichever one i don't need??thanks so much!!!

 

[niceoneted]

Re: Mortgage Protection Again!!

I'd start by finding out exactly what you are paying into. Check the documentation you received and if you don't have it or cannot find it look for copies form the institutions you are paying for it. If it's a case that you are paying two different similar payments check out which bests suits you and cancel the other.

 

[Dreamerb]

Re: Mortgage Protection Again!!

hi i'm sorry cos i know this probably has been posted before but i'm clueless.myself and my partner bought a house in june 05 and are paying the mortgage since aug 05.anyway took it out with bank of ireland and went to see this mortgage man and basically i couldn't tell u what we put our names to.paying the mortgage is fine but basically we are paying Mortgage Payment Protection of €62 a month and then we've BOI Life coming out twice a month-one €34 & €35. i'm 25, he's 27-both in full time employment, healthy etc.so is it nessessary to be paying all this??cos i'm broke form it!!!how do i go about cancelling whichever one i don't need??thanks so much!!!

Sounds to me as though you have serious illness cover or similar on top of the standard term life insurance (which is insurance for the duration of the mortgage, providing reducing balance - broadly in line with mortgage balance - payout, in case of death only). This is almost certainly a requirement specified in your mortgage letter of offer. If you're both young and healthy, there seems no reason you should be more highly insured if it's causing you financial difficulty - although if you break your leg in three places and are off work for six months the day after cancelling it, you might feel somehat embittered.

Check with BoI which is which, and double check you're not being overcharged - and then, with all the info, decide if you prefer to insure against the risk of illness, or accept that stuff might happen but the money now is more valuable...