Changing Mortgage Protection Provider

[cushtie]

Hi Guys,

I have a quick one, I currently pay around €20 per month for Life insurance to cover the mortgage (not too bad really) but I was having a look at some quotes and Hibernian will do it for around €12.50 a month or €92 euro if I pay for the 12 months up front (€7.50 a month approx). I would save in the region of €150 by doing this.

what procedure do I have to follow to make sure evertthing is done right so that there is no breach in cover and the Bank are happy?

1. Take out new Policy

2. Inform Bank that new policy is in place

3. Cancel the existing policy


Sorry Mods, I just realised I put this in the wrong section, Feel free to move if needed

 

[irishpancake]

Re: try LABrokers first

Before you go direct to Hibernian, check out

LABrokers web-site

I have used them, and found them excellent, also they give a discount of 90% in year 1.

John Geraghty is the main man, and he is brilliant, and keeps in contact.

I think they mainly use Hibernian.

Give it a shot, you have nothing to lose, and €€€€ to gain.

 

[Coyote]

Re

I did this last year, cancelled two policies, took out two new policies through LA Brokers with the 90% discount in the first year, cancelled my two existing ones and saved a fortune especially for the first year. You need to complete a deed of assignment form to send to your mortgage provider, I'm sure I got this form from them in the post. Agree with last poster, I found John Geraghty to be most efficient. Can't remember if there was much more to do than that.