Life Assurance on Overseas Mortgage.

My partner and I own a property in Spain...well not strictly true as we have a mortgage on it with a Spanish bank. Obviously they insisted that we get life assurance on the mortgage....and in an effort to keep costs down we opted for half cover each. He is covered for 86000 euro and I am covered for the same amount.

Almost 2 years down the line we are beginning to think we are paying well over the odds for this. I am female 46 years old, a non smoker and the cost for me is 390 PA. My partner is male, 38 years old, a non smoker and his premium is 260.

When I fed our statistics into the 123 website both our costs were the same, 150 each with a 50% discount for the first year. It beggars belief to think that this year the total cost with 123 would be 150 euro whereas with the Spanish bank we are looking at 650!!

Does anyone know whether there is any reason why I can´t go for cover on a Spanish mortgage with an Irish company? And if I can do this is there any way I can change midyear or do I have to wait to the next due date?

Thank you.

I'm not sure what the exact case is with your bank in Spain, but in my experience, it has been very straightforward to take mortgage protection insurance/life assurance against mortgages in other countries. I used www.labrokers.ie, who were very efficient and sent the relevant forms to my overseas bank.

Cancelling your Spanish policy mid-year may cost something but difficult to say without knowing the specific details of your contract with them.

Thanks for that Budapest....

Good to know that in principal it could work.

Will also have a look at the website you mentioned.