Mortgage Protection - Question about switching

[Afterflood]

Hello all,

Hope everyone had a good Christmas.

I want to switch my mortgage protection policy to a cheaper provider.

My question is as follows:

I know the approximate length of term remaining on my mortgasge and I know the approximate sum owed.

When i switch to a new policy do i look for insurance for slightly more and slightly longer than my mortgage is?

Basically if my mortgage is 25 years, 6 months, 7 days etc and for EUR123,896.23 should I take out a policy for 26 years and EUR124k or do I need to use exact time period and euro amount?

Thank you very much.

 

[Renter27]

If in doubt & the new company you apply to dont clear this up for you , best to over estimate than under estimate i guess ? I'm sure at the time of any claim the company will examine precisely how much is remaining on your mortage anyway.

 

[NorfBank]

Basically if my mortgage is 25 years, 6 months, 7 days etc and for EUR123,896.23 should I take out a policy for 26 years and EUR124k or do I need to use exact time period and euro amount?

You can round up to 26 years and €124k.

 

[ccraig]

changed this year and broker got me special discount of 90pc, next year cheaper than current policy and dont have to stick