Mortgage Protection - switching to a cheaper policy.

[Apollo]

hi guys,

A friend of mine is dropping his existing mortgage protection & taking out a new policy - he has stopped smoking and can get his monthly premium down a few euro.

Question - once the new policy issues, it will cover the term & amount of the existing mortgage, is it simply a case of posting the new policy into the bank first and asking them to release the current assigned policy so he can cancel it? No need for solicitors is there?

cheers

 

[demoivre]

There shouldn't be any need for solicitors here. However your friend will have to sign a form, which the insurance company should be able to provide, to assign the new policy to them.

 

[Apollo]

Cheers for that!