Not allowed to move house insurance by Bank

T

TJK

Guest
My house insurance is arranged through my mortgage provider and is paid each month as part of the mortgage repayment. I am paying well over the odds for the existing policy. I got a cheaper quote and I rang the mortgage provider to cancel the existing policy. I was told I needed to write in to cancel the existing policy.

I wrote in 21-12-08 by registered post to cancel the policy ( which is due for renewal on the 1-1-2009). I received a response dated 23-12-08 from the Building Society, which stated that "in order to cancel the policy through our scheme we will require an imdemnity letter noting the building society's interest on the headed notepaper of your new insurer".

My problem is that I got the cheaper quote on line and I may not be able to get this note from the new insurer prior to the 1st January 2009.

Is the bank in order to request this note on headed paper?
Why was I not advised of this when I rang the bank.
What are my options?

TJK
 
your new insurer wil be able to let them have this indemnity immediately. If you contact the new insurer, they can always fax a letter to lender advising them of this.

Your lender is within rights to insist that their interest is noted on the new policy.
 
You can also cancel your insurance at any time and get a refund. You just need the new insurance in place first.
 
Towger said:
You can also cancel your insurance at any time and get a refund. You just need the new insurance in place first.
Click to expand...

Be careful to cancel within cooling off period which can quite often be 14 days or otherwise you may incur a cancellation charge.
 
Could I suggest that you edit the thread title as it is inaccurate and potentially misleading. I changed insurers and got the idemnity letter issued to the motgage provider (different to yours) with no problems
 
Thanks for the response. The Building Society in question (Irish Nationwide) has informed me that the cooling off period is 30 days. Is this acceptable?

Tjk
 
cooling off afaik is for NEW policies, not renewals.

why did you not take out the new policy between date of your first posting and today?
 
You must log in or register to reply here.
Back
Top