Today was drawdown day. Finally moving from vulture that has overcharged my INBS mortgage to pillar bank. Cutting my losses.
I have Convertible Term Assurance with indexation. So long as I keep paying premium every month it “expires” on my death.
Current value outstanding mortgage plus €100,000.
Took out original Hibernian CTA in 2004, policy schedule noted expiry (of assignee) as 2034. Switched mortgage in 2006 & upon drawdown & completion the policy schedule noted new expiry of 2037. Zero issues doing same.
Fast forward to today & the broker currently holding policy will not allow new expiry of 2038 but wants me to “convert” at todays premium prices!!
As it is I took longer - 1yr mind - to keep it affordable now as I am in process of upgrading house. It would be my intention to overpay & reduce term once those improvements are done so “expiry dates” are arbitrary.
Its taken 15mths to get here. Can anyone give me any hope beyond starting the whole mortgage process over from beginning again or converting perfectly affordable CTA premium for lessor quality higher premium product??
I have Convertible Term Assurance with indexation. So long as I keep paying premium every month it “expires” on my death.
Current value outstanding mortgage plus €100,000.
Took out original Hibernian CTA in 2004, policy schedule noted expiry (of assignee) as 2034. Switched mortgage in 2006 & upon drawdown & completion the policy schedule noted new expiry of 2037. Zero issues doing same.
Fast forward to today & the broker currently holding policy will not allow new expiry of 2038 but wants me to “convert” at todays premium prices!!
As it is I took longer - 1yr mind - to keep it affordable now as I am in process of upgrading house. It would be my intention to overpay & reduce term once those improvements are done so “expiry dates” are arbitrary.
Its taken 15mths to get here. Can anyone give me any hope beyond starting the whole mortgage process over from beginning again or converting perfectly affordable CTA premium for lessor quality higher premium product??