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Changing Mortgage protection query

  • 26-07-2019 4:14pm
    #1
    thelastpogue
    Registered Users, Registered Users 2 Posts: 15 ✭


    Hi,

    So I am changing mortgage protection from one company to another. I rang my mortgage provider to let them know and they have told me that I need to send in the new insurers policy schedule so they can take deed of assignment, this bit I get.

    Now, they also want me to go to a solicitor or to a mortgage broker to sign a deed of assignment for my old insurance that I will be cancelling. Can anyone tell me do I actually need to do this part?
    Surely when they take over my new insurance I will be covered , so then I can just go ahead and cancel the old insurance so it is no longer in force?

    Or is there some reason that I need to go to all the effort of solicitors/brokers and possibly cost myself money just to cancel and then open a new policy?

    Any advise much appreciated!

    P


Comments

  • #2
    Henry Ford III
    Moderators, Business & Finance Moderators Posts: 17,852 Mod ✭✭✭✭Henry Ford III


    Just give them the new policy for assignment and cancel the ddm on the old one.


  • #3
    Trish56
    Registered Users, Registered Users 2 Posts: 1,256 ✭✭✭Trish56


    Your Solicitor or Mortgage Broker will need to witness the Deed of Assignment for the new policy and perhaps that's where you are confused.
    thelastpogue wrote: »
    Hi,

    So I am changing mortgage protection from one company to another. I rang my mortgage provider to let them know and they have told me that I need to send in the new insurers policy schedule so they can take deed of assignment, this bit I get.

    Now, they also want me to go to a solicitor or to a mortgage broker to sign a deed of assignment for my old insurance that I will be cancelling. Can anyone tell me do I actually need to do this part?
    Surely when they take over my new insurance I will be covered , so then I can just go ahead and cancel the old insurance so it is no longer in force?

    Or is there some reason that I need to go to all the effort of solicitors/brokers and possibly cost myself money just to cancel and then open a new policy?

    Any advise much appreciated!

    P


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