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Switching mortgage protection insurance

  • 08-01-2021 1:36pm
    #1
    Paul_Mc1988
    Registered Users, Registered Users 2 Posts: 748 ✭✭✭


    Hi guys,

    Quick query regarding mortgage protection insurance. When switching mortgages can you bring the policy with you? A friend had an illness 1 year into his mortgage and his fixed rate is now up.

    The fear is that if he switches and has to take out a new insurance policy it will be loaded due to the illness


Comments

  • #2
    coylemj
    Registered Users, Registered Users 2 Posts: 25,624 ✭✭✭✭coylemj


    The only obstacle that I can think of is that the policy is from a company which only covers mortgages from the current lender. If that's not an issue, there's no reason why you can't use that policy to cover the new loan. You tell the insurance company the name of the new lender and ask them to note their interest on the policy.


  • #3
    Q&A
    Registered Users, Registered Users 2 Posts: 571 ✭✭✭Q&A


    Did your friend get the insurance policy through the bank? Often such products are not transferable. Contact the insurance provider they'll tell you quickly enough.

    The other thing to be careful about include:

    the term of the new mortgage. A term extension beyond what is covered under the original policy would require a new policy.

    Mortgage amount. Again if the new mortgage is more than whats covered by your existing policy you'll need to get a new one.


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