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Moving house - move mortgage protection policy?

  • 20-01-2021 9:32pm
    #1
    Xoo2
    Registered Users, Registered Users 2 Posts: 12 ✭


    Hi all, we're planning on trading up our apartment to a house this year and trying to get all our ducks in a row early so just thinking about mortgage protection. We have a policy in place with Aviva at the moment, there's currently 150k left on our mortgage which they will pay in the event of 1 of our deaths.
    We need to obviously clear that 150k and take out a new mortgage for the house but with our savings and the price our apartment is currently valued at - the new mortgage amount should be roughly the same amount - 150k.
    Just wondering has anyone done this before (simply using the same policy for the new mortgage) or would we need to cancel existing and go through the whole protection application process again? In monetary terms the current policy will cover new mortgage amount.

    Fwiw our health circumstances have not changed at all since taking out existing policy.
    Thanks in advance


Comments

  • #2
    L1011
    Registered Users, Registered Users 2 Posts: 71,186 ✭✭✭✭L1011


    Once the policy covers the correct term - and schedule if its reducing-term - you just need a letter stating you'll reassign it to the new bank.


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