Interest to repayment mortgage.

woozywendy

We are planning on changing our mortgage over to a full repayment in August 09. What kind of insurance would we need to pay it off if something happened to me or my DH. We have critical insurance (considering cancelling this at the moment) motgage payment protection - accident/sickness/unemployment and a bill insurance that pays out 200 a month. I have a life insurance policy. And my husband has something similar through his company pension. We have an endowment that we want to cash in to clear our debts. The cost of the endowment will cover the extra money required to convert to a repayment mortgage. Hope I have explained myself properly.
Any replies would be much appreciated.

sarah_elton

You should be able to just amend your mortgage payment insurance policy.

When you got it, you would have told the insurance company what your monthly mortgage payments were. Your premium would have been based on this. Phone them up and tell them the new (higher) repayments, and they'll raise your premium accordingly. You then just start paying a bit more for it.

Might be worth getting some quotes from other insurers just to make sure you're still getting the cheapest deal.

jm28cardiff

Decreasing Term Assurance.