Term decreasing mortgage assurance question

chloe_london

Hi guys,

I'm new here so hope this is the right place to post?!!

We took out a mortgage in 1999 and bought a policy from Legal & general - term decreasing mortgage insurance. Our payments are fixed and paid monthly by direct debit. We managed to pay the mortgage off very early in 2004, but then moved house in early 2006 and have another mortgage, though slightly less than the original one.

We have never had any form of correspondence from Legal & general, nothing since 1999!

Does it matter that the insurance now covers another property?
Would there be a problem or any clauses with this?

And should legal & general ever bother to contact us or just take the money every month, no questions asked?!!

I did advise them by email when we moved house. Anyone in similar circumstances or can anyone advise? Thanks xx

Chloe london

dunstonh

The insurance doesnt cover the property. It covers you. It doesnt matter if you change the mortgage or even get rid of it. It will still pay out what was set in the original terms.

You would not get any paperwork unless you need it for something or there is reason to contact you. Nothing changes so why would they need to write to you? However, it is worth making sure they have the correct address if you have moved.

chloe_london

Thanks dunstonh,

Yes, I know the insurance covers myself and husband, just wasn't too sure if you had to advise them about the different property which the mortgage is now on.

Just know from experience how companies you have paid insurance to for many years, wriggle out of paying anything if they can :-(

Thanks for your help x

Chloe london