Natwest single premium insurance

Donetello

Hi

I'm currently sorting through my finances and have a loan with natwest for £15,000. The monthly payments are £292.

I am considering taking out a new policy to cover my mortgage and other bills incase of sickness / unemployment.

is there anyway to calculate what the monthly premium would go down to if i were to cancel it. Or am i best to contact the bank?

di3004

Donetello wrote: »

Hi

I'm currently sorting through my finances and have a loan with natwest for £15,000. The monthly payments are £292.

I am considering taking out a new policy to cover my mortgage and other bills incase of sickness / unemployment.

is there anyway to calculate what the monthly premium would go down to if i were to cancel it. Or am i best to contact the bank?

Hi there

Does the Natwest loan include ppi as well?

So you want to take out an insurance to protect both the loan and mortgage the same time?

Yes best to be with protection rather than without and I understand this can be done, but best to get advice on this first by someone who will know more on this, who may post up soon with some advice for you.

Right, well you could contact the bank to ask, but if the loan been running for more than 30 days, which is normally the cooling period of when taking out the loan, if the ppi was cancelled in that time, they do then normally reduce the loan payments by removing the ppi, but its best to check what they do after the cooling period.

I think this will be one for dunstonh to help with, hopefully dunstonh will be along at some point today.;)

Good luck.

Donetello

Hi.

That is what i am wanting to check. I have worked out that as the premium is front loaded that a 1/3rd of my payment is insurance.

I am just checking to see if it is financially viable as i have a quote for insurance of £37 / month to cover mortgage / loans etc

hope someone can help

di3004

Dunstonh are you about? lol

Please do you think you could give some advice on this one please, many thanks.;)

dunstonh

Sorry, didnt spot this one until now.

It shouldnt be any more expensive than £6pm per hundred pounds of cover but more likely to be around the £3 per hundred mark.

dec22

Hopefully Dunstonh will come back to this regarding advice on cancelling your PPI as i only have limited knowledge. As Di says, once you pass the cooling off period, you are penalised quite heavily and the savings are then minimal. You need to check you PPI policy for exact terms. Good luck!!