when can i cancel a mortgage insurance policy

darlo-ray

hi,ive had a mortgage policy for about 6 years with payment shield paying around £23 a month. being out of work im just coming to the end of the 12 month payment paying my mortgage of £423 a month.
how long do i need to keep paying them for? and when can i cancel? to save me the direct debit.
thanks
ray

Quentin

You can probably give notice to cancel this immediately. (Assuming no more benefits can be paid out to you!) Check the policy for cancellation instructions.

lisyloo

If you went through an advisor/broker check their terms of business.
Some have a "clawback" clause where they can charge you their commission if they lose commission through you cancelling and don't get paid.

You should have had a terms of business letter.
If you don't still have it then ask for a copy and check what it's going to cost you to cancel first.

_Andy_

darlo-ray wrote: »

hi,ive had a mortgage policy for about 6 years with payment shield paying around £23 a month. being out of work im just coming to the end of the 12 month payment paying my mortgage of £423 a month.
how long do i need to keep paying them for? and when can i cancel? to save me the direct debit.
thanks
ray

Have you rung them and asked?