mortgage ppi and life insurane

jjj5663

hi I took out a mortgage in 2005 then borrowed on my mortgage in 2007, I have just noticed that I am paying two mortgage protections and two life insurance policies is this right? or should I have been giving the option to take out one life insurance to cover both? I have just spoken to bank manager and he said this is correct, I asked him if it was possible to re-mortgage so that I would only have one mortgage payment, one protection payment and one life insurance payment but he said I would have three payments then, apparantly if you re-mortgage it doesn't combine all the payments therefore I would have three mortgage payments to pay three protections and three life insurance is this correct please help!!!the bank in question is HSBC

kingstreet

1. Don't buy your protection products from your bank. There are better and cheaper options available to you in the market.

2. If you have a repayment mortgage, then replace it with a new one. Your previous mortgage protection cover, if it's decreasing term assurance, won't fit with the new mortgage so you have to replace it.

3. Talk to an IFA. Get a comparison of what you need versus what you currently have. Hopefully you'll be able to cut away what you no longer need and reduce the cost and improve the quality of the cover you truly need.