Mortgage Protection Help Please

GirlRacer_2

In my quest to save even more money I wonder if anyone here can advise me. I currently have a £70,000 mortgage with Halifax and pay Total Mortgage Protection Plan - Total premium of £66.28. I also have a secured loan on my property for £35,000 and pay Payment Protection of £5340.00 total to be paid over the 300 months i.e £17.80 per month. Is there any way I can cut down on these. Is there a policy that I can take out with someone else that will be cheaper but give me the same level of cover.

My mortgage deal is up for renewal in September so I'll be looking at this closely, but am I allowed to cancel the 2 lots of Mortgage Protection Covers and take one policy out to cover both the mortgage and the secured loan?

Any advice or recommendations please

regularsaver1

The secured loan has the Secured Personal Loan Repayments cover incorporated into the agreement, so its not as easy as to just cancel. This covers you for life, accident, sickness, unemployment cover

The TMP - Total mortgage protection plan, can be cancelled easily.

There are 3 elements

1. Live cover - level term
2. Critical Illness - level term
3. Mortgage Repayments cover - accident, sickness, unemployment, and carer cover - covers up to 133% of mortgage payment up to 12 consecutive months

You can have 1, 2, or all 3

you would need to get quotes to compare, but its whether you do it now, seeing as you have a separate secured loan or not

fhmman

check whar cover u have with work aswell eg? sickness cover, life insurance.

Ive jiust cancelled one of my policies as I have no dependents and get cover from work.