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Repayment Mortgage and DTA
Corpat
Posts: 1 Newbie
If I make a lump sum payment to reduce my repayment mortgage by say 10%. Does anyone know if I should contact my Decreasing Term Assurance provider to see if my payment will be reduced as they are now protecting a lesser amount?
Thanks:)
Thanks:)
0
Comments
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Your insurer won't reduce your sum assured and give you a premium reduction. You can't make "mid term" changes.
If it is pure life cover then it may be worth getting new quotes for a new policy (though make sure you get the term right).
If you have critical illness cover as well you would need to ensure that your new policy covers the same as your old one, getting like for like cover is much harder with CI0
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