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Insurance for an offset mortgage...
StockportGerbil
Posts: 567 Forumite
Hi!
Apologies if this is not in the right board.
I have an offset mortgage and currently owe around £67000 on it. To pay for my wedding next year I expect to up that to the thick end of £80000. When I took it out I was paying into a motley assortment of ISA's and endowment policies, which we reckoned would pay £30000 after 15 years and £50000 repayment over 15 years. The insurance for this comes to £36 per month.
Circumstances have changed, I'm going to need to dip into mortgage pot and all but one of the policies have been got rid of and I need to get some additional life cover at least for the next sixteen years.
Is it therefore reasonable to get fixed term life cover for what I believe to be the duration of the mortgage plus the additional life cover I want? £160000 worth of cover for the next 16 years comes to £16.
Thanks
Kevin
Apologies if this is not in the right board.
I have an offset mortgage and currently owe around £67000 on it. To pay for my wedding next year I expect to up that to the thick end of £80000. When I took it out I was paying into a motley assortment of ISA's and endowment policies, which we reckoned would pay £30000 after 15 years and £50000 repayment over 15 years. The insurance for this comes to £36 per month.
Circumstances have changed, I'm going to need to dip into mortgage pot and all but one of the policies have been got rid of and I need to get some additional life cover at least for the next sixteen years.
Is it therefore reasonable to get fixed term life cover for what I believe to be the duration of the mortgage plus the additional life cover I want? £160000 worth of cover for the next 16 years comes to £16.
Thanks
Kevin
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