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mortgage life cover - i do not want it
kimiko
Posts: 1 Newbie
i have mortgage life cover on a mortgage.
i did not want it, as i have no dependants
when i took out the mortgage it was 70% of the property value
the lender insisted i take out this insurance (i bought my policy not theirs)
is this legal?
can i stop?
i did not want it, as i have no dependants
when i took out the mortgage it was 70% of the property value
the lender insisted i take out this insurance (i bought my policy not theirs)
is this legal?
can i stop?
0
Comments
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is it just pure life cover? No an endowment?
I don't see how a lender can enforce the insurance. When did you take the mortgage out?I am a Mortgage AdviserYou should note that this site doesn't check my status as a Mortgage Adviser, so you need to take my word for it. This signature is here as I follow MSE's Mortgage Adviser Code of Conduct. Any posts on here are for information and discussion purposes only and shouldn't be seen as financial advice.0 -
The lender can insist on life cover although most dont. They cannot insist on using their own insurance.
Have you verified it is an actual requirement that still exists as many of the mortgages taken out years ago required it but no longer do.I am an Independent Financial Adviser (IFA). The comments I make are just my opinion and are for discussion purposes only. They are not financial advice and you should not treat them as such. If you feel an area discussed may be relevant to you, then please seek advice from an Independent Financial Adviser local to you.0
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