Ex-Portman now remortgaging with Nationwide - Insurance Cancellation???

jarjar_2

Our Portman Fixed Rate has just ended and we want a new rate without having to switch lender at the moment. I presumed we were Nationwide customers but we have been told that our Buildings & Contents Insurance and Payment Protection Insurance will be cancelled.

This will mean starting from scratch with the Payment Protection, and having the 'waiting periods' placed upon us. We have had the Portman policy for 4 years and I can't set this up until the new Fixed rate mortgage is active - should my hubby have an accident before I have managed to do this, we will be snookered - how can they get away with treating us like this - it is only because of THEIR merger that we are put in this position.

Anyone experienced similar with Nationwide?????

Grrrrr!!:mad:

dunstonh

insurances are normally independent from the mortgage. I would seek clarification on why you need to cancel the policies.

it is only because of THEIR merger that we are put in this position.

Not really. Its you deciding to buy a new mortgage product that is putting you in this position. Although I do think you are being fed a porkie so the Nationwide sales rep gets the insurance sale.

jarjar_2

Hi

Yes - take your point re the insurance being independent.
However, surely I am a Nationwide customer now (all my mailings re the mortgage are branded Nationwide) and any other existing lender would simply apply a new rate following the offer with no other changes affected (as Portman has done in the past). Portman products are no longer available (again I understand this) but I still think I am being penalised because of their merger....surely?

michaels

For both these insurances you will be able to get a much better deal going independently for example helpupay for payment protection. Also I think most independent policies will waive the qualifying period if you are switching from another provider. I think Martin has an article on it but you should be able to halve your premiums and not lose any coverage so in fact Nationwide are doing you a favour by not just carrying on the cover as now you will look elsewhere and get a much better deal.