Thread: Mortgage advice please.

Hi everyone,

I am a newbie here so I'd like to apologise in advance if I make any mistakes here. Please relocate my post if this is not an appropriate thread.

When I applied for a mortgage about 6 years ago I agreed everything my mortgage advisor told me in order to please her to get the smooth transaction. I took on quite a few insurances she sold that time.

I have found no prob until recently found myself with no job and therefore not affording to pay my mortgage. So I rented out my home and downsized and lived in the far more cheaper accomodation. The combined total of my insurances (Mortgage payment/Life/Content/Home etc) are quite chunky and very pricey for me now. Most of them are not covered by their policy as I do not meet the certain circumstances now. So they are like money down the drain every month.

I'd like to cancel them or replace them with cheaper provider but so worried that they found out I have no job and rented out my home and they would whistle blow to my mortgage provider. At present I am in no position to renew or take out the new mortgage deal.

Can anyone suggest me that I can safely cancel them or replace them? Is it possible that since my financial circumstance is not favourable, the new deals will be more expensive?

I'd like to thank eveyone in advance.

Originally Posted by Beijing3773

Hi everyone,

I am a newbie here so I'd like to apologise in advance if I make any mistakes here. Please relocate my post if this is not an appropriate thread.

When I applied for a mortgage about 6 years ago I agreed everything my mortgage advisor told me in order to please her to get the smooth transaction. I took on quite a few insurances she sold that time.

I have found no prob until recently found myself with no job and therefore not affording to pay my mortgage. So I rented out my home and downsized and lived in the far more cheaper accomodation. The combined total of my insurances (Mortgage payment/Life/Content/Home etc) are quite chunky and very pricey for me now. Most of them are not covered by their policy as I do not meet the certain circumstances now. So they are like money down the drain every month.

I'd like to cancel them or replace them with cheaper provider but so worried that they found out I have no job and rented out my home and they would whistle blow to my mortgage provider. At present I am in no position to renew or take out the new mortgage deal.

Can anyone suggest me that I can safely cancel them or replace them? Is it possible that since my financial circumstance is not favourable, the new deals will be more expensive?

I'd like to thank eveyone in advance.

Your insurances (other than your buildings insurance) are not connected with your mortgage or lender. You can cancel the others (if you are sure this is the right thing to do and you don't lose important cover i.e. family protection) but buildings is compulsary.

Dear Zander,

Thanks v. much for ur advice. I will come back to you later if I have more queries. Pls allow me. At the moment, I am reading all the terms and conditions as much as I can. For me they r very complicated. I am very paranoid as I have been sneaking and renting my home. I do not mind if the insurances are still covering me but they dont anymore as my situation has been changed alot.:cry:

It is a block of flats so building insurance is covered in the service charges.