Banks to steer homeowners into purchasing their mortgage contracts

  • Banks to steer homeowners into purchasing their mortgage contracts
    Independent.t. E.
    Half of mortgage holders say they put pressure on the policy of protection of the mortgage with the Bank.
    https://www.independent.ie/business/personal-finance/property-mortgages/banks-steer-homeowners-into-buying-their-mortgage-protection-agreements-37268880.html
    https://www.independent.ie/business/personal-finance/property-mortgages/article36872067.ece/1d1ea/AUTOCROP/h342/page20_property.jpg

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Half of mortgage holders say they put pressure on the policy of protection of the mortgage with the Bank.

They told researchers that they had not been informed by the Bank they had the options of taking out cover from any insurance company or through a broker.

It is often cheaper to take out protection cover mortgage broker or directly with an insurer than a Bank mortgage loan.

Mortgage protection cover life cover that will pay off the loan in case of death.

With this in place, it is also a requirement of the law.

But research ireach, ordered low broker.t. E., found most home buyers are not told by their Bank they can buy mortgage protection cover directly from the insurance company or through a broker.

This means that there is a risk that they will end up paying a higher premium than they would seek quotes for the entire market. In accordance with the rules of the Bank is not permitted to invoke the approval of the mortgage with the sale of the policy to protect the mortgage Bank. But they are trying to lure customers to take their caps at the completion of the mortgage.

The study showed that 74pc of people took out mortgage protection cover a Bank loan, where they took a home loan showing there is a need for authorities to protect the rights of consumers, to be clear, customers are free to purchase from any supplier.

Most banks used Irish life to protect a mortgage, according to chief Executive low.t. Peter E. O’reilly.

He said that the exception of the Bank of Ireland, which uses its subsidiary, New Ireland.

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