Advertisement
If you have a new account but are having problems posting or verifying your account, please email us on hello@boards.ie for help. Thanks :)
Hello all! Please ensure that you are posting a new thread or question in the appropriate forum. The Feedback forum is overwhelmed with questions that are having to be moved elsewhere. If you need help to verify your account contact hello@boards.ie

Mortgage payment amounts different

Options
  • 09-09-2011 4:50pm
    #1
    whitelightrider
    Registered Users Posts: 3,100 ✭✭✭


    Hi folks,

    I have a quick question regarding mortgage payments. Is there a reason why the amount taken from my BOI account to pay my mortgage is almost €70 more than whats showing in the AIB account as being taken off the mortgage?


Comments

  • Options
    #2
    Kennie1
    Registered Users Posts: 302 ✭✭Kennie1


    Maybe premium for mortgage protection life cover?


  • Options
    #3
    whitelightrider
    Registered Users Posts: 3,100 ✭✭✭whitelightrider


    Kennie1 wrote: »
    Maybe premium for mortgage protection life cover?

    But I already have life insurance cover through a different company - Caledonia. AIB were aware of this from the application.


  • Options
    #4
    Kennie1
    Registered Users Posts: 302 ✭✭Kennie1


    whitelightrider wrote: »
    But I already have life insurance cover through a different company - Caledonia. AIB were aware of this from the application.
    Did you have to assign this policy?


  • Options
    #5
    whitelightrider
    Registered Users Posts: 3,100 ✭✭✭whitelightrider


    Kennie1 wrote: »
    Did you have to assign this policy?

    On the mortgage app it asks you to have life cover so we went with a different company and that comes out via DD. Its strange to have mortgage protection cover of almost €70 a month isnt it?


  • Options
    #6
    Kennie1
    Registered Users Posts: 302 ✭✭Kennie1


    whitelightrider wrote: »
    On the mortgage app it asks you to have life cover so we went with a different company and that comes out via DD. Its strange to have mortgage protection cover of almost €70 a month isnt it?
    No, it would be quite common if serious illness cover was part of the policy. Depending on the mortgage type a level term assurance maybe required which is more expensive.

    But again I ask, was your policy assigned and did you give them the original schedule, I have seen this before where the mortgage provider has included cover despite the customer having arranged their own.


  • Advertisement
  • Options
    #7
    whitelightrider
    Registered Users Posts: 3,100 ✭✭✭whitelightrider


    Kennie1 wrote: »
    No, it would be quite common if serious illness cover was part of the policy. Depending on the mortgage type a level term assurance maybe required which is more expensive.

    But again I ask, was your policy assigned and did you give them the original schedule, I have seen this before where the mortgage provider has included cover despite the customer having arranged their own.

    Hey Kennie, how do you mean by was it assigned? On the policy appllication 3 years ago we were asked whether we had our own life assurance policy as the mortgage would not be given without it. We got our own policy and sent them the details so they had it on record. It was all provided on the form when we applied for the mortgage


  • Options
    #8
    Kennie1
    Registered Users Posts: 302 ✭✭Kennie1


    whitelightrider wrote: »
    Hey Kennie, how do you mean by was it assigned? On the policy appllication 3 years ago we were asked whether we had our own life assurance policy as the mortgage would not be given without it. We got our own policy and sent them the details so they had it on record. It was all provided on the form when we applied for the mortgage
    Assigned means that the mortgage provider's interest in noted on the policy. You would have to have signed a form to do this when you drew down the mortgage. Sound's as though you done this.

    The only other explaination that I can think of is home insurance or payment protection insurance.


  • Options
    #9
    broker2008
    Registered Users Posts: 750 ✭✭✭broker2008


    Kennie1 is right. It is most likely to be life, payment protection or home insurance cover.

    Unless it is a levy from one bailed out bank to another !


Advertisement