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Cardiff pinacle

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  • 13-02-2013 11:00pm
    #1
    Play Bunny
    Registered Users Posts: 362 ✭✭


    Has any1 dealt with them b4? We r putting in for a claim for our morg (morg protection) it asks us what our current morg payments are, and prev payments....we are on a tracker so goes up/down...so does it mean the last payment or prior to going on the trackers rate ( on tracker 3 yrs in may)


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    #2
    coylemj
    Registered Users Posts: 25,435 ✭✭✭✭coylemj


    A mortgage protection policy is designed to cover the outstanding balance on the loan so whatever is owed on the day should be covered. A tracker mortgage involves fluctuations in interest but the planned reduction in the principal isn't affected so it shouldn't matter what you were paying per month.

    However.... they may be asking that question to see if you have deferred interest in which case the outstanding balance would be greater than planned in which case there might be a basis on which they would not have to pay out all of the outstanding balance. I suspect that is why they're asking the questions they are.

    If you have met the repayments schedule laid down by the lender, the mortgage protection policy should cover you.


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    #3
    killers1
    Registered Users Posts: 1,443 ✭✭✭killers1


    Play Bunny wrote: »
    Has any1 dealt with them b4? We r putting in for a claim for our morg (morg protection) it asks us what our current morg payments are, and prev payments....we are on a tracker so goes up/down...so does it mean the last payment or prior to going on the trackers rate ( on tracker 3 yrs in may)

    If your policy is with Cardiff Pinnacle it's most likely a Mortgage Repayment Protection policy as opposed to life cover? Are you making a claim due to redundancy or being unable to work? You would have taken cover to protect €X amount per month so that's the figure they should be paying out. Give them your current repayment figure.


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    #4
    Play Bunny
    Registered Users Posts: 362 ✭✭Play Bunny


    Yep its to do with redundancy, hubby was made redundant he has everything filled out...i put down the fixed rate as the last payment, then the current tracker rate we are paying, i wonder y they want prev payments?


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    #5
    killers1
    Registered Users Posts: 1,443 ✭✭✭killers1


    Play Bunny wrote: »
    Yep its to do with redundancy, hubby was made redundant he has everything filled out...i put down the fixed rate as the last payment, then the current tracker rate we are paying, i wonder y they want prev payments?

    There's a limit to how much of your repayment you can protect, circa 120% so they look for the repayment amounts to ensure they don't overpay the claim.


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    #6
    Play Bunny
    Registered Users Posts: 362 ✭✭Play Bunny


    So was i right to put the higher amount in? The tracker goes up an down...

    I claimed in 2011 when i was made redundant, i think i put the higher amt and our tracker at the time, i high lighted at the time i was on the lower amt i actually typed a letter, however they still gave me nearly half of the full amount.

    Old morg example: 1,270 (fixed rate)
    Tracker: 783 ( from 2010, thats an example amount)

    Paid me 600 p/m
    Hubby was working so just me claiming , that claim is closed


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