Changing Mortgage protection query

thelastpogue

Hi,

So I am changing mortgage protection from one company to another. I rang my mortgage provider to let them know and they have told me that I need to send in the new insurers policy schedule so they can take deed of assignment, this bit I get.

Now, they also want me to go to a solicitor or to a mortgage broker to sign a deed of assignment for my old insurance that I will be cancelling. Can anyone tell me do I actually need to do this part?
Surely when they take over my new insurance I will be covered , so then I can just go ahead and cancel the old insurance so it is no longer in force?

Or is there some reason that I need to go to all the effort of solicitors/brokers and possibly cost myself money just to cancel and then open a new policy?

Any advise much appreciated!

P

Henry Ford III

Just give them the new policy for assignment and cancel the ddm on the old one.

Trish56

Your Solicitor or Mortgage Broker will need to witness the Deed of Assignment for the new policy and perhaps that's where you are confused.

thelastpogue wrote: »

Hi,

So I am changing mortgage protection from one company to another. I rang my mortgage provider to let them know and they have told me that I need to send in the new insurers policy schedule so they can take deed of assignment, this bit I get.

Now, they also want me to go to a solicitor or to a mortgage broker to sign a deed of assignment for my old insurance that I will be cancelling. Can anyone tell me do I actually need to do this part?
Surely when they take over my new insurance I will be covered , so then I can just go ahead and cancel the old insurance so it is no longer in force?

Or is there some reason that I need to go to all the effort of solicitors/brokers and possibly cost myself money just to cancel and then open a new policy?

Any advise much appreciated!

P