Mortgage Restructuring

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In 2012, 22% of mortgages were in arrears.

A lot of these mortgages have been restructured for clients by banks.

Sometimes the life policy is not extended or increased, so if the bank extends the term from 25-35 years to give the client a lower month repayment it’s imperative that you change your life insurance /mortgage protection policy to the same new term.

If you don’t do this, you will leave a gap of 10 years with no life cover usually when you need it most.

In some scenarios bank’s will discover there is a shortfall on your policy and then proceed to sell you on a new policy, at this stage the client is into their 50’s and end up paying big monthly premiums.

So a tip i’m giving you is that if you restructure your mortgage make sure you get a new quote or extend the term of your existing policy.

Don’t jump to take the policy with your bank as they are tied to one insurance company, where brokers have a choice of 6/7 ,so obviously gets better prices.

For anyone that has any queries or want’s a new quote, just email me at