I have a mortgage of £64,000, glad I got it when I did, I'd never get a house these days! Anyway, I pay just over £100 in insurance every month, is this right, it seams an awful lot.
2007-01-12 10:07:01 · 5 answers · asked by Anonymous in Business & Finance ➔ Insurance
We pay alot more stuff than just that, don't worry, I don't need to pay health insurance because we have an nhs. Everybody in the UK is the same. It's just the mortgage I am asking about.
2007-01-12 10:20:29 · update #1
Isn't $300 like £150, and if you rent then you don't need to pay as many home insurances. We are equal I think! lol
2007-01-12 10:21:46 · update #2
Sorry I should of said Home insurance.
2007-01-12 10:22:52 · update #3
You are probably paying mortgage insurance (MI) because you have not hit the 20% ownership threshold. The 20% threshold is what is commonly used here in the US to determine whether to force MI on you or not. Then again, not every mortgage company does this. ING Mortgage does not charge MI, for example.
I personally understand the reason why mortgage companies impose MI but I also suspect that it's a great money spinner for them. You could try negotiating with your mortgage company to seek a reduction but your chance of getting away with this will depend in part on your repayment history, whether you're close to the 20% threshold (or equivalent % in the UK), etc.
2007-01-12 10:14:10 · answer #1 · answered by carltoncl 2 · 0⤊ 0⤋
,i have life insurance mortgage protector and sickness and redundancy cover.. but also pay a critical life insurance cover which is 30.00 a month and is more than the others a month which i feel i don't need.. i myself will be seeing a financial adviser as i feel mortgage companies pile all these insurances on ... id advise you to re think what you need and speak to someone too
2007-01-12 23:18:30 · answer #2 · answered by tikketiboo 4 · 0⤊ 0⤋
You think that's a lot, well I pay over 300 a month for health insurance, alone. And my employer pays half of it, and it really sux because I also have all my other insurances to pay by myself, i.e., car, home, renters, etc.... so don't B**ch it could be a lot worse! At least you own your home! A lot of people can't even afford that luxury.
2007-01-12 10:18:41 · answer #3 · answered by sweetpeasmum 4 · 0⤊ 0⤋
I'm not sure of the conversion of pounds & dollars, but my mortgage is $100,000 and my homeowners insurance is $550/year. But the numbers you gave, it looks like you are paying alot in insurance.
2007-01-12 10:17:47 · answer #4 · answered by Kristy 2 · 0⤊ 0⤋
You might want to try an online quote from Cornhill - you can get one here:
http://www.awin1.com/awclick.php?mid=1133&id=7422&clickref=yans
2007-01-12 11:04:27 · answer #5 · answered by Anonymous · 0⤊ 0⤋