poollounger

A bit of a rigmarole but was told at the final signing that a complusory life insurance was neccessary, and signed the relevant documents..The premium is pretty hefty,some E1200 per annum for a non smoker, male, aged 45, not sure what the exact sum insured is, but the sme premium here in England with the Nationwide is £480 per annum for £150,000 insured.
I would be interested in hearing about other experiences...have you been allowed to use e British policy to offset a Spanish Mortgage?? What sort of premiums are other people paying ?? As it is pure life insurance,with no endowment, I presume that it could be cancelled at any time ??

coralsoft

I don't think we took out any extra life insurance when we started a Spanish mortgage (with Banco Halifax). We've got a number of endowments in the UK plus some extra life insurance there. The wife confirms that they didn't even ask, but then it is a repayment mortgage, where life insurance is only advisable, rather than compulsory.

We need to do an audit to work out if we're fully or over-covered, but we've not had problems here with organisations asking.

poollounger

Ours is a repayment as well..Banco Halifax seem more relaxed about it..you are fortunate to be with them, and we certainly may look into changing the mortgage after a while if we can get a better deal elsewhere. It is so simple shopping around in Britain, but difficult when one is abroad. The estate agent however has been very helpful and is trying to resolve it to everyones satisfaction. I did get a very good quote for contents cover, including lots of extras like they will pay for rental guests to be put up in a hotel in case of problems etc from HIFX in Britain.