15 Sep 2011 6:38 PM:
Hi,
We had the same thing, the bank insisted that we took at least 50% of life assurance with them - it was one of the terms of the mortgage. We were advised that after the 1st year we would be able to cancel it & get it elsewhere for almost half price!!
Unfortunately the bank then offered a "discounted" interest rate if life assurance was taken, meaning it was pointless moving. Its a scam, I don't know how they get away with it, oh yes I do, its Spain!
Mike
Thread:
My bank is insisting we take life assurance with them for our mortgage
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