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My Critical Illness Claim has been Accepted!

After 2 long months, I rang today for an update and was told that it has been accepted! I felt sure it wouldn’t be (although why I don’t know, just felt my luck wasn’t looking good these days!).

Now the question I have is, I stupidly locked my mortgage in for 5 years only last year and wonder if the banks have any kindness in their souls and might waiver their early repayment fee? Does anyone have any experience of this by any chance please?

Mine didn’t! Luckily I’d only locked in a small portion and the bulk was free of penalties, but I still had to pay it. It’s worth doing some calculations - how much interest would you save over the remaining locked term against how much the penalty is. I paid £600 in penalties but over four years would save a lot more in interest. I couldn’t have got that kind of return in savings, so I opted to take the hit. Sometimes lenders will allow you to pay 10% or similar free of penalties each year, so it might be worth paying that now, then another 10% in January (if that’s their cut off point). Hopefully this will make you life easier, so congratulations (you know what I mean!). X

Oh gosh, my brain is frazzled these days. I guess I will ask them and if not just work out the best scenario. I have a feeling it was £6k to pay last time I checked so I’ll have to work out if overpaying is worthwhile. x

My mortgage company (Santander) said there was no early repayment charge as the payment was from a critical illness claim. Worth asking your mortgage company.

Well done on getting your payment from your policy confirmed. That must be a great weight off your mind,

I wish that I had been abe to get CI cover years ago but I was too unhealthy to qualify then (years before I was diagnosed with MS)!

Yay! Congratulations… Mine paid out in june this year after a horrible 3 month wait. Pleased for you Dawn x

Thank you! Funny (well not really), I spoke to my bank/mortgage provider (HSBC) and asked the question and was told no, they wouldn’t waiver it, so then rang back again to find out how much I could overpay each month only to be told that in fact it can be waivered if the amount is being paid directly my bank account with them and I can prove it’s a CI payout. So worth asking the question to more than one person it seems!

Obviously I still don’t have the money yet so I’ll wait for it to come through and hope that the second person was correct. :slight_smile:

Thank you! Funny (well not really), I spoke to my bank/mortgage provider (HSBC) and asked the question and was told no, they wouldn’t waiver it, so then rang back again to find out how much I could overpay each month only to be told that in fact it can be waivered if the amount is being paid directly my bank account with them and I can prove it’s a CI payout. So worth asking the question to more than one person it seems!

Obviously I still don’t have the money yet so I’ll wait for it to come through and hope that the second person was correct. :slight_smile: