Switching your mortgage insurance (substitution) at any time
Already have a mortgage and think you pay too much for insurance? Substitution lets you replace the original contract with another one offering equivalent cover.
Substitution, cancellation, delegation
These words describe the same operation: the existing contract is cancelled and replaced by a new one covering the same loan. Since the Lemoine law of 28 February 2022, you may cancel at any time for private-use property loans.
Steps
- Gather your loan offer, amortisation table and the guarantees required by the bank
- Choose an individual contract offering equivalent cover
- Send the substitution request to the bank by registered letter or equivalent
- The bank has a legal time limit to answer and must justify any refusal in writing
- Once accepted, the new policy takes over with no gap in cover
Immediate or at anniversary
Immediate switch replaces your cover as soon as the bank agrees. Anniversary switch schedules the change at the next contract anniversary. We advise which fits your situation.
Frequently asked questions
Can I switch at any time?
For a private-use property loan, yes since the Lemoine law, provided cover is equivalent.
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Let’s talk about your project
A few questions, a personalised review of your borrower insurance.