Canada has credit scores as well... is this a thing here too?
this post was submitted on 17 Jul 2025
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Apparently we have them in the UK but I have never had a reason to care. I intend to keep it that way.
So... I have a guess as to why this is. It might be entirely wrong, but it kind of makes sense to me. I would bet the bank also partially insures your home when they hold your mortgage, and so the two insurers/policies split the liability in that case. When your mortgage is paid up, the bank no longer has stake in the home and doesn't insure it anymore, meaning the full liability falls on your insurance policy alone now. So they likely raise your premiums to account for the hightened risk on themselves. That's not necessarily a justification and it obviously sucks for you, but, it does make some amount of sense IF my guess is correct.
Either way, paying off your mortgage is a big accomplishment and removes a big burden from your shoulders. So kudos on that at least.
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Can you please not repost X content on lemmy?
Gotta g get that $ somehow
You can't make this up
Makes it up.
Maybe they were saying that you can't make it up, but they can because they are more imaginative.