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Mortgage Question?

  • 25-02-2009 10:25am
    #1
    Fatloss08
    Closed Accounts Posts: 509 ✭✭✭


    hey i have a small question and i apologise if its posted elsewhere

    i have my own mortgage with AIB for 2 years and im working in a steady job past 9 years , lets say i was being let go , do the bank pay your mortgage interest for 1 year etc ???

    i have mortgage protection ???? just wanted to know what would happen should i lose my job , you never know the way things are going


Comments

  • #2
    The_Conductor
    Moderators, Society & Culture Moderators Posts: 32,286 Mod ✭✭✭✭The_Conductor


    Fatloss08 wrote: »
    hey i have a small question and i apologise if its posted elsewhere

    i have my own mortgage with AIB for 2 years and im working in a steady job past 9 years , lets say i was being let go , do the bank pay your mortgage interest for 1 year etc ???

    i have mortgage protection ???? just wanted to know what would happen should i lose my job , you never know the way things are going

    Ask.
    It depends on what your mortgage protection entails. Mine is death cover only- if I die my mortgage is paid in full and my accounts cancelled- if I'm made redundant or out sick- I have to cover it myself.

    You will get an annual statement of benefits from your insurer- you need to examine it in conjunction with the original contract that you signed. The standard is 1 years interest paid on redundancy- however there are many many variations out there, its impossible to say without a detailed examination of the paperwork.


  • #3
    Fatloss08
    Closed Accounts Posts: 509 ✭✭✭Fatloss08


    ok cool


  • #4
    murphym7
    Registered Users, Registered Users 2 Posts: 2,036 ✭✭✭murphym7


    Fatloss08 wrote: »
    ok cool

    I think I heard sonething about Mortgage payment protection on the news last week. Aparently some of the tricky mortgage providers have been dragging their heal's paying out on protection policies. I think the financial regulator is having a look at them for sharp practice. Some of the policies given out over the last few years have some obscure clauses and condition's.


  • #5
    twanda
    Closed Accounts Posts: 460 ✭✭twanda


    The Social Welfare may pay your mortgage interest, depending on your circumstances - see:

    http://www.welfare.ie/EN/Schemes/SupplementaryWelfareAllowance/Pages/MortgageInterstSupplement.aspx

    Friends of mine are getting their entire mortgage paid for over the last 8 months or so, since the husband was made redundant.


  • #6
    Fatloss08
    Closed Accounts Posts: 509 ✭✭✭Fatloss08


    i appreciate that thanks alot


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  • #7
    CJD123
    Registered Users, Registered Users 2 Posts: 1 ✭CJD123


    Hi There, The "Mortgage Protection" policy you have will only cover you in the case of death only in most cases. The protectio you need in the case of redundancy is called "Mortgage repayment protection" this will pay your mortgage for you for a maximum of 12 months in the case of redundancy or illness/accident. You must be on cover for 6 months before you can make a claim on thse policies. The providers are in the process of increasing the lead time on these policies to 9-12 months and the premiums at the moment. May be a pointless for you to take this policy with this in mind. Regards, CJD123


  • #8
    dny123456
    Closed Accounts Posts: 431 ✭✭dny123456


    My Dad (retired a good few years now) used to work in AIB and advised me not to get their income protection, when taking out a mortgage with them. He said it was (and this is based on his experience 10 years ago), very hard to get them to pay out. You needed to have no income for a period of time before they started to pay, it had to be verified with the welfare I think and once you got a job again no more mortgage protection. Also they had a maximum payout period, I think it was a year. Basically, he said it wasn't worth the extra payments as the chances of ever successfully claiming were slim.


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