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No mortgage protection.

  • 02-08-2010 12:10am
    #1
    nenagh_lad
    Registered Users, Registered Users 2 Posts: 21 ✭


    Hello,

    My parents took out a mortgage in 1997. When they did they used a mortgage broker. The problem is, they don't think they have mortgage protection. The only payment they make toward the mortgage is a single payment. Could it be possible the mortgage protection is included in that ?

    Anyway, afaik mortgage protection is compulsory under law and it is the lenders responsibility to make sure the applicant purchases it. In the chance that my parents don't have this protection, is it the lender that's at fault ?

    Thanks


Comments

  • #2
    amdublin
    Registered Users, Registered Users 2 Posts: 20,653 ✭✭✭✭amdublin


    Do you mean mortgage protection/life assurance?

    If so, yes, possible the bank deducted the mortgage amount and the life as. amount and forwarded the life as. premium to the Life company.

    Check with the bank.

    Mortgage was taken out in 1997. I am not sure when it became obligatory that you had to take out Mortgage protection with it.
    Also there are scenarios where you don't have to: Eg. If your parents could not get life cover (due to health reasons?) or if they were over 50 at the time they may have chose to sign a waiver not to take Life cover.


    I would suggest that at this point you get on to the bank and find out
    (a) is there cover in place
    and
    (b) if not, what is the reason/circumstances why not,
    rather than looking for who is "at fault".


  • #3
    Pablo Sanchez
    Closed Accounts Posts: 1,207 ✭✭✭Pablo Sanchez


    Your parents may be included in the mortgage lenders group policy, this payment would be rolled up with their mortgage payments. Have a look at their annual statments, it should break it down for you there if they do have this.

    However if your parents were over 50 at the time of drawing the mortgage their requirment for life cover may well have been waived.

    If they do have a seperate life cover you should be able to see this showing up as a direct debit on their bank statments.


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