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WHAT TO DO / MORTGAGE PROTECTION

  • 20-02-2013 11:41am
    #1
    OUTDOORLASS
    Registered Users, Registered Users 2 Posts: 619 ✭✭✭


    would appreciate advice on a problem long bothering me.
    Me and OH have a Mortage Protection policy from previous mortgage covering EUR350,000. It is a "mercedes benz" type of policy if u get my meaning. And as such is costing a small fortune EUR269 a month. We sold this house and rebuilt abt 5 years ago, resulting in a much lower mortgate. We now owe EUR170,000 but at the time we did not change our Mortgage Protection as I have a long term illness and we were afriad that we would not get another mortgage protection. There is a huuuuge loading on the policy for me. We have tried through the Bank broker to change/modify the policy but the Insurance Company wont allow it. The only alternative is to get a new policy. The first question u are asked...is there an operation pending in the next 6 months. My answer is yes...so basically I am fairly unsurarable. I am not working, and we have decieded that I wont work again, in the hope of keeping me relatively healthy...(thank god for Pennys and Dunnes !!) My question is can we take out Mortgage Protection just for my OH..It would cost under EUR50 ...which is a huge saving....We have a very good credit record..never miss a payment etc......This protection is running till 2025. Any advice would be appreciated.


Comments

  • #2
    tony81
    Closed Accounts Posts: 595 ✭✭✭tony81


    You'll need to ask your bank to agree to this.

    Might be simpler to get a new mortgage protection quote from your existing life assurance provider. Make sure they know you intend to replace the existing policy with the new one (might be more willing to offer terms). If they will, ask the bank will the new policy be sufficient.


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