2 Properties what mortgage/life protection

maxwellhouse

Hi,

I bought a 2 bed apartment in dublin in 2007 and duly took out mortgage protection.

We moved out a few months ago and rented the apartment (expanded family, negative equity) without telling the bank just in case they want to take my tracker.

We are now just about to buy a family home outside of Dublin and I was wondering.

1. Should I get a second mortgage protection policy for the new property?

2. Should I get some sort of dual mortgage protection for both properties?

3. I would like opinions on life insurance or cover for both properties and as much extra as i can if there ever was an accident.

Any advice on this subject appreciate?

SBarrett

maxwellhouse wrote: »

Hi,

I bought a 2 bed apartment in dublin in 2007 and duly took out mortgage protection.

We moved out a few months ago and rented the apartment (expanded family, negative equity) without telling the bank just in case they want to take my tracker.

We are now just about to buy a family home outside of Dublin and I was wondering.

1. Should I get a second mortgage protection policy for the new property?

2. Should I get some sort of dual mortgage protection for both properties?

3. I would like opinions on life insurance or cover for both properties and as much extra as i can if there ever was an accident.

Any advice on this subject appreciate?

The bank will insist on you getting mortgage protection for your new home.

There is no dual mortgage protection. You have two separate policies, one assigned to each property. The cover you have on your existing property will be cheaper though as you took it out at a younger age. Whether you keep it is up to you. It probably doesn't cost you much and the benefits of your family getting an income generating asset is probably greater than the cost of cover.

The cheapest cover you can get is mortgage protection, which decreases in line with the mortgage.

As for getting personal cover, that is very dependent on what income you are looking to replace, are there other short term debts to be paid off on death, what kind of income you want your spouse to have, are there kids to be provided for, if so, how many? It's not really something that can be arrived at on a forum.

And you better declare the apartment is now an investment. Never mind the banks, there a whole load of tax implications.

let me know if you need anything else.

Steven

Henry Ford III

SBarrett wrote: »

let me know if you need anything else....

Is touting for business allowed on boards?

p.s. Seems it is not.

Don't advertise your company
Don't advertise your company

We strongly protect the conversational feel of this site. Interjecting your commercial message into that conversation is not only rude, counterproductive, against the rules but also a poor way to win customers, build goodwill and will ultimately get you banned.

We have two alternatives for commercial interaction with the community.

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SBarrett

Henry Ford III wrote: »

Is touting for business allowed on boards?

Did I say to pm me or contact me?

Or are you not allowed to offer to provide someone with more information if he wants it?

Steven

NewCorkLad

Henry Ford III wrote: »

Is touting for business allowed on boards?

In what way did he tout his business or promote himself.

OP asked for advice Sbarrett helpfully answered his questions and told him he would answer any further questions. He did not give his name his business name or asked for the OP to contact him personally.

You are not a MOD please do not go around trying to enforce rules.

BuffyBot

Back on topic folks.

Two points: 1) don't back seat moderate. 2) Report posts, don't respond on thread