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Mortgage repayment insurance for non residents?

  • 15-12-2015 11:02pm
    #1
    jscter
    Registered Users, Registered Users 2 Posts: 3 ✭


    Hi all,
    I'm a resident in the North but have just purchased a home in Wexford.
    I'm finding it hard to get Mortgage repayment/critical illness cover insurance.

    The companies I have talked to say they won't cover because technically I am resident in another country (UK) and therefore will not cover.

    Has anybody got any ideas of insurance companies based in the south that would provide cover? Surely I'm not the first person to buy a holiday home in Ireland but be resident in Northern Ireland or UK or Spain etc. 60% of the time.

    Thanks!


Comments

  • #2
    phormium
    Registered Users, Registered Users 2 Posts: 3,395 ✭✭✭phormium


    I presume you are talking about mortgage protection to pay off the mortgage in the event of death/critical illness rather than mortgage repayment protection?

    Why not just take out a standard life policy in the North and assign it to the bank if they want.


  • #3
    jscter
    Registered Users, Registered Users 2 Posts: 3 ✭jscter


    Hi phormium,

    Sorry i was referring to mortgage payment protection in case of out of work for a while or off sick for a few months etc. I manged to sort a life assurance policy to cover what you mentioned above. So monthly repayment protection is the only thing outstanding.


  • #4
    phormium
    Registered Users, Registered Users 2 Posts: 3,395 ✭✭✭phormium


    When you say outstanding that is not a compulsory insurance but I would think it will be difficult if not impossible to get for a holiday home.

    When I last worked in insurance this was not available on anything other than your principal private residence so unless there have been changes that I am not aware of.

    The conditions on it are so restrictive that payouts are difficult to get and if you can find it I would read the small print very carefully before you buy.


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