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Mortgage break and Covid 19

  • 30-03-2020 8:02am
    #1
    JPCONSTANCE
    Registered Users, Registered Users 2 Posts: 1 ✭


    The banks are offering 3 month break on mortgage.

    Two things I am worried about:

    1. if I take the 3 month break, will be life assurance cover for the mortgage be affected in any way? (it's the only life cover I have, so don't want to mess it up).

    2. if I take the 3 month break, can the bank say that I have not complied with my tracker mortgage and try and move me over to a variable rate later on?

    thank you


Comments

  • #2
    Henry Ford III
    Moderators, Business & Finance Moderators Posts: 17,861 Mod ✭✭✭✭Henry Ford III


    JPCONSTANCE wrote: »
    The banks are offering 3 month break on mortgage.

    Two things I am worried about:

    1. if I take the 3 month break, will be life assurance cover for the mortgage be affected in any way? (it's the only life cover I have, so don't want to mess it up).

    2. if I take the 3 month break, can the bank say that I have not complied with my tracker mortgage and try and move me over to a variable rate later on?

    thank you

    Life assurance is a separate issue. Term cover doesn't allow premium holidays.


  • #3
    frankeee
    Registered Users, Registered Users 2 Posts: 134 ✭✭frankeee


    JPCONSTANCE wrote: »
    The banks are offering 3 month break on mortgage.

    Two things I am worried about:

    1. if I take the 3 month break, will be life assurance cover for the mortgage be affected in any way? (it's the only life cover I have, so don't want to mess it up).

    2. if I take the 3 month break, can the bank say that I have not complied with my tracker mortgage and try and move me over to a variable rate later on?

    thank you


    2. You need to ask your bank this, make sure they give you an answer in writing. Personally I took a 3 month break during the last recession and it didn't affect my tracker - but I'd imagine every bank is different


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


    They could not remove your tracker for that reason.

    You life assurance will need to be paid unless that company are bringing in breaks but I haven't heard anything about that. I presume it's being paid as a separate payment and not included in mortgage amount.


  • #5
    coylemj
    Registered Users, Registered Users 2 Posts: 25,626 ✭✭✭✭coylemj


    Henry Ford III wrote: »
    Life assurance is a separate issue. Term cover doesn't allow premium holidays.
    phormium wrote: »
    You life assurance will need to be paid unless that company are bringing in breaks but I haven't heard anything about that. I presume it's being paid as a separate payment and not included in mortgage amount.

    I don't think the OP is looking for a holiday from the mortgage protection policy premiums, he just wants to know if the policy will be affected by his getting a holiday on the mortgage payments...
    JPCONSTANCE wrote: »
    1. if I take the 3 month break, will be life assurance cover for the mortgage be affected in any way? (it's the only life cover I have, so don't want to mess it up).

    It won't be affected, as long as he continues to pay the monthly premium.


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