Mortgage Life Assurance

ronanbuckley79 wrote: »

Hi,

My partner and I have a mortgage with BOI for 15 years.
We have decided to separate and she is emigrating. She has no interest in the house and is removing herself from the mortgage and i am taking over.

My application to take over the mortgage has been accepted by BOI based on my sole income.
My income covers the mortgage five times over and i also have life assurance through my work.

The final piece to complete the mortgage change over is sole life assurance.
Due to an illness i had in 2011, i am struggling to get life assurance.

What are my options if i can't?

Thanks,
Ronan

[font=Arial","sans-serif]Hi ronanbuckley79, thanks for getting in touch and welcome to Boards.ie[/font]

[font=Arial","sans-serif]You can use an existing life insurance policy as long as:[/font]

[font=Arial","sans-serif] - It’s not in place to cover another loan or mortgage[/font]
[font=Arial","sans-serif] - The amount you're insured for is at least equal to the term and amount of your mortgage[/font]

[font=Arial","sans-serif]You'd have to assign the existing policy to Bank of Ireland. This means you'd agree to using the life insurance benefit to pay off your mortgage if you died during the term of the mortgage.[/font]

[font=Arial","sans-serif]You can contact your life assurance company to arrange assigning the policy to Bank of Ireland.[/font]

[font=Arial","sans-serif]I hope this helps, please let me know if you need anything else.[/font]

[font=Arial","sans-serif]Thanks[/font]
[font=Arial","sans-serif]Nicola[/font]