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Bank Waiver - Mortgage Protection Insurance

CoconutSky

Hello,

I have been postponed life assurance by three providers over the past two months and just wondering if the same has ever happened to anyone else on here? I have three postponement letters from the insurance companies, which I have submitted to Bank of Ireland. They have issued me a full loan offer for a mortgage (sole applicant) and I have applied for a waiver. It’s been a week and still no decision. I’m absolutely bricking it, now it’s Xmas week I’m sure I won’t hear back until first week in January. Anyone have similar experiences and have they heard of Bank of Ireland granting waivers?

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CoconutSky

I’m seriously contemplating making a formal complaint after all of this. It just seems very unfair. I’m a functioning, tax paying, contributing member of society that has been given full loan approval but seem to be discriminated against because of my anxiety disorder. I’m not and never have been suicidal. I don’t see how I am more at risk of dying than my ‘normal’ peers.

Bananaleaf

CoconutSky wrote: »

I’m seriously contemplating making a formal complaint after all of this. It just seems very unfair. I’m a functioning, tax paying, contributing member of society that has been given full loan approval but seem to be discriminated against because of my anxiety disorder. I’m not and never have been suicidal. I don’t see how I am more at risk of dying than my ‘normal’ peers.

Is this seriously the reason? You are being declined because of mental health problems which you are seeking treatment for? I'm actually disgusted on your behalf.
Please don't let this get you down too much. I'm not saying you should give up on your dream home at all, but maybe if you start trying to gather together a list of cons about the house, it might ease your anxiety over whether or not you will get the waiver, if that makes sense. A bit of an 'I never wanted it anyway' attitude and a focus on all the things you can do if you don't buy the property (a holiday, upgrade the car) - just to even trick your mind into giving you a break while you wait to hear back.
I am raging for you that you are being put through this. This country has a lot to learn about how they react to and deal with mental health.

For others reading this: I know I don't know the extent of the OPs mental health problem, but they are saying they have been in treatment and that they were never suicidal. Anyone reading this story would not feel encouraged to even tell the truth about their anxiety, having heard this.

CoconutSky

I know, it’s very disheartening. I should have maybe appealed their decisions. I feel very deflated by the whole experience but surprisingly it helps to discuss it here. I wanted to be up front and honest but it would seem maybe the less they know the better?

Bananaleaf

CoconutSky wrote: »

I know, it’s very disheartening. I should have maybe appealed their decisions. I feel very deflated by the whole experience but surprisingly it helps to discuss it here. I wanted to be up front and honest but it would seem maybe the less they know the better?

It would seem that way, yes. But you weren't to know this and you were right to be honest all the same, so don't beat yourself up about that.

CoconutSky

I hope I hear back Thursday / Friday, apparently the underwriters are working those days this week. It’s out of my hands now. Just have to stay positive and remain calm. Easier said than done!

fg1406

I’ve been “postponed” for life assurance too for having Endometriosis but with no symptoms. I’ve also been recently diagnosed with Generalised Anxiety Disorder which means no insurance company will touch me. It truly is horrible to be punished for asking for help and doing the right thing. I thought I could get the insurance and have it like health insurance whereby the pre-existing Illness would not be covered. I mean I don’t think Endometriosis has killed anyone yet and I’m not in anyway suicidal with GAD.

CoconutSky

fg1406 wrote: »

I’ve been “postponed” for life assurance too for having Endometriosis but with no symptoms. I’ve also been recently diagnosed with Generalised Anxiety Disorder which means no insurance company will touch me. It truly is horrible to be punished for asking for help and doing the right thing. I thought I could get the insurance and have it like health insurance whereby the pre-existing Illness would not be covered. I mean I don’t think Endometriosis has killed anyone yet and I’m not in anyway suicidal with GAD.

It’s disgraceful isn’t it. The more I think about the more unjust the whole thing feels. I’m much more than my anxiety diagnosis. That is only a small part of me.

bleary

The only thing they are interested in is whether they will have issues getting their loan repaid. Plenty of people are declined .I got a waiver from aib, had to get a couple of declines,bit stressful. Daft that they wouldn't cover me.
What worked for me was that I have no dependants so they can just take back the house if anything happens. I was told the only people who have a real issue are single income families with kids as they could never repossess the house to pay the debt.
It'll be fine just get on with thinking how you will spend the extra 50 quid a month you don't need to put into your mortgage, I'm taking a couple of years off the term with mine,,

CoconutSky

bleary wrote: »

The only thing they are interested in is whether they will have issues getting their loan repaid. Plenty of people are declined .I got a waiver from aib, had to get a couple of declines,bit stressful. Daft that they wouldn't cover me.
What worked for me was that I have no dependants so they can just take back the house if anything happens. I was told the only people who have a real issue are single income families with kids as they could never repossess the house to pay the debt.
It'll be fine just get on with thinking how you will spend the extra 50 quid a month you don't need to put into your mortgage, I'm taking a couple of years off the term with mine,,

Thanks Bleary, a voice of reason if ever there was one. Exactly, if I happen to die they can take back the apartment and sell it on. I’m a single man with no dependents. No “wife & kids” as they say. Not my cup of tea lol

Leprechaun77

Reputable Rog wrote: »

Sorry to hear that, it is indeed a disgrace that mental health is still being singled out from physical health.

Without wanting to appear insensitive to the mental health issue, it would seem that the insurance companies are treating this in the SAME manner as a physical health issue. In the early stages of most medical conditions (mental/physical), it is quite normal to get postponed cover until the condition stabilises, and there is a period without symptoms. You are not being refused cover.

In my opinion, I believe some people have a chip on their shoulder if they believe the reason for not getting a mortgage or insurance is down to a stigmatisation related to mental health. It is a pure risk assessment from an insurer in the same way as they would do with blood pressure or cholesterol.

jleavy046

Hi,
This might be helpful to someone.

I had major issues also getting mortgage life assurance. I was born with a heart defect which was corrected at birth with a senning operation. I'm reviewed yearly-18 months and have no issues.

To be honest I never thought that this would block my ability to get a mortgage, however it kinda did.

I was refused life assurance outright with two different companies. Thankfully I had a mortgage broker who knew exactly what to do. We went to Irish life and asked them to make an offer of cover, they did for the full amount but loaded the premium and offered a shorter term then what I needed.

The broker went to the mortgage company and requested a waiver for the final years of the mortgage (where there would be no life cover) and they accepted!!!!!

I've since moved mortgage companies and didn't have any issue.

I was (and am ) single, first time buyer. 30 year mortgage.

All I can say is try get any kind of mortgage protection, accept some loading and then hope that your bank can accept the term if shorter then the mortgage.

Work, if possible, with a broker.

Joe

MynameisBill

Hi OP,

Did you get the mortgage protection waived?

Myself and my fiance are in the same position with BOI now. They've declined the waiver on the assumption that I won't be able to pay the mortgage by myself if the worst was to happen to him. However our mortgage contact has gone back to them and explained he has Death in Service etc so I would only have a small amount of manageable mortgage to pay but they are still refusing on the grounds that he is not chained to that job and so could move to a job where they don't have Death in Service.

Vim Fuego

This is a somewhat related question - I understand why the banks want life assurance in place of course and know it’s a requirement to draw down a mortgage. However, what’s stopping anyone from cancelling it once they own their house?

Let’s assume you already had a great death in service benefit with work that would cover your mortgage, would you want to continue paying on a loaded policy?

MynameisBill

Vim Fuego wrote: »

This is a somewhat related question - I understand why the banks want life assurance in place of course and know it’s a requirement to draw down a mortgage. However, what’s stopping anyone from cancelling it once they own their house?

Let’s assume you already had a great death in service benefit with work that would cover your mortgage, would you want to continue paying on a loaded policy?

I'm not sure there is anything there to stop you but anyone could change jobs after drawing down a mortgage/go to part time hours etc, there is nothing to prevent this either.

CoconutSky

MynameisBill wrote: »

Hi OP,

Did you get the mortgage protection waived?

Myself and my fiance are in the same position with BOI now. They've declined the waiver on the assumption that I won't be able to pay the mortgage by myself if the worst was to happen to him. However our mortgage contact has gone back to them and explained he has Death in Service etc so I would only have a small amount of manageable mortgage to pay but they are still refusing on the grounds that he is not chained to that job and so could move to a job where they don't have Death in Service.

Hi,

Yes, eventually after a lot of back and forth they agreed to give me the waiver. They wanted me to reduce mortgage term from 35yrs to 20yrs however. I agreed. Also I am a sole applicant so that worked in my favour. The banks don’t want to be in a position where they have to take possession of a house if you die and your partner / kids are living in the house. I hope it works out for you. I also have death in service benefit so I made sure I highlighted that. I got a letter from work to state what the benefit entailed. Best of luck with it, I know only too well how extremely stressful it is.

spaceHopper

CoconutSky wrote: »

Hi,

Yes, eventually after a lot of back and forth they agreed to give me the waiver. They wanted me to reduce mortgage term from 35yrs to 20yrs however. I agreed. Also I am a sole applicant so that worked in my favour. The banks don’t want to be in a position where they have to take possession of a house if you die and your partner / kids are living in the house. I hope it works out for you. I also have death in service benefit so I made sure I highlighted that. I got a letter from work to state what the benefit entailed. Best of luck with it, I know only too well how extremely stressful it is.

Well done have you moved in yet?

Let the dust settle and then in your own time you could look into insurance I found lion.ie very good. I have genetic haemochromatosis, I load to much iron in my blood, it can destroy you liver over time but if it's diagnosed early it's easy to manage and makes no difference to you life expectancy. However I was newly diagnosed and in treatment. We where going for a mortgage.

I got a letter from the consultant, letter from nurse in the clinic I attend, MRI scan of liver.. all documented and gave it to the bank insurance guy. I the background I'd gone to Nick at Lion insurance https://lion.ie/ I found them very good. At least you are dealing with one person and he's probable seen it before.

MynameisBill

CoconutSky wrote: »

Hi,

Yes, eventually after a lot of back and forth they agreed to give me the waiver. They wanted me to reduce mortgage term from 35yrs to 20yrs however. I agreed. Also I am a sole applicant so that worked in my favour. The banks don’t want to be in a position where they have to take possession of a house if you die and your partner / kids are living in the house. I hope it works out for you. I also have death in service benefit so I made sure I highlighted that. I got a letter from work to state what the benefit entailed. Best of luck with it, I know only too well how extremely stressful it is.

That's great, I'm so delighted it all worked out for you in the end! December/start of January were the worst months to be dealing with this with all the holidays so I can imagine how stressed you were.

Yes unfortunately it is me they are worried about. We've to wait a few days for appeal but in the meantime we are applying to other lenders. Some of which seem to be shocked that we can't get the waiver so fingers crossed it works out.

CoconutSky

MynameisBill wrote: »

That's great, I'm so delighted it all worked out for you in the end! December/start of January were the worst months to be dealing with this with all the holidays so I can imagine how stressed you were.

Yes unfortunately it is me they are worried about. We've to wait a few days for appeal but in the meantime we are applying to other lenders. Some of which seem to be shocked that we can't get the waiver so fingers crossed it works out.

Apparently ULSTER BANK are better at granting waivers? Thankfully I didn’t have to go down the route of applying to another lender as my stress levels were maxed out at that stage. Just give me the ****ing money already! It’s not a process I would wish to repeat anytime soon. I move in next month. Can’t wait! Good luck with your application - it normally always works out in the end but they make you jump through every possible hoop before hand. Each day you will be faced with another unforeseen obstacle but stick with it, be resilient and like everything in life this too shall pass...

johnny66179

As I mentioned earlier in the thread, I managed to get a waiver from Ulster Bank but was declined by AIB. It depends on the bank underwriters at the end of the day.

johnny66179

As I mentioned earlier in the thread, I managed to get a waiver from Ulster Bank but was declined by AIB. It depends on the bank underwriters at the end of the day.

virgo69

Vim Fuego wrote: »

This is a somewhat related question - I understand why the banks want life assurance in place of course and know it’s a requirement to draw down a mortgage. However, what’s stotpping anyone from cancelling it once they own their house?

Let’s assume you already had a great death in service benefit with work that would cover your mortgage, would you want to continue paying on a loaded policy?

The policy is assigned to the bank and it's part of your terms and conditions to keep paying the premiums, if you stop paying the premiums the insurance company will notify the bank and they will be contacting you very quickly if the protection is not in place. Death in service is not an assignable policy.

Vim Fuego

That's interesting - presumably that is most applicable where deeds of assignment have been arranged for the policy. With certain banks, they don't seems to require deeds of assignment unless the loan is above a certain e.g. with AIB, it's €350k.

I've no plans to cancel any premiums btw, I'm just thinking of a scenario where you could be tight for cash and a loaded life policy can be expensive.

Also - for anyone reading this thread who is worried about not getting a policy, just wanted to mention that someone I know who is roughly 1 year+ in remission from cancer recently managed to get a loaded premium through Friends First via an online broker. They had been rejected by Zurich, Aviva and others.

MynameisBill

johnny66179 wrote: »

As I mentioned earlier in the thread, I managed to get a waiver from Ulster Bank but was declined by AIB. It depends on the bank underwriters at the end of the day.

Thank you - I noted and am applying with them!