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20-01-2020, 13:57   #1
Suebermo82
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Rebuilding Ireland Scheme Question

Hi, I know this thread was a while ago, but I am looking for anyone who made an application for SDCC through the Rebuilding Ireland Scheme. I am a single applicant and although they approved my loan, I am having great difficulty getting the Insurance they require. I did not qualify for their scheme and was asked to source my own. They are asking for both Mortgage Protection Insurance and Income Protection Insurance. I am only getting approved on one and the council are adamant they won’t proceed without both in place.
I am now sale agreed on a property and it looks like I will have to let it go as I cannot get both. I am just wondering as every I say it too seems to think that it is excessive for them to require both. Was everyone asked for both or is it simply as I am a single applicant?
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24-01-2020, 19:01   #2
stresshead101
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Hi,

The Rebuilding Ireland home loan scheme requires you to have 100% Life and Disability cover, meaning that it will cover you for death, any permanent disabilities and long term illness as far as I am aware. I was refused MPI on the group scheme and was accepted through a brokers, which may be a good idea to try if you haven't been able to find it yet.

The Disability cover will insure income lost through permanent disability and long term illness, SDCC may have confused this with Income protection insurance, which can be ridiculously expensive and not necessary for a mortgage (it is an insurance most commonly used for self employed individuals).
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