What to do if obtaining life insurance is a problem?

L

lindak

Guest
My partner and I are trying to obtain a mortgage but can't find anyone willing to insure him as he has hep C. Does anyone know of any insurers who would do this. IF not how can we get around this?
 
If you can't get mortgage protection life assurance cover or the quotes are very high then bear in mind that the Consumer Credit Act ([broken link removed]) does allow lenders to waive the normally mandatory requirement for owner occupiers to have such cover. Not all will but some may. It's obviously not ideal to forego such cover (since should the mortgage holder(s) die the mortgage debt passes to the inheritor rather than being cleared) but in some cases there may be no option.
 
if got through a blood product, is there some State scheme to assist in providing life assurance?
 
Thanks Clubman,

Will put this forth to our mortgage provider, and see how it goes.
 
I think part of the issue will be that we will be relying on his income to obtain the mortgage as I am self-employed and have only been so for a few months (starting my own buisness). Do you think this would put a lender off waiving his insurance?
 
Sorry Lindak to hear of your situation.

The only thing you can do is to speak to your mortgage advisor or lending institution directly and state your case. They may be able to waive same or offer another solution such as possibly taking additional security on another property? They may also take loan to value into account.

I haven't heard of a state scheme but as Ravima suggests its worth investigating this.
 
Some of the mortgage professionals who post here might be better placed to give you some feedback on this.
 
WE were also wondering whether I would be considered by myself as an applicant if I could show a substantial amount in the bank. We are due to inherit 60k which we intend to use as a deposit. We are looking for a mortgage of 120 to 150k. if say family could put an extra 100k in my account for the period of time it takes to get a mortgage approved would that help? Sorry if this is unclear but we are new to all this mortgage stuff.

We can totally afford to pay this mortgage its just that on my own i don't have any income to show as of yet.
 
Might not be of any help in this case, but people should look at the life cover you get with buying a french leasback property. There is a cumpulsory 0.5% added to your french mortgage to cover for your life cover and this is available without a medical. As such its like a mortgage insurance rather than a life insurance, but in the unfortunate event of a premature death your outstanding mortgage will be cleared. This will leave your estate owning the property clear of debt.....
The downside of this is that it cannot be assigned to a bank in Ireland and you must be careful and cover youself against French inheritance laws.
Its something to look into a little more...seems like cheap life cover to me..
 
My ex-partner could not get life insurance for the same reason but we had mortgages with 3 different providers and never had an issue with it once we signed a waiver.
 
thanks havana,

Is there any chance you can tell me who providers were?
 
lindak said:
thanks havana,

Is there any chance you can tell me who providers were?
Click to expand...
Havana has posted the lenders above. Note that you don't have to buy mortgage protection life assurance from your lender and it's often better value to shop around separately for cover.
 
Hi Lindak,

My partner and I were in a similiar situation recently. She could not get life assurance for a mortgage and in the end we had to waiver it. I was able to get separate cover for myself. The bank in question was permanent tsb and we operated via a mortgage broker

Mangos
 
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