Guarantor cannot get life assurance

M

mcdonnst

Guest
I am A first time buyer and I am having trouble

getting a mortgage. My mother is prepared to go as guarantor but she

wont get life cover. Is there any company out there that has a policy

that the guarantor donst have to have mortgage protection.

First active dosent but they require the guarantor to be earning 42k

She earns 32k.

I dont qualify for enough on my own. I need to bridge the gap.

Also i have only being in my job 6 months and most of my earning is on

commision and I still have 4 month left on probation.

Any one be able to help

Thanks
 
Under the Consumer Credit Act a borrower can waive life cover if the property being mortgaged is not their main residence - which is the case with your mother - however lenders will look at this on a case by case basis. Which lenders have you aproached so far?

Sarah

www.rea.ie
 
Also under the CCA, life cover can be waived if
1. you (or your Mum) are over 50
2. Declined cover
3. subjected to a severe loading on life over (must be so much that the policy is not affordable - usually 150% of normal price)
 
But, as Sarah W points out, a lender is under no obligation to actually do so (waive the requirement for cover) in such circumstances.
 
Has anyone been refused a mortgage because they could not get life cover?, a friend of mine is struggling to get life assurance because of a previous illness and has mortgage approval to buy an apartment which is supposed to close in the next few months.
 
Thanks for the replies,

What I want to find out which bank or building society will waive

the life cover. The EBS has a policy that each needs life cover, first active

dosent but requires 42k by the guarantor. So I need someone who

dosnt need a life cover for the guarantor for someone earning 32k.

Thanks
 
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