Help-I think I'm about to lose €62,000

K

kevopc

Guest
Please, please can somebody help with a problem I've encountered during a new house purchase...... My wife and myself had a bid excepted and have paid the deposit of €62,000, we have been trying to get life cover for the mortgage company but have been refused because my wife has a blood condition. We did not foresee this as a problem as this condition is not life threatening and quite common although most people don't realise they have it until later in life (it involves having too much iron in the blood its called HamoGlobatosis - sorry about the spelling)
My question is- if we cannot get cover and therefore cannot draw down the mortgage do we stand to lose our full deposit and can anybody advise companies that will cover people in this position?
 
You can go ahead with the mortgage without life cover as long as you are prepared to waive your need for cover. See this thread for more detail.
 
try standard life,
not the cheepest but will sometimes cover for mortgage protection on ppr. even with some health problems. worth a try.
 
advise your lender ASAP to see if they are willing to waive life, if you have the letter from Assurance company declining your wife forward this also
 
Oh no, how stressful. What I would do is go through an insurance broker and apply with all the companies. If one underwriter refuses you doesn't mean another one will. I've read about this a good few times. Try labroker.ie or monitum.ie I'd say those brokers might even be able to suggest which company might be the best one to approach. Good luck and don't give up just yet!
 
My wife and myself had a bid excepted and have paid the deposit of €62,000
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If you (and/or the seller) have not signed the contract then this is refundable. Is this a 10% handed over at sale agreed ? Have you discussed this with your solicitor so that he can delay sending the contracts to the seller if necessary ?
 
I assume that if you are buying at auction you are not FTB but STB, hopefully your LTV on the property is under 50% .

Many lenders do NOT MAKE YOU take out insurance if the loan is less than half the value. If you are borrowing over 80% most do make you.
 
Try AON brokers. I have my car insurance with eagle star through them and currently in the process of getting life cover with them. Ask for ALAN he is really helfull and the nicest guy I have dealt with all the rest are arrogant. 017037403 or 017037421.
Hope this helps you. It the worst time ever.
 
We paid a deposit on a house "subject to contract" but there was no sign of the vendor sending us the contracts so we looked for our deposit back from the vendor's auctioneer. We got it back without a problem.
 
Hi;

No need to worry, had a similar situation myself a few years back when I bought a holiday home, my wife can not get life assurance & we just signed a waiver & had no problem with an AIB mortgage.

Take care & good luck.
 
A99 said:
Hi;

No need to worry, had a similar situation myself a few years back when I bought a holiday home, my wife can not get life assurance & we just signed a waiver & had no problem with an AIB mortgage.

Take care & good luck.
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Lenders don't really care about getting life assurance in place for investment properties/second homes. When a PPR is involved it can be a different story.
 
CCOVICH said:
Lenders don't really care about getting life assurance in place for investment properties/second homes.
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Some insist on it even for investment properties as far as I know from anecdotal reports here and elsewhere.
 
kevopc said:
.... have been refused because my wife has a blood condition. We did not foresee this as a problem as this condition is not life threatening and quite common although most people don't realise they have it until later in life (it involves having too much iron in the blood its called HamoGlobatosis - sorry about the spelling)
My question is- if we cannot get cover and therefore cannot draw down the mortgage do we stand to lose our full deposit and can anybody advise companies that will cover people in this position?
Click to expand...
I assume you are talking about Haemochromatosis which is a very common condition in Ireland. According to a talk I was at 2 years ago about this condition, insurance companies can be challanged on the decision to refuse cover on the basis of a diagnosis of Haemochromatosis, aparantly what happens is the assessor does not know what the condition is, sounds bad and refuses in the absence of further information - and this is what the insurance advisor said at the time. Try contacting the Irish Haemochromatosis Society
http://www.haemochromatosis-ir.com/index.html who should be able to guide you on your way.
 
Thanks a million for all of your replies, particularly the last one with the link to the society, hopefully we will be able to get it sorted.

Many thanks again
 
The consumer credit act has special provisions for peple in your situation, the exemptions for life cover as per the CCA are:

1. aged over 50
2. subjected to a severe loading on the policy
3. declined cover.

If it is your family home/principal residence the LTV etc makes no difference, you must be exempt 9which you are) under one of the above to allow the mortgage provider waie cover. If they refuse, try elsewhere, it's quite a regular occurance.
 
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