Mortgage protection insurance in SO

The Housing Minister said this in the Dáil this week in response to a question about shared ownership mortgage protection insurance:

The local authority mortgage protection insurance scheme is overseen by the Mortgage Protection Committee which is a sub-committee of the County and City Managers association (CCMA) and is representative of the CCMA, local authorities, the Housing Finance Agency and my Department.

The Committee recently held a tender competition with a view to putting a new scheme in place from 1 January 2009. A final decision on the winning tender is due shortly. It is also intended that the rental portion of shared ownership will be incorporated into the new scheme.

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Does this mean we going to have pay even higher mortgage protection insurance premiums to cover the local authority's share of the property?

I do not know the answer to your question but I am sure a new scheme will be obligatory and continue to offer poor value for money for most individuals(i.e a one size fit all package takes no account is taken of a persons age, health etc and we all pay the same ~0.5% on top of mortgage rate)

It would be fairer if we were permitted to shop around for our mortgage insurance like other consumers.

I am hoping to remortage once the the new Affordable Housing bill is enacted and also replace this insurance with a similiar one from private sector.

juannjo said:

I am hoping to remortage once the the new Affordable Housing bill is enacted and also replace this insurance with a similiar one from private sector.

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Same here, although in the current climate I have my doubts whether I'll be able to get a proper mortgage