Hi, thanks for your detailed response..I don't know whether it will be a problem or not, there is surely going to be a question on the forms that this will be relevant for but start in time looking for the cover as any queries which are likely to need doc reports etc can cause delays. Not everyone can answer No to everything on the form so reports to docs etc are commonplace enough but slow up things!
Next the issue you can run into is that you are not given cover or it is substantially loaded with a higher price, from that point of view it is important to check with any potential lender that they are open to doing a waiver for life insurance should the need arise. It's not ideal obviously from your family point of view but it shouldn't stop you getting a mortgage once the lender is open to a waiver. There are provisions in place for people who cannot get cover under the relevant consumer act but a bank is not obliged to offer this option but some do.
An important point is that even if the bank allows a waiver that does not stop you continuing to try and get some level of cover in place, sometimes a person who can't get cover for example say 300k over 30 yrs affordably can get 100k over 10yrs that they can afford so while that doesn't satisfy the lender and is why they would need to do a waiver it is a bit of a comfort family wise to have some level of cover in place.
Finally, your existing policy, you say it can't be used for the mortgage, I'm assuming that is because the term and amount don't cover the proposed borrowing?
No it won't. Death in service benefit is written under trust and can't be assigned.Do you as a nurse have death in service benefit?
If so it might help.
Hi Kerry78@Hi.
I am a complete newbie to the whole mortgage stuff, and already in my mid 40ies.. so time is ticking for me and my partner to apply for a mortgage in the coming months.
I just figured that for a mortgage, we'll need life insurance, and for that there'll be some questions asked obviously.. so I've a history of an eating disorder (non other specified) and self harm for both I've been inpatient in a psych unit in around 2007. I was also on different medications at the time.
That spell lasted a few month I guess, but I have since made a full recovery and went on to become a nurse (which I still am). At the time (2009), I got a handwritten letter by my psychiatrist that I'm in remission and fit to start the nursing degree course (they required that at the start of the course). So I have that.. and no further mental health issues since then.
I also already have a life insurance policy, which I took out a good few years ago, but it's only to secure my son financially should I die, and it cannot be converted into mortgage protection.
What do you guys think..?? Will it be very difficult to get life insurance for a mortgage? Very worried re this as we're under pressure to get on the ladder asap.. thank you..
Nothing to do with HSE employees. It is not yours, it is the trusts for your benefit. You cannot give a lender priority over it.Steven could you expand on your answer about death in service benefit. What does ‘written under trust and can’t be assigned’ mean in practice for HSE employees.
I've been through a somewhat similar experience - looking for a mortgage and life insurance in my mid 40s with a number of medical issues (including mental health). My advice is to get a few quotes from brokers - life insurance companies etc. Their baseline rates (that they apply if you have a perfect medical history) were all very similar, but the percentage loading based on their assessment of my medical history was very different. I got three quotes - €80pm, €102pm and €135pm - that's a difference of €15k over 25 years! The baseline rate for each was around €45pm.Hi.
I am a complete newbie to the whole mortgage stuff, and already in my mid 40ies.. so time is ticking for me and my partner to apply for a mortgage in the coming months.
I just figured that for a mortgage, we'll need life insurance, and for that there'll be some questions asked obviously.. so I've a history of an eating disorder (non other specified) and self harm for both I've been inpatient in a psych unit in around 2007. I was also on different medications at the time.
That spell lasted a few month I guess, but I have since made a full recovery and went on to become a nurse (which I still am). At the time (2009), I got a handwritten letter by my psychiatrist that I'm in remission and fit to start the nursing degree course (they required that at the start of the course). So I have that.. and no further mental health issues since then.
I also already have a life insurance policy, which I took out a good few years ago, but it's only to secure my son financially should I die, and it cannot be converted into mortgage protection.
What do you guys think..?? Will it be very difficult to get life insurance for a mortgage? Very worried re this as we're under pressure to get on the ladder asap.. thank you..
We use cookies and similar technologies for the following purposes:
Do you accept cookies and these technologies?
We use cookies and similar technologies for the following purposes:
Do you accept cookies and these technologies?