Mortgage protection waiver?

D

Dustyman

Registered User
Messages
51
Hi all,

Moderator feel free to move.

My wife and I are considering buying a house and renting our apartment (there is guaranteed rental for apartment). We have 1 dependent child..
To make a long story short, I am 52, my wife 44. We are both in good health however our health history is not great. It is approx. over 3 years since we both had health challenges we are well and healthy now. Thank God.
We think we will have difficulty securing mortgage protection and if we do it may be at a very high premium. Therefore making mortgage repayments & mortgage protection payments combined very difficult to make.
We would be looking at borrowing around E150K. We have cash, no debt, and good credit thankfully.
I have a 'death in service' (I am a permanent HSE employee) however it is only worth around E45k. God forbid I need it.
I have superannuation worth around E45k also but this is from Australia.

Any advice? Could we get a waiver for mortgage protection?
BOI have told us that a waiver would be at the underwriters discretion.
Anyone know of any particular lenders that may be 'sympathetic' toward us?

Thanks in advance for replies/advice.

Regards,

DM
 
Nothing has changed since your previous thread in the topic:

Mortgage or Loan??

Firstly moderator feel free to move this thread. Not exactly sure where it should go. Situation: We want to build our own house. We have a site and cash of on hand (yes we are thankful). However we will still need approximately E40,000 to complete the house. Not a big house I am the principle...
www.askaboutmoney.com

These are reviewed on a case by case basis by all banks. I'm not sure what the non-bank lenders are like to deal with in this area, but a mortgage broker would be able to advise you. Check if your credit union offers mortgages, I think they have their own life insurance options.

If you keep the term of mortgage (and therefore the cover) to 10 years you might have a better chance of getting affordable cover.
 
RedOnion said:
Nothing has changed since your previous thread in the topic:

Mortgage or Loan??

Firstly moderator feel free to move this thread. Not exactly sure where it should go. Situation: We want to build our own house. We have a site and cash of on hand (yes we are thankful). However we will still need approximately E40,000 to complete the house. Not a big house I am the principle...
www.askaboutmoney.com

These are reviewed on a case by case basis by all banks. I'm not sure what the non-bank lenders are like to deal with in this area, but a mortgage broker would be able to advise you. Check if your credit union offers mortgages, I think they have their own life insurance options.

If you keep the term of mortgage (and therefore the cover) to 10 years you might have a better chance of getting affordable cover.
Click to expand...

Thanks for reply and info. contained there in.

We were hoping to get the loan over 16 year's max.
 
You have to complete an application and get it underwritten by a life company. A bank will not waive the requirement unless you are refused/ loaded by a life company.
 
SBarrett said:
You have to complete an application and get it underwritten by a life company. A bank will not waive the requirement unless you are refused/ loaded by a life company.
Click to expand...
Absolutely.

Nothing has changed since December when OP had another thread, and was provided with the same advice then.
 
Moderator you can close.

Thanks to everyone who provided info.
Yes I posted before a very similar query. Some things had changed.
 
Last edited:
Dustyman, have you checked out if you still have any insurance inside of your superannuation? If it was an industry superfund, these generally came with good Death & Total Permanent Disability insurance covers that may still be active if premiums are being drawn. Worth a look at least.
 
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