Mortgage Repayment Protector

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007007

Registered User
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i didnt take this out when i got my mortgage(yes i no very bad idea) now im going to get it, do i have to take it out with the bank i have my mortgage with? Its First Active.
 
No- you can take it out with any provider. Cardiff Pinancle (underwritten) by BNP Paribas have a policy which covers existing mortgages €4.75 per €100 of repayment is generally the cost.
 
007007 said:
i didnt take this out when i got my mortgage(yes i no very bad idea)
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I disagree - not necessarily a bad idea. Many of those policies are bad value for money. If you really need insurance for this sort of thing then a more general salary protection or permanent health insurance policy might represent better value for money compared to often very expensive and restrictive mortgage repayment protection policies.
 
Only problem is that in the current climate redundancy is what most people are concerned with and permanent health insurance does not cover that. I agree that repayment protector can be very restrictive but the only time I find it straightforward is in the case of redundancy provided of course the person was not aware of it at the time of taking it out.
 
Many repayment protection policies will only pay out if the insured party can find NO work of ANY sort (e.g. including working in McDonald's) and will then only pay out for a restricted period of time (cumulative) such as 12 months. Be very careful when buying such insurance!
 
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