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Releasing equity on mortgage but.....

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  • 29-05-2008 12:26pm
    #1
    Curvy Vixen
    Registered Users Posts: 1,131 ✭✭✭


    I want to release some equity on my mortgage. I have had the mortgage for 5 years as well as life insurance. But I had a couple of operations recently (just run of the mill stuff) and my life insurance people won't let me take out another policy (for a higher amount to cover new mortgage amount) until the end of the year.

    I am also looking to change mortgage providers just to get a better deal than I'm on.

    Has anyone taken a mortgage policy out without life insurance with anyone? Or does anyone know a provider that doesn't insist on a corresponding life insurance policy?


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    #2
    unclebill98
    Registered Users Posts: 3,816 ✭✭✭unclebill98


    all the main stream Mortgage lenders require Life Cover. Not sure about the sub lenders, but i'd imagine its a standard.

    Would a home improvement loan do? Obviously depends on the amount of the money needed.

    Also, don't just get a HI loan with a view to releasing equity later. You could get turned down for the equity release later and be stuck with the 2 loans.


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    #3
    tHE vAGGABOND
    Registered Users Posts: 6,687 ✭✭✭tHE vAGGABOND


    talk to a good broker.. [and your existing bank, if they dont work with brokers]

    I got both life and mortgage thru the same brokers office.


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    #4
    MortgageBrbr
    Closed Accounts Posts: 17 ✭MortgageBrbr


    Hello,

    Yes you can waive life cover in certain circumstances.
    We deal with all the lenders and 99% of them will accept a life waiver depending on the situation.


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    #5
    Curvy Vixen
    Registered Users Posts: 1,131 ✭✭✭Curvy Vixen


    MortgageBrbr wrote: »
    Hello,

    Yes you can waive life cover in certain circumstances.
    We deal with all the lenders and 99% of them will accept a life waiver depending on the situation.

    How do I do this MortgageBrbr? Do I telephone just say Halifax and say can you quote me for transfereing my mortgage to you, and by the way I want an extra 30k and by the way I don't want to pay life insurance??

    I am more than happy to keep my existing life insurance by the way it's just holding up the equity release which my bank is happy to give me, by not being able to get life insurance on the extra :mad:


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    #6
    Toots
    Administrators, Business & Finance Moderators, Society & Culture Moderators Posts: 16,919 Admin ✭✭✭✭✭Toots


    There's certain circumstances, I know you can waive it if you are over a certain age (55?) and also if you are unable to obtain life cover from a company for whatever reason. There are others, but I'm not sure. They may differ from bank to bank. My Dad put his name on my mortgage was allowed to not take out additional life cover because he was over 55 at the time. He had to sign a form confirming that he had sought legal advice on the matter and was aware that if his name was on the property and he died the bank may have to take the property to clear the mortgage.

    Best bet is get in touch with a broker or your bank and see what they have to say on the matter.


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