Mortgage Protection Nighmare- please help

Unreg0909

Please forgive me as I am so beyond stressed I hope this post makes sense
In March / April my husband and I put a deposit on a new build, availed of help to buy etc
Mortgage advisor said to get going on mortgage protection so we got that sorted In may even though we told them the house wouldn’t be ready until October
Got a letter 2 weeks ago saying all good we’ve met the conditions of the mortgage happy days
Last week we did the final snag on our house and have paid over all fees stamp duty etc to solicitor , instructed bank we are ready to close sale when I get a call to say our mortgage protection has expired and that we need to renew - no one told us about this until yesterday so we had to fill out a new form.
I then stupidly declared that I had a scan done in August that needs follow up in 6 months- it’s not even a major issue I am absolutely fine, and my god do I regret declaring it as now they have declined my mortgage protection. Why did I do it.
We are due to close the sale this week. I physically got sick earlier from the stress
Does anyone know what we can do? I assume if I got declined from the bank we are taking the mortgage with for the protection I will get declined elsewhere.
I have to ring my solicitor in the morning with an update.
Please can anyone offer any help

hanaimai

Talk to Nick at lion.ie

I can't comment on your specific situation but I also had a nightmare getting mortgage protection and he was a huge help. If you still can't get mortgage protection you can apply for a waiver from the bank. They don't have to give it to you but it's still another avenue to try.

annoyedgal

Yep you could apply for a waiver if needs be. Ulster bank are quite favourable to this. Your predicament happened to our house buyer. They had an upcoming scan nothing major but afraid to say they were declined a few times so had to the waiver route. Was 11th hour stuff and the sale almost fell apart.
My advice would be get onto aforementioned broker but also your bank asap and fill them in. Keep calling and following up until they give you an answer about the waiver. The squeaky door gets the oil! You have to be pushy and keep at them if time is a factor. Good luck and hope you get sorted.

coylemj

Unreg0909 wrote: »

..... we are ready to close sale when I get a call to say our mortgage protection has expired and that we need to renew - no one told us about this until yesterday so we had to fill out a new form.

I don't understand how your mortgage protection policy 'expired'. Had you missed a premium or how did that happen?

I'm also suspicious as to why your 'adviser' signed you up for that policy before you had drawn down the loan Something tells me he didn't advise you to shop around online for the best quote for mortgage protection.

Henry Ford III

coylemj wrote: »

I don't understand how your mortgage protection policy 'expired'. Had you missed a premium or how did that happen?

I'm also suspicious as to why your 'adviser' signed you up for that policy before you had drawn down the loan Something tells me he didn't advise you to shop around online for the best quote for mortgage protection.

The acceptance most likely expired. Usually requires a declaration of health to extend it.

p.s. There's nothing wrong with signing up a proposal before cover is needed.

phormium

Go straight for the waiver with the bank, then you can be sorting out the mortgage protection on yourself when possible.

Trish56

Do you qualify for the mortgage on your partners income only or perhaps only need a small portion of your income if so the bank may accept a waiver and you will need to provide lender with decline letter.

Do you have any other life policies that you can give to the lender and have you a work pension/life cover? While you cannot assign a pension policy the bank may be more acceptable to issuing the mortgage on the basis that you have life cover as part of your pension.

Hope everything works out for you.

Unreg0909

Thanks everyone. Zero sleep had last night over this.
Do companies disclose information to each other? As in do I need to declare it now any time I’m applying. It’s such a non issue I just wish I hadn’t said anything if I had known this would be the outcome

phormium

Once you have had the follow up and that is clear it should resolve the issue. You are better off declaring it if the question is asked on a form as if you don't and anything happens in the future and it comes to light it will invalidate the policy on the basis of non-disclosure.

The future event doesn't even have to have any link to that issue for it to invalidate the policy and then you will just have been paying money for nothing and have no cover. Declare everything.

Companies won't process an application with anything outstanding like tests so you have been postponed more so than declined but check first thing with your bank re the waiver, it's not that uncommon for various reasons, if they are ok with it then it removes the immediate problem and you can deal with the policy later.

Henry Ford III

Unreg0909 wrote: »

Thanks everyone. Zero sleep had last night over this.
Do companies disclose information to each other? As in do I need to declare it now any time I’m applying. It’s such a non issue I just wish I hadn’t said anything if I had known this would be the outcome

Yes they do. You absolutely need to disclose it too.

If you were declined or deferrred or asked reapply after some medical issue was sorted it's not a "non issue". It might have seemed insignificant but isn't.

Go down the waiver route.

Frank Castle

Unreg0909 wrote: »

Please forgive me as I am so beyond stressed I hope this post makes sense
In March / April my husband and I put a deposit on a new build, availed of help to buy etc
Mortgage advisor said to get going on mortgage protection so we got that sorted In may even though we told them the house wouldn’t be ready until October
Got a letter 2 weeks ago saying all good we’ve met the conditions of the mortgage happy days
Last week we did the final snag on our house and have paid over all fees stamp duty etc to solicitor , instructed bank we are ready to close sale when I get a call to say our mortgage protection has expired and that we need to renew - no one told us about this until yesterday so we had to fill out a new form.
I then stupidly declared that I had a scan done in August that needs follow up in 6 months- it’s not even a major issue I am absolutely fine, and my god do I regret declaring it as now they have declined my mortgage protection. Why did I do it.
We are due to close the sale this week. I physically got sick earlier from the stress
Does anyone know what we can do? I assume if I got declined from the bank we are taking the mortgage with for the protection I will get declined elsewhere.
I have to ring my solicitor in the morning with an update.
Please can anyone offer any help

Another recommendation for Lion.ie
They are great and really helped us out. Honestly can't praise them enough.
Just fill out the form they give you and be honest, they will sort you out. (they did for us, and we have a chronic health condition too - we were flat out refused by Laya and irish life before we went to lion.ie).

pansophelia

As Trish said, it can partly dependent on income ratios, and how much your income contributes to the amount borrowed, as well as any death-in-service policies etc. AFAIK the information is not disclosed to other companies when you are making an application, so you could apply elsewhere, but your policy would be completely invalid in the event of a potential claim.
I second the advice to speak to Nick at lion.ie.

Henry Ford III

Frank Castle wrote: »

Another recommendation for Lion.ie
They are great and really helped us out. Honestly can't praise them enough.
Just fill out the form they give you and be honest, they will sort you out. (they did for us, and we have a chronic health condition too - we were flat out refused by Laya and irish life before we went to lion.ie).

Had a look at their site, and there's nothing to suggest they have a preferential underwriting deal with anyone.

Can you explain what they did?

Frank Castle

Henry Ford III wrote: »

Had a look at their site, and there's nothing to suggest they have a preferential underwriting deal with anyone.

Can you explain what they did?

They are just a broker.
But they took the stress out of finding a insurance company that would give us mortgage protection.
Fill out one form with them and they approach the insurance companies for you until they find one that will suit.

You could of course jump through the hoops with each company yourself, but lion.ie make it pain free.
They were able to find and get protection for us in less than 2 weeks, including the gp checks.

Henry Ford III

Frank Castle wrote: »

They are just a broker.
But they took the stress out of finding a insurance company that would give us mortgage protection.
Fill out one form with them and they approach the insurance companies for you until they find one that will suit.

You could of course jump through the hoops with each company yourself, but lion.ie make it pain free.
They were able to find and get protection for us in less than 2 weeks, including the gp checks.

You must work for them or something

p.s. No Broker gets preferential underwriting terms, and in my experience any risk that is rated by one insurer won't be treated materially differently by any other. If you got better terms in such a scenario I'd frankly be concerned.

Any decent Broker will follow up stuff in a timely manner.

Henry Ford III

Frank Castle wrote: »

They are just a broker.
But they took the stress out of finding a insurance company that would give us mortgage protection.
Fill out one form with them and they approach the insurance companies for you until they find one that will suit.

You could of course jump through the hoops with each company yourself, but lion.ie make it pain free.
They were able to find and get protection for us in less than 2 weeks, including the gp checks.

You must work for them or something

p.s. No Broker gets preferential underwriting terms, and in my experience any risk that is rated by one insurer won't be treated any differently by any other. If you got better terms in such a scenario I'd frankly be concerned.

Any decent Broker will follow up stuff in a timely manner.

Frank Castle

Henry Ford III wrote: »

You must work for them or something

p.s. No Broker gets preferential underwriting terms, and in my experience any risk that is rated by one insurer won't be treated any differently by any other. If you got better terms in such a scenario I'd frankly be concerned.

Any decent Broker will follow up stuff in a timely manner.

I never said they got us preferential terms, they are just a broker. They just got us terms from a company we hadn't approached ourselves. I mean people can go to any broker they want, Lion.ie are just who we went to and who helped us.

Our situation was simple. We were denied by the first 2 insurance companies we approached due to an illness. None life threatening illness, but the 2 we approached ourselves just said no without even going to gp referrals.

We went to lion, filled in their form and they approached insurance companies for us. and we went with the company they got for us. (Royal London)

Of course we could have done that ourselves. but that's the point of a broker, to reduce the personal effort and stress... otherwise why would brokers even exist? If you want to do it yourself then by all means, I'm just recommending lion.ie for those who want some help. I found them very helpful and the fact that they dealt with us via email outside of working hours helped a lot.

That's my 2 cents, take it or leave it.