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Mortgage Protection Policy Question

  • 16-02-2019 7:01am
    #1
    Mountain_M78
    Registered Users Posts: 38 ✭


    Hi there - just wondering how much of a mortgage protection policy has to be provided to the solicitor and then bank ?
    Closing in on a mortgage and would like to know this.

    Must info on personal details health be disclosed .ie the entire documents or as my broker has suggested just the policy schedule /cover letter including start date and details of cover?
    Thanks!
    M


Comments

  • #2
    Henry Ford III
    Moderators, Business & Finance Moderators Posts: 17,727 Mod ✭✭✭✭Henry Ford III


    Your broker is correct.


  • #3
    Mountain_M78
    Registered Users Posts: 38 ✭Mountain_M78


    Henry Ford III wrote: »
    Your broker is correct.

    Ok. Thanks for feedback. Would have tbought that a bank snooping around medical history of 2 duel applicants for a mortgage might be deemed inappropriate and rather unfair.
    I may have gotten the wrong end of the stick as bank has suggested original policy documents.


  • #4
    phormium
    Registered Users, Registered Users 2 Posts: 3,345 ✭✭✭phormium


    Yes the bank want the original policy document, the issued policy not the actual application form with your info that formed the basis of the issued policy document.


  • #5
    Mountain_M78
    Registered Users Posts: 38 ✭Mountain_M78


    phormium wrote: »
    Yes the bank want the original policy document, the issued policy not the actual application form with your info that formed the basis of the issued policy document.

    Thats for that guys. I suppose as tgey have sent me all together i just need to give the relevant parts to the bank. New to the process so greatly appreciate your feedback.


  • #6
    Mountain_M78
    Registered Users Posts: 38 ✭Mountain_M78


    Im confused by some issues. Does the broker send the policy onto the bank?
    I understood, from talking to the bank , that I woukd receive it from broker , then pass to the solicitor who would post it onto them.
    Thanks.

    Mountain_M78 wrote: »
    Thats for that guys. I suppose as tgey have sent me all together i just need to give the relevant parts to the bank. New to the process so greatly appreciate your feedback.


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  • #7
    Henry Ford III
    Moderators, Business & Finance Moderators Posts: 17,727 Mod ✭✭✭✭Henry Ford III


    Mountain_M78 wrote: »
    Im confused by some issues. Does the broker send the policy onto the bank?
    I understood, from talking to the bank , that I woukd receive it from broker , then pass to the solicitor who would post it onto them.
    Thanks.

    Bingo.

    Insurer - Broker - Client/solicitor - Lender.

    p.s. Had your policy been accepted on "non standard terms" the loading (but not it's root cause) would be on the original policy doc.


  • #8
    Mountain_M78
    Registered Users Posts: 38 ✭Mountain_M78


    Sorry i am totally cluless here and dont understand your question. Apologies for my ignorance.
    There are no special conditions on this policy BUT a loading was applied.
    Tbere is no reference to non-standard terms.
    I cannot find any refererence to a loading in the policy ( except the obvious disparity between amounts for yhe 2 parties in the policy ( dual) which is writen on the one - page policy schedule. Again, clueless. And i am still unsure even on what is the actually original policy.
    Broker has told me tgat the one page policy schedule is probably enough for the bank . Which i know is probably not the case.
    Henry Ford III wrote: »
    Bingo.

    Insurer - Broker - Client/solicitor - Lender.

    p.s. Had your policy been accepted on "non standard terms" the loading (but not it's root cause) would be on the original policy doc.


  • #9
    Trish56
    Registered Users, Registered Users 2 Posts: 1,256 ✭✭✭Trish56


    Your Broker is correct all the lender/bank need is the actual original policy schedule that the broker needs to sent to the lender/bank however a deed of assignment will need to be completed either by your broker or Solicitor which you need to sign.


  • #10
    Henry Ford III
    Moderators, Business & Finance Moderators Posts: 17,727 Mod ✭✭✭✭Henry Ford III


    Mountain_M78 wrote: »
    Sorry i am totally cluless here and dont understand your question. Apologies for my ignorance.
    There are no special conditions on this policy BUT a loading was applied.
    Tbere is no reference to non-standard terms.
    I cannot find any refererence to a loading in the policy ( except the obvious disparity between amounts for yhe 2 parties in the policy ( dual) which is writen on the one - page policy schedule. Again, clueless. And i am still unsure even on what is the actually original policy.
    Broker has told me tgat the one page policy schedule is probably enough for the bank . Which i know is probably not the case.

    All sounds reasonable.

    p.s. The loading/rating will appear on a register accessible by the life co's. Make sure that it is disclosed if you are applying for cover in the future.


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