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Mortgage protection with Lupus

  • 25-08-2019 3:51pm
    #1
    Sino35
    Registered Users Posts: 8 ✭


    Hello all

    Im wondering if anyone can give some guidance on an issue a friend is having. She has saved for her mortgage and been granted approval. She's buying on her own but has Lupus (Systemic), an autoimmune disease.

    She has now been declined mortgage protection and isn't she how to proceed. Owning her own place has been a dream for her for so long now and she's worked so hard to get to where she is. She has had some flare ups with the condition but otherwise it has been very manageable for her. She works full time and has not had any severe length of time off work because of the condition.

    Has anyone on here been through something similar? Any advice would be really appreciated.


Comments

  • #2
    Henry Ford III
    Moderators, Business & Finance Moderators Posts: 17,735 Mod ✭✭✭✭Henry Ford III


    It's possible to get cover with Lupus, however a rating is probable.

    The underwriting decision will be based on the severity of the condition.

    The previous declination must be disclosed in any subsequent proposal.


  • #3
    hanaimai
    Registered Users Posts: 207 ✭✭hanaimai


    Did she go through a broker or try to arrange her own cover? If latter, I would suggest going through a broker as sometimes they can help with presenting the application appropriately, knowing which insurers are more likely to cover for different illnesses etc.

    If she still can't get cover, there are still options. She can ask her bank for a waiver of the requirement to have mortgage protection, however it's entirely at the discretion of the bank whether they grant one or not. Does she have any existing life insurance? If so, she should check to see if she could assign that policy to the lender.


  • #4
    Sino35
    Registered Users Posts: 8 ✭Sino35


    Henry Ford III wrote: »
    It's possible to get cover with Lupus, however a rating is probable.

    The underwriting decision will be based on the severity of the condition.

    The previous declination must be disclosed in any subsequent proposal.

    Thanks so much, her bank has said they'd waive it but the higher ups have said no.


  • #5
    Sino35
    Registered Users Posts: 8 ✭Sino35


    hanaimai wrote: »
    Did she go through a broker or try to arrange her own cover? If latter, I would suggest going through a broker as sometimes they can help with presenting the application appropriately, knowing which insurers are more likely to cover for different illnesses etc.

    If she still can't get cover, there are still options. She can ask her bank for a waiver of the requirement to have mortgage protection, however it's entirely at the discretion of the bank whether they grant one or not. Does she have any existing life insurance? If so, she should check to see if she could assign that policy to the lender.

    Thanks for the advice, i will pass on the advice about the broker as i think it was her own looking around for cover.


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