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Mortgage Application without possibility of getting payment protection

  • 05-10-2019 7:43am
    #1
    alanmc
    Registered Users, Registered Users 2 Posts: 1,139 ✭✭✭


    Hi all,

    I'm currently in the process of applying for a mortgage to move house. I have Chronic myeloid Leukaemia (long story short, it's lifelong treatment), so insurance companies won't touch me.

    I have a Death In Service policy with my employer that pays 4 times my salary in the unhappy event that I pop my clogs.

    Would something like a Death In Service policy work in my favour when applying for a mortgage with payment protection waiver?

    I'm very apprehensive about the whole thing.


Comments

  • #2
    gwalk
    Closed Accounts Posts: 1,107 ✭✭✭gwalk


    AFAIK your DIS policy with work cannot be assigned to your mortgage as you employer owns the group policy


  • #3
    Seth Brundle
    Moderators, Politics Moderators Posts: 40,111 Mod ✭✭✭✭Seth Brundle


    We moved in late 2015, two months after I had a massive heart attack.
    Insurers wouldn't touch me with a barge pole.
    All I had to do was get two refusals in writing and that ticked the box. My wife and I had to sign disclaimer letters but that was the end of the problem.


  • #4
    alanmc
    Registered Users, Registered Users 2 Posts: 1,139 ✭✭✭alanmc


    Seth Brundle wrote: »
    We moved in late 2015, two months after I had a massive heart attack.
    Insurers wouldn't touch me with a barge pole.
    All I had to do was get two refusals in writing and that ticked the box. My wife and I had to sign disclaimer letters but that was the end of the problem.

    This gives me some hope. The bank applied with Irish Life alright and they came back very fast with a "decision". I have yet to hear what that decision is, but I strongly suspect it's a refusal.

    Hope you're doing alright now.


  • #5
    Trish56
    Registered Users, Registered Users 2 Posts: 1,256 ✭✭✭Trish56


    It's Mortgage Protection cover you are referring to.

    Lenders do accept waivers however it depends on how much of your income is required to cover the mortgage. For example if your mortgage is 250k and your joint income is 100k and your spouse/partner earns 50k then her income covers 3.5 times = 175k

    Do you have a mortgage protection policy with your current mortgage, if so how much cover is left on this policy and it would be a good idea to retain it after redeeming the mortgage.

    While you cannot assign your death in service policy to the lender it will help to show them that you have that cover so a letter confirming same will help.


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