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Mortgage protection insurance worry

  • 15-01-2021 4:59pm
    #1
    Monife
    Registered Users, Registered Users 2 Posts: 3,014 ✭✭✭


    Hi all,

    I am hoping to obtain a single applicant self-build mortgage. I will soon have a decision on my planning application.

    I am worried that I am going to be denied mortgage protection insurance. I am female, my BMI is 45, I'm a smoker and I have rheumatoid arthritis (although it is managed very well with meds).

    I would imagine all the main companies will decline me. If so:

    1. What options are open to me then?
    2. Are there special companies that would insure this type of a risk at a significant loading? Or am I uninsurable?

    If I am uninsurable:

    3. What other options do I have to obtain the mortgage?
    4. It is unlikely I would get a waiver as a single applicant right? To note though, the site was gifted to me and is worth up to 400k with planning permission, so would be worth considerably more once there is a house on it - would this help?
    5. Can another property (soon to be in my father's name, going through probate) be used as security instead?

    And a side question, I am going to be looking for an exception up to 4 times, do you think this is possible?

    Be grateful for any info you have. Thanks.


Comments

  • #2
    Henry Ford III
    Moderators, Business & Finance Moderators Posts: 17,738 Mod ✭✭✭✭Henry Ford III


    A good life broker would have access to the underwriters of various insurers.

    The only way to progress this is to make an application.

    Best of luck.


  • #3
    atilladehun
    Registered Users, Registered Users 2 Posts: 1,606 ✭✭✭atilladehun


    +1 for a good broker here.


  • #4
    adam88
    Registered Users Posts: 1,609 ✭✭✭adam88


    Similar situation. Anyone any suggestions. ?


  • #5
    Dolbhad
    Registered Users, Registered Users 2 Posts: 782 ✭✭✭Dolbhad


    Broker so the way to go. Otherwise if you get 2 declines (I think) you can apply for a waiver from your bank so that you don’t have to get mortgage protection. However if you pass away while the mortgage is still there, your estate will more than likely have to sell the house to pay off the mortgage.


  • #6
    Jacobs_Stripe
    Registered Users Posts: 12 ✭Jacobs_Stripe


    Did you try Pulse? They’re in the UK and if you are refused by companies in Ireland they generally approve you but the payment per month may be significantly higher than normal.


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  • #7
    Jim2007
    Moderators, Business & Finance Moderators Posts: 10,363 Mod ✭✭✭✭Jim2007


    Jacobs_Stripe wrote: »
    Did you try Pulse? They’re in the UK and if you are refused by companies in Ireland they generally approve you but the payment per month may be significantly higher than normal.

    Due to BREXIT, probably not an option at the moment.


  • #8
    3DataModem
    Registered Users, Registered Users 2 Posts: 4,011 ✭✭✭3DataModem


    No advice on the mortgage protection side, just two comments:
    - It can be trickier to get a waiver for single-applicant (as there is no second person jointly liable for the mortgage).
    - It can also be less tricky (as there is no family left if you passed, so easier for the estate to sell the house and clear the mortgage).


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