Non-Resident Mortgage Protection Insurance

I

Investor

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Does anyone know whether it is possible for an Irish citizen currently living in the U.S. to obtain mortgage protection insurance on an Irish buy-to-let mortgage for an Irish property? It seems that most providers won’t cover nonresidents, and that for some reason even those that will won’t cover U.S. residents.
 
I don't think you can start a life insurance policy here as a US resident. I think your best bet is to start a US$ policy over there for an equivalent amount, leaving a bit extra for possible currency fluctuations.
 
Dave Vanian said:
I don't think you can start a life insurance policy here as a US resident. I think your best bet is to start a US$ policy over there for an equivalent amount, leaving a bit extra for possible currency fluctuations.
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Thanks, Dave. I'd been considering that option.
 
I did not have to take out Mortgage protection insurance on any Buy to Lets but I did on the family home. All that was some years ago though.
 
RedOnion said:
Is your lender insisting on this?
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Fortunately, I don't think so. Apparently it's possible to obtain a waiver letter. But there didn't use to be a problem getting cover as a nonresident before some regulatory or compliance changes came into effect a while ago.
 
Investor said:
Apparently it's possible to obtain a waiver letter.
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The waiver letter only relates to a mortgage on your own home, as mortgage protection is required under the consumer credit act.

I'm pretty sure an Irish insurer would have to have relevant licences/ authorisation in the US to provide life cover to a US resident, probably even at State level.
 
RedOnion said:
The waiver letter only relates to a mortgage on your own home, as mortgage protection is required under the consumer credit act.

I'm pretty sure an Irish insurer would have to have relevant licences/ authorisation in the US to provide life cover to a US resident, probably even at State level.
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I can't understand why they wouldn't, but according to this website anyway (and several brokers and providers I contacted), they don't:

https://lion.ie/mortgage-protection-insurance/non-resident-life-insurance/
 
The waiver reasons have one for buy to let, it's one of the reasons you don't need insurance under the CCA but it's up to the lender whether or not they want to go with waiver, they usually will for a BTL, never saw it refused for that reason.
 
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