athomson101
Registered User
- Messages
- 4
Ok,
This may seem like a fairly dumb question but I can't find the answer anywhere at present.
What happens if I die without adequate mortgage protection?
To put this in context - I have a mortgage protection policy at present that will cover everything. Unfortunately, I do a little climbing and work at heights on occasion. This results in a fairly nasty loading on the policy compared to the standard value. Due to (another) paycut, I'm looking to cut costs (again). I've stopped the climbing apart from the odd easy climb once a month or so (compared to 15+ days per month) and do keep it easy. My insurance company has said that this doesn't matter to my loading.
I'm thinking of going elsewhere and just not telling them that I climb. I could save nearly €40 per month. DOn't really want to do this but every bit counts these days. There are months now where I have less than €10 left. The climbing only costs petrol to Dalkey Quarry and i usually go on the way home so basically free. All other non-essentials are already gone the way of the Dodo.
However, looking at the worst case and I do die in an accident and my mortgage protection is null and void. What happens then? I have no dependants, etc so it is not a family home or anything like that. I assume the bank would have to sell the house to try and recover the costs as best they can (good luck to them). Can they sieze other assests as well? Things like pensions, savings, pictures to cover the cost also? These aren't listed as security for the mortgage so I don't think so and I can't find anything in my policy documents to say they can.
Can anyone fill me in? Also, I'm aware that my mortgage contract states I must have adeqaute protection in place and I'll be in breach of contract so i'd appreciate not getting hammered for that!
Thanks
Adrian.
This may seem like a fairly dumb question but I can't find the answer anywhere at present.
What happens if I die without adequate mortgage protection?
To put this in context - I have a mortgage protection policy at present that will cover everything. Unfortunately, I do a little climbing and work at heights on occasion. This results in a fairly nasty loading on the policy compared to the standard value. Due to (another) paycut, I'm looking to cut costs (again). I've stopped the climbing apart from the odd easy climb once a month or so (compared to 15+ days per month) and do keep it easy. My insurance company has said that this doesn't matter to my loading.
I'm thinking of going elsewhere and just not telling them that I climb. I could save nearly €40 per month. DOn't really want to do this but every bit counts these days. There are months now where I have less than €10 left. The climbing only costs petrol to Dalkey Quarry and i usually go on the way home so basically free. All other non-essentials are already gone the way of the Dodo.
However, looking at the worst case and I do die in an accident and my mortgage protection is null and void. What happens then? I have no dependants, etc so it is not a family home or anything like that. I assume the bank would have to sell the house to try and recover the costs as best they can (good luck to them). Can they sieze other assests as well? Things like pensions, savings, pictures to cover the cost also? These aren't listed as security for the mortgage so I don't think so and I can't find anything in my policy documents to say they can.
Can anyone fill me in? Also, I'm aware that my mortgage contract states I must have adeqaute protection in place and I'll be in breach of contract so i'd appreciate not getting hammered for that!
Thanks
Adrian.