life insurance does not cover mortgage value

R

root

Registered User
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18
Hi,

I made this mistake that I went to organize mortgage protection (life insurance) and only having the approximate value of the property.

When I had the correct property value I went looking for a mortgage. It is only now that I have to bring this life insurance to the bank (Mortgage was approved and I've got an offer leter) that I have realised that the value insured is €275 less that the mortgage being offered.

Would I still be able to go ahead with the bank or I'll have to get another offer?
Is 275 Euro likely to cause me problems?

Thanks for help.
 
If you actually mean €275 and not €275K or something like that then I can't see that causing any major problem. If it does then perhaps you can get the life assurance policy topped-up in some way?
 
Or just pay €275 off the mortgage as a once-off capital repayment to bring the amount down.
 
Thank you for replies, paying €275 as once off payment seems to me the easier/hassle free method.
 
Quick point - some mortgage providers have minimum ammounts that they accept as capital repayments - you may want to check this.
 
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