Brendan, thank you. Much appreciated.You should apply for a much larger mortgage than you need from one of the cash back lenders.
Collect your 2% cash back.
If the life insurance is too expensive, the lender can waive the requirement. They might or might not do this.
Or take out the life insurance anyway and just pay the premium.
Finish the building work.
Repay all the cash that you don't need. You will keep the 2% cash back.
Take out a new life policy for the smaller amount and cancel the old policy.
Pay off the mortgage as quickly as possible and cancel the life policy.
Brendan
Thanks for the complimentAt first I thought Sean Og wrote this
Have you applied for mortgage protection insurance from an Irish company?
That is the first thing to do to see how much it costs.
You might be able to keep the cost down by keeping to just 10 years.
Brendan
Go to an Irish life broker who would know where is best.
Hi Brendan,
Thanks again for reply.
No not yet and yes that is true.
Although I have good health now my health history is not great.
I've approached Lion.ie who reckon I could be a 'complicated application' giving my health history.
I've also approached a company in the UK, Pulse Insurance, who provide mortgage protection for Ireland too.
So waiting for feedback from them also.
Dustyman went to Lion.ie who is an Irish life broker.
Thanks Liam
I had not heard of them.
I see that they seem to specialise in people with illnesses.
Brendan
To the best of my knowledge, banks will only consider waiving the requirement if you can demonstrate you can't get assurance. So you will need to apply and gave a refusal. Not all banks operate the same approach though.if the Bank's don't offer a waiver on the Mortgage Protection (some do apparently).
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