Mortgage Payment Protection Cover

Hi

Could you please help me.

What are the steps to take if you get turned down for mortgage cover?

Background
We were approved for a mortgage in 3 days, currently an apartment in my wifes name that we are keeping, so all good on that front.

shes got approved at normal rate for mortgage cover. but they declined me due to me having low grade stage 1 cancer 3.5 years ago and i've been completely clear ever since). by the time we need to close the sale i will be 3 years post treatment (thats later this year).

my qusetion is what do we do next?
will the bank consider us for a life cover quote meeting them next week?
Will they give us a waiver to have it just in my wifes name?

What should we do?

any help great appreciated.

Terms for a mortgage protection policy will depend on the form of cancer. Also is it three years since all treatment has stopped?

Hi Sumatra, it will be three years post treatment by the time we need to close the mortgage

Understood scaryeire, but can you tell us what type of cancer it is? Also has the all clear been given with no follow up required?

It was stage 1 low grade B cell Non Hodgkins Lymphoma, localised to section of small bowel that was removed. Ever since 2010 I have had no further treatment and all bloods scans have been clear. I will be getting a scan (just a CT) each year now instead of every six months. And my oncology check up appointments have been every 4 months now instead of every three months.

Depends on precise number of years since given all clear. You mentioned 2010 so that doesn't give me the precise figure in years and months so I have worked out a few possibilities for you below:

With the precise type of cancer you mention, if you apply for a mortgage protection policy between 2-3 years since you have been given the all clear then you are looking at a loading of approx 10 per mille but only for say the first 5 years of the policy. Aftewr 5 years there is no loading. It is expensive though. Translated this means approx extra €10 for every €1,000 of cover you require. For example if you needed mortgage protection cover of €100,000 the loading would be 100*10/12 = extra €83.34 a month for first five years then no loading after that.

If 3-4 years since recovery then typical loading would be in the region of €10 per mille for 4 years.

If your recovery is 4-5 years then a loading of approx €8 per mille over 3 years.

If a persoin with the precise cancer stated took out a policy 6 years after recovery then they would get it at the same price as someone who never had cancer. This is great news.

That's your answer from a life policy point of view but you had other questions which due to time constraints at work I'm sorry I may not be able to get back to you today but perhaps some of our other contributors could help you. The questions you asked are:

"1. my qusetion is what do we do next?
2. will the bank consider us for a life cover quote meeting them next week?
3. Will they give us a waiver to have it just in my wifes name?"


Wishing you the best, Sumatra

Thanks for that Sumatra