Im in the middle of purchasing an apt for 250,000. The mortgage lender explained that becuase both my parents are going guarantor they must have mortgage proection of 55,000 for the first five years. After the lender realised it was a 1 bed apt they then wanted mortgage protection for my parents (both 55yrs)to now be 95,000. I was quoted €147 per month to cover them on this amount. it seems quite alot to me. I said i would be paying their part of the mortgage protection for going guarantor in the 1st place.
basically im asking what are my options?
if the lender is looking to have this in place for the first five years is there any way i can have this taken off quicker??