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Good Man yourself. Thanks very much.
I don't believe this to be true. No lender is obliged to give any particular borrower a loan.He insists that everyone does have a "right" to a mortgage
The Consumer Credit Act requires that all owner occupiers have mortgage protection life assurance cover for a mortgage unless a waiver applies due to age (e.g. over 50) or medical reasons.Anyway, he said applications for a waiver on life cover are assessed on a case by case basis but several factors may aid the application. These can include the existence of an income protection scheme run by one's employer, ill health benefits in one's pension plan, death in service gratuities/benefits, a low loan:value ratio and a lack of dependants. He stressed again that none of these can bind a lender to allow the life cover waiver, but they may help the application.
That would seem to indicate that if a person is uninsurable, i.e. a chain smoker, weighs 30 stone, drinks battery acid etc, then the provisions of section 126 (1) do not apply. Would I be right there?126.—(1) Subject to the provisions of this section, a mortgage lender shall arrange, through an insurer or an insurance intermediary, a life assurance policy providing, in the event of the death of a borrower before a housing loan made by the mortgage lender has been repaid, for payment of a sum equal to the amount of the principal estimated by the mortgage lender to be outstanding in the year in which the death occurs on the basis that payments have been made by the borrower in accordance with the mortgage, such sum to be employed in repayment of the principal.
(2) Subsection (1) shall apply as respects all housing loans except—
( b ) loans to persons who belong to a class of persons which would not be acceptable to an insurer, or which would only be acceptable to an insurer at a premium significantly higher than that payable by borrowers generally,
Check with the lender in question, First Active & Ulster definetly accept waivers where you have been refused life cover or it is prohibitively high without any hassle.
Check with the lender in question, First Active & Ulster definetly accept waivers where you have been refused life cover or it is prohibitively high without any hassle.
While getting letters of decline from a few life assurance companies may aid your case/appeal for the life cover to be waived, lenders are not under obligation to do so.
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