Mortgage protection waiver

[coolaboola12]

Hi All

I had a very treatable form of cancer 2.5 years ago and treatment ended 2 years ago. I know that this may cause an issue when it comes to getting a cheap quote for mortgage protection so i was wondering what do the bank look at when it comes to granting a waiver? If its all about the LTV then i am in a position to lower that to <50% but i was just wondering what way the banks look at it

 

[odyssey06]

Not sure if LTV comes into it directly.

Usual questions are:

Do you have other forms of cover eg death in service benefit

Is it a joint application and are you the main earner

 

[coolaboola12]

Thanks, i would have thought LTV was the most important as if i died then they would reposess the house and be guaranteed that the sale price would cover the remaining mortgage

 

[odyssey06]

ps Note that some posters have had success getting cover through the below company, where they could not get it directly.

Compare Mortgage Protection Insurance Quotes in Minutes | Lion.ie

If you’re getting a mortgage, you’ll need Mortgage Protection Insurance. Learn what Mortgage Protection is, how it works & get a quote online!

lion.ie

If they can't cover you they may be able to assist in getting the 3 'declines' as per below article.

What to do if youâre declined mortgage protection - Today with Claire Byrne

Daragh Cassidy, Head of Communications at bonkers.ie, appeared on Today with Claire Byrne to discuss what to do if youâve been refused mortgage protection insurance. Mortgage protection insurance is a form of life insurance that is required by law in Ireland ââfor all mortgage holders. However...

www.bonkers.ie

 

[Monbretia]

They never want to reposess the house really so it's some sort of continuation of payments would be more what they would like. That said if it's a sole application then that's not an option.

Usually if they are going to allow a waiver it will be on the basis of you can't get cover at all or you can only get it at a greatly increased price that it's not really practical to pay. A big plus would be if you have death in service benefit, while you can't assign it to them it's still there for use if needed!

Different banks have different policies on it though so it's not universal, unfortunately UB were very good about allowing waivers.