Small Mortgage or None at all?

[Cricket]

I am lucky to be in the position to buy my first property in Ireland needing just 20% mortgage. However I have just been hit with an outrageous mortgage protection quote from my bank based on a past medical condition. This quote would equate to a further 50% on top of my mortgage repayments per month. In exploring my options I believe I can borrow the last 20% interest-free from family thus eliminating the need for the mortgage & mortgage protection. I would however need to borrow monies later to do some work on the property and was considering the Credit Union where I have a good credit history. This all seems a bit too simple & logical so I am wondering is there something I am missing in all of this?

 

[WaterSprite]

Credit Union rates will be much higher than mortgage rates. Best do the calculations based on how much you think you will need to borrow (at CU rates) and compare against mortgage + term assurance.

 

[Bronte]

Can you try negotiating with the bank to not having any life assurance. They can waive this if they want.