Getting a mortgage without life insurance.

regularsaver1

I have seen £25k level term for £7 per month

If its on a decreasing basis - what high premiums are you mentioning? or why would you be refused?

Joe_Bloggs

You should not post personal medical details on this forum. Perhaps you should try your local citizens advice bureau on how to proceed with the financial matters. Consider a public answer to these questions unimportant. Do you have a GP that can help? If not try an NHS walk-in centre or at last resort the casualty department. I hope you can get confidential advice from medical and financial experts without extra worry and cost.
J_B.

MortgageMamma

different insurers have different stances on medical underwriting. You really do need some advice from somewhere. If you have a specific condition such as diabetes or similar its normally advisable to contact the association linked to te condition, they often have info about insurers tha will cover.

Good luck, and as Joe said, don't post your personal medical details anywhere - most of the posters on here have no professional experience and opinions do not constitute nor replace the benefits of professional advice.

GL

MM

stashmycash

regularsaver1 wrote:

I have seen £25k level term for £7 per month

If its on a decreasing basis - what high premiums are you mentioning? or why would you be refused?

Because I have been refused twice due to my ill-health. I am currently paying £65 per month for £64,0000 cover which I want to cancel.I think the premium is too high for that level of cover.
In about 9 months time I want to move my mortgage to another lender, which is why I want to know if it will be harder for me to get a mortgage without insurance.

stashmycash

Joe_Bloggs wrote:

You should not post personal medical details on this forum. Perhaps you should try your local citizens advice bureau on how to proceed with the financial matters. Consider a public answer to these questions unimportant. Do you have a GP that can help? If not try an NHS walk-in centre or at last resort the casualty department. I hope you can get confidential advice from medical and financial experts without extra worry and cost.
J_B.

I haven't posted medical details? What do you mean ?I just wanted to know whether not having life insurance will affect my chances of getting a mortgage.How could a GP, walk-in centre or casualty dept help? I don't understand your comments at all.

Rikki

Personally for peace of mind I would keep the life cover until I changed the mortgage lender and then have a rethink. Thats just me.

Have you talked to your insurance company about reducing the cover and the premium?

Andy_L

Baby_A wrote:

Dont majority of people have life insurance policies set up with their employers? Something like 4 x basic salary? Or is that something else?

Sorry i'm new to this.......

Generally only people who have a company pension

stashmycash

Rikki wrote:

Personally for peace of mind I would keep the life cover until I changed the mortgage lender and then have a rethink. Thats just me.

Have you talked to your insurance company about reducing the cover and the premium?

Yes but they won't.

Joe_Bloggs

@stashmycash
I'm sorry I gave the wrong impression. I thought you may have been hiding your illness from a doctor , burying your head in the sand like many men do. When I said 'you should not post medical details' I should have said 'You should not consider any thoughts of posting medical details, even if you had no such thoughts in the first place'.

I have been given free insurance lasting three months in the last two of my mortgages. The first one was for critical illness, The second insurance was payment protection insurance. The policies were pretty poor value for the cover offered.

If you have existing life cover you will be able to deflect those trying to sell it to you. they may well ask how about payment protection insurance should you lose your job. You may have to explain that their policy would not cover you as you are self employed. Some advisers won't try to sell you any insurance.

There is not much commision to be gained on a £25000 mortgage. This is the threshold of lending for many lenders. I thought you may have been ignored by a lender because there is likely to be very little profit to be made in this remortgage case.

There is a tendancy for insurance companies to ratchet up their premiums year after year after year. This is also true for building and house contents insurance. They assume you have not the time to look elsewhere. Consider seeking quotes from other insurance companies.
I hope you are feeling better and that you can get effective treatment for your complaints.
J_B.