Mortgage Protection Insurance Declined - Waiver?

We are in the middle of the purchase of a new house which will be ready in January approximately.

Everything went ok so far (contracts signed, deposit paid with help of the htb scheme, etc).
However last week I got bad news as a kidney biopsy showed up that I have low grade kidney cancer (renal cell carcinoma stage 1).
Fortunately it was caught early enough and hasn't spread. I will have kidney removal surgery mid October.

My consultant is confident enough that I will be cured after surgery and therefore won't need any additional treatment.

My wife and myself have a mortgage loan offer with BOI where mortgage protection insurance is one of the conditions.

This is not an issue for my wife as she would be covered under BOI LIFE. However I won't be covered for at least another 2-3 years.
I also called several brokers and was flat told I won't be considered for at least 2 years after surgery. Pulse Insurance might be able to give me cover 1 year post surgery.

Yesterday I asked BOI if I could get a waiver (at least I ve death in service benefit in place) but they won't know until the underwriters have reviewed our case. We both are on a similar salary and have a 6 year old child.

Has anybody any experience with this?

How long does it usually take until the bank makes a decision?

Comments

Death in service cannot be assigned to a mortgage in general.
Have you tried a specialist insurer dealing with existing conditions? Sorry I guess you have if you’ve mentioned Pulse who are a last resort usually.

Waiver is best bet, more hassle for the bank but they do give them in special circumstances. Keep your refusal letters.
i managed to get waived twice over the years with a dodgy ticker, where my partner has full cover.Ebs & ulster though not BOI, best of luck

Thanks.
I tried all the usual insurers and also went through a broker.
My mortgage advisor in BOI said that the death in service benefit insurance could not be assigned to the mortgage per se however it should give the bank some security.
Let's say worst case scenario I would pass away 1 month after drawdown then the dis benefit insurance pay out would cover 2/3rd of the mortgage.

How long were you waiting for the underwriters decision with UB and EBS ?
If we can't get a waiver from BOI then we will re-apply for a mortgage with all the other banks asap.
I won't give up until I have explored every avenue. )

It really depends on your LTV and whether your wife works. Good luck.

Getting the mortgage elsewhere won’t make a difference, as you’ll still need life cover. The only difference will be that you might find a mortgage provider more willing to give a waiver.

My wife works. We are in the same salary bracket. The LTV is not in our favour as we have used the help-to-buy scheme.

We hope that one of the mortgage provider is more willing to give us a waiver. As soon as the waiting period is over I would re-apply for mortgage protection.

Wife working is in your favour. If you have death in service at work that is also in your favour. Both of these together should give you a very good chance even with high LTV. Best of luck.

Thanks.
I tried all the usual insurers and also went through a broker.
My mortgage advisor in BOI said that the death in service benefit insurance could not be assigned to the mortgage per se however it should give the bank some security.
Let's say worst case scenario I would pass away 1 month after drawdown then the dis benefit insurance pay out would cover 2/3rd of the mortgage.

How long were you waiting for the underwriters decision with UB and EBS ?
If we can't get a waiver from BOI then we will re-apply for a mortgage with all the other banks asap.
I won't give up until I have explored every avenue. )

I can’t remember it being very long at all, you just have to wait, they seem to reassess everything once there is any change.
Is your deposit refundable if you need to put it off to a future date?
You seem to be doing everything you can so have faith. As the DIS is not assignable to them there is no guarantee that it will be used to pay off the debt also as far as I recall my DIS is at the “discretion” of the pension trustees assuming it is part of your work benefit package, I remember looking into this myself some years back but I never got any further than that as I we got to sign the waiver. Certainly having it in place is better than not having at all.

Ultimately it is more hassle for the bank getting there money back where no LI was in place but it is not uncommon for them to waive for one party where the other has in place.

For now your health is the most important thing, if you have to wait a year or so then so be it. I was point blank refused even 10 years after having stents put in and am healthy but I got there, you will too.

Wife working is in your favour. If you have death in service at work that is also in your favour. Both of these together should give you a very good chance even with high LTV. Best of luck.

Thanks.
I tried all the usual insurers and also went through a broker.
My mortgage advisor in BOI said that the death in service benefit insurance could not be assigned to the mortgage per se however it should give the bank some security.
Let's say worst case scenario I would pass away 1 month after drawdown then the dis benefit insurance pay out would cover 2/3rd of the mortgage.

How long were you waiting for the underwriters decision with UB and EBS ?
If we can't get a waiver from BOI then we will re-apply for a mortgage with all the other banks asap.
I won't give up until I have explored every avenue. )

I can’t remember it being very long at all, you just have to wait, they seem to reassess everything once there is any change.
Is your deposit refundable if you need to put it off to a future date?
You seem to be doing everything you can so have faith. As the DIS is not assignable to them there is no guarantee that it will be used to pay off the debt also as far as I recall my DIS is at the “discretion” of the pension trustees assuming it is part of your work benefit package, I remember looking into this myself some years back but I never got any further than that as I we got to sign the waiver. Certainly having it in place is better than not having at all.

Ultimately it is more hassle for the bank getting there money back where no LI was in place but it is not uncommon for them to waive for one party where the other has in place.

For now your health is the most important thing, if you have to wait a year or so then so be it. I was point blank refused even 10 years after having stents put in and am healthy but I got there, you will too.

Thanks somesoldiers!
Our solicitor insisted that we have a mortgage clause in the contract so we wouldn't loose out on the deposit.

I guess I'm focusing a lot on the house as it takes my mind of the cancer.
In the end of the day the health matters the most.

I will keep you posted.