Mortgage arrears - Mortgage protection

Getting the best mortgage protection as part of the mortgage arrears resolution process.

Who should read this?

Whether you are in negotiations with your lender over mortgage arrears, or are planning to start, this guide will help you to choose the best value mortgage protection policy for you.

It will help you to recognise value for money and the best price.

I took out mortgage protection insurance through the lender, when I applied for the loan, can I change now?

Yes. You can change insurer during the term of your mortgage if you find better value elsewhere.

Many borrowers in the Celtic tiger rush, took the whole loan plus mortgage protection package without looking too clearly at the costs involved.

Now is the perfect time to review all of your outgoings, including mortgage protection.

Mypremium.ie will review all available products, to get you the lowest prices on the market.

We compare all Life insurance providers in Ireland, so you can be sure that you are getting the best value.

That can result in very significant savings for you, especially when spread over the term of the mortgage.

Remember, the lending institution cannot force you to stay with their mortgage protection provider.

Many banks are tied agents and can only offer mortgage protection insurance from the provider to whom they are tied.

This means they only deal with one provider, no choice.

It is time to put your needs first and make sure that you are getting real value, by getting a personalised mypremium.ie mortgage protection review today.

Remember only a qualified, regulated, financial adviser can give you proper financial advice.

What types of mortgage protection insurance are there?

The most common form of mortgage protection insurance is reducing term cover.

The cover reduces as the mortgage becomes smaller over time.

Level term cover is used where the mortgage is interest only or endowment.

You can add serious illness cover to your policy so that the mortgage is cleared if you die or are diagnosed with an illness which is covered by the policy.

My mortgage is in arrears. Is there anything I should consider?

If you are not in a position to discharge the arrears, you should consider them as part of your loan, and take out life cover to pay them off in the event of your death.

Your mortgage protection policy does not cover arrears, so you will need a separate life policy to cover them.

See article for more>>

How can I be sure that I am getting the best rates available in Ireland?

Don't deal with tied agents. They can only offer products from one provider.

Deal with an unbiased expert.

mypremium.ie deals with all of the mortgage protection providers in Ireland.

You can be sure that our qualified, experienced experts will compare all and get your best policy.

Start today.

Contact us on 1890 666 666

or use the quote button.

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Mortgage Arrears Help

Mortgage Arrears Help.

This article is for you if you are either in, or about to fall into, arrears on your mortgage repayment.

If you fail to make a payment on the due date, either in full or in part, and subsequently are unable to bring the payment fully up to date within 31 days, then you are in arrears and are entitled to avail of the procedures under the Mortgage Arrears Resolution Process.

More than 100,000 people are now in mortgage arrears in the Republic.

What is the Mortgage Arrears Resolution Process?

In summary it involves five stages:

1. Communication.

   If you fall into arrears, as per the above definition, your mortgage lender must write to you.

   They will inform you that the arrears are now being dealt with using the MARP and will include information about how this process works.

   (See downloads below for MARP information booklet)

2. Assessment.

   You must provide information to the mortgage lender about your current circumstances.

   The MABS (Money Advice and Budgeting Service) may be able to assist you in the completion of the standard financial statement (SFS) that details your circumstances. (See downloads below SFS)

   When you have given the required details, the mortgage lender will review the information provided and prepare their response.

3. Resolution.

   The lender must review what options (if any) exist to create an alternative arrangement to deal with mortgage debts.

   This must be acceptable to both sides.

   When they have done so, it is then up to you to consider their proposals.

   You may wish to get professional advice when considering the acceptability of such proposals.

   As part of the Mortgage Arrears Information and Advice Service, your participating lender will pay €250 for a consultation with an accountant of your choice drawn from a panel composed of members of recognised accountancy bodies including the Institute of Chartered Accountants Ireland, the Association of Certified Chartered Accountants and the Institute of Certified Public Accountants.

   Remember when getting advice, that you should consult an independent qualified insurance adviser when considering your insurance options.

   Our independent qualified experts can help you to choose from every mortgage protection provider in Ireland.
   

   Your bank may be tied to one provider. Remember you are free to choose.
   

4. Appeals.

   You can formally appeal against the options (or lack of them) that your mortgage lender has offered to you if you wish.

   A senior panel at the mortgage lender will then review your case. however, under the new code of conduct for mortgage arrears (CCMA) this is not included as part of the MARP.

5. Repossession.

   If you are engaging and cooperating with the MARP repossession actions should not begin for at least one year from the date that your case came under the Mortgage Arrears Resolution Process.

   It should also not begin if you have come to an alternative repayment arrangement with the lender that you have subsequently abided by.

   If you cannot come to an agreement, do not stick to an agreement, or fail to engage properly with the process your home may be at risk.

   For further info please download the following booklets:
   

   An overview of the Central Banks Code of Conduct on Mortgage Arrears >>
   

   Code of Conduct on Mortgage Arrears 2013>>
   

   A Consumer Guide to Code of Conduct on Mortgage Arrears>>
   

   Industry Standard Financial Statement>>
   

   A Consumer Guide to completing a Standard Financial Statement>>
   

   Moving out of mortgage arrears and personal debt>>
   

What can I do to reduce my mortgage repayment outgoings?

If you are in arrears, this affects your credit rating, so you probably would not qualify for a new loan. All is not lost, however as you can and should examine the cost of your mortgage protection life cover.

The temptation to let it lapse, may be great when you find yourself in financial difficulties.

That is probably,the time when you need it most. The stresses associated with coping with debt can place a huge burden on your health. What would happen to your family if you died and the loan was not paid off because you cancelled the mortgage protection policy?

How has the market affected the price of mortgage protection cover?

The price of mortgage protection is AT ITS LOWEST in real terms.

If you took out mortgage protection through your lender 5 years ago, it will pay you to consider changing cover to a new insurance provider. This can amount to a major saving, when put over the term of the loan.

I am negotiating an interest payment only period for my mortgage, will this affect my mortgage protection cover?

The answer is yes and no.

It will not affect your mortgage protection policy as such, but it may leave you with the arrears to pay after the death of your mortgage partner.

The mortgage protection policy is set up to pay off the mortgage. It is not designed to pay off arrears.

You should consider level term insurance to pay off the arrears. See article for more>>

How can I be sure that I am getting the best priced mortgage protection life cover on the market?

Let our qualified experts compare the market for you and get your best policy.

We deal with all of the mortgage protection insurance providers in Ireland.

We can advise on which one is best for you.

Our service is FREE.

Start reducing your overheads today.

Call 1890 666 666

or use the quote button

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