[Gllug] NHS opt out

[Gavin White]

According to a mortgage broker friend,

'Only a few of the smaller lenders insist on it, I can't think of any
lender I've used in the last 7 years making life insurance a condition
of the loan.'

That said, I can think of more inventive users for an entire nation's
medical records, and look forward to bittorrenting them the day after
the database is launched.

Gavin

On 1/24/07, John Winters <john at sinodun.org.uk> wrote:
> > Can't say I have any direct experience in the area of mortgages,  but
> > my guess is:-
> >
> > If you are relatively young and taking a mortgage for somewhat less than
> > 100%
> > of the house value,  the Building Society/Bank may not require any kind
> > of life insurance as they can always grab the houe if you snuff it and get
> > their
> > money back.
> >
> > However, if you are older and taking on a mortgage for a substantial
> > percentage
> > of the house value the Bank may well feel that in the event of you
> > snuffing it
> > (more likely if yu are older) they will not be able to flog the house at
> > auction
> > or whatever and receover what is owed. In which case they will require
> > some
> > insurance cover so they are not left out of pocket.
> >
> >
> > Just a guess !!!
>
> My experience is the exact opposite.  When you are young and buying your
> first house you tend to be a little in awe of your lender and willing to
> do exactly what they tell you.  They have a strong incentive to sell you
> life insurance because that significantly increases their profits on the
> deal.  They are liable to give the impression that it's compulsory,
> although I believe they are no longer allowed to make it a requirement.
>
> When you are older and more experienced you are better able to tell them
> to take a running jump.  You still get the calls from the bank trying to
> sell you life insurance but you just keep saying no.
>
> Of course you still need to decide for yourself whether or not you need
> life insurance.
>
> John
>
>
>
>
> --
> Gllug mailing list  -  Gllug at gllug.org.uk
> http://lists.gllug.org.uk/mailman/listinfo/gllug
>
>
>
-- 
Gllug mailing list  -  Gllug at gllug.org.uk
http://lists.gllug.org.uk/mailman/listinfo/gllug