[Gllug] NHS opt out

[Christopher Hunter]

On Wed, 2007-01-24 at 21:12 +0000, Martin A. Brooks wrote:

> Mortgage contracts are very carefully worded legal documents.  If one 
> said "recommended" then I'd read "recommended" and not "demanded" or any 
> other word.

Some Building Societies and Banks will often find spurious reasons to
decline your request for a mortgage if you tell them you don't have or
don't want life insurance.

> You appear not to understand mortgages.

I _certainly_ do!  (I used to be married to an accountant!)

>   If I get run over by a bus and 
> my partner can't keep up payments _they get the house_ plus the vast 
> amount of the money we've already paid them.  It's actually almost 
> entirely in their interests for me to drop dead and for Lynda to default 
> on the house forcing her to sell it.

The mortgage providers, like all financial institutions, want to "eat
their cake and have it too" - you forget that many properties
(particularly in major cities) are still in "negative equity" after the
last property price cycle, so selling the property wouldn't necessarily
recover their outlay.  Also, they really want to sell you life
insurance, because they make huge amounts of additional, low risk money
from it.

Regards

Chris


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