Mortgage protection insurance: types of cover and criteria for minimum levels required to obtain a mortgage

When your mortgage is granted, you are obliged to take out mortgage protection insurance.

This insurance protects you for your loan and so, in the event of life’s hazards, it enables the outstanding capital or monthly payments to be repaid.

The legislation allows you to select a policy from the insurer of your choice. However, this policy must provide the cover and minimum percentages set out below. They have been defined according to our risk policy taking account of your professional status, type of operation and type of loan.

The percentage insured must be at least 100 % of the capital borrowed, to be split between the borrowers pro rata to the income taken into account when the application is studied.

 
Specific criteria for persons in work within the EU(all types of operation and all types of loan)
Specific criteria for retired persons and persons in work outside the EU (all types of operation and all types of loan)
Life cover
Cover throughout the duration of the loan
Cover throughout the duration of the loan
Cover for Total and Irreversible Loss of Autonomy
Cover required without specific criteria
Cover not required

In accordance with the legislation, you may take out an insurance policy with the insurer of your choice, before the mortgage offer is issued and up to 12 months after acceptance of the offer.

We have put together a special package with Cardif, a BNP Paribas Company, to provide comprehensive coverage. The relevant application forms are provided by your mortgage adviser who will be able to start to arrange the policy.

BNP Paribas Personal Finance - a credit institution, société anonyme incorporated under the laws of France with a share capital of 475 441 827 euros having its head office at 1, boulevard Haussmann, 75009 PARIS – France, registered under the Paris trade register with the number 542 097 902 – Insurance broker without obligation of exclusivity: list of partner insurers available on request. ORIAS (National registry of insurance intermediaries) N° 07 023 128 (www.orias.fr) – Company subject to prudential supervision by the Autorité de Contrôle Prudentiel et de Résolution (ACPR): 61 rue Taitbout 75009 Paris.

Mortgages are subject to acceptation by BNP Paribas Personal Finance. For all mortgages the borrower has a 10 day reflection period. If the sale is subject to mortgage acceptance any sums already paid must be reimbursed by the seller if the mortgage is declined. Your home may be repossessed if you do not keep up repayments on a mortgage or any other debt secured on it. Changes in the exchange rate may increase the Sterling equivalent of your debt.