Banks in Ireland look into the insurance plans you currently possess before giving you a mortgage deal. It is best to reach out to your insurance providers before looking into mortgage loans. It is important to have all of your affairs in order before making a decision that is of this importance.
Life insurance is looked at by banks with focus. It is necessary for securing a mortgage with most banks, but brokers can help you navigate these waters adeptly. Mortgage protection may be insisted by your lender unless you meet a few parameters. If you are over 50 or have written confirmation that you cannot get life insurance then you may not need mortgage protection. Also If you have confirmation that you are rated highly as an insurer, you will not need protection because it would be too expensive to maintain. If you plan for your property to not be your home to live in, then you will not need protection either.
Mortgage protection is not very expensive and it decreases in line with annuity facility. It is probably a smart move to get protection for your home just in case certain events conspire. Insurance is never a bad thing to consider for many different things. Brokers are useful for getting the best deals, because they are in contact with all major providers. Brokers also have been known to hold discounts from banks they work with frequently.
Brokers must provide Statements of Suitability for the policy that best fits your mortgage needs. Brokers are a smart way to go especially if you are a first time buyer, because the mortgage market can be difficult to understand. You also must have insurable interest before you are able to take out any mortgage protection. You may be asked to provide proof of ownership or a physical copy of your mortgage approval.
Once you have already purchased your home, you will most likely need home insurance. Home insurance is very cheap for the security it promises. Many Irish citizens tend to over-insure property, so it is important to only insure the main necessities in your home. Making a claim will increase your premium, so it is best to know when exactly you need to do this.
Ireland has many quality home insurers so it is best to look everywhere for the company that feels right for you. Mortgage brokers usually do business with insurance providers as well, so it may be a smart idea to speak to a broker.