MORTGAGE PROTECTION INSURANCE
Whether you are a first-time buyer, switcher or investor, professional guidance here is crucial. Our mortgage professional will assist you every step of the way to mortgage protection insurance in Ireland.
“I feel privileged when clients invite me into their lives.
It’s a wonderful reminder of the trust I’ve earned and the role I play – personally and financially”.
Talk to Our Team for MORTGAGE PROTECTION INSURANCE IN IRELAND
Professional guidance is required when arranging a mortgage. There are lots of variables at play when borrowing a significant sum of money. Lenders will require that borrowers have mortgage protection before releasing funds. This can be an onerous task and takes time. We advise all our clients to have mortgage approval before house hunting. The requirements from the different lenders vary and some lenders do not accommodate self build projects.
If you already have a mortgage and are thinking of switching, trading up or down it is important to know what is required in this regard. Historically you got a mortgage and held it for life with the same lender without ever changing or switching, this can be costly as a small percentage reduction can save thousands of euro over the long term.
Things to Remember MORTGAGE LIFE INSURANCE
- Lenders will not release funds without accurate mortgage protection insurance
- Mortgage protection is attached to the lender, not suitable for family protection
- Serious illness cover can be included in mortgage protection insurance
- Numerous additional benefits depending on the provider chosen
What is a Mortgage?
A mortgage allows people to borrow a significant amount of money from a financial institution, typically a bank, to finance the purchase of a home.
Mortgages provide an opportunity for individuals to become homeowners without having to pay the entire purchase price upfront.
It’s important to carefully consider various mortgage options, compare interest rates, and understand the terms and conditions before committing to a mortgage to ensure responsible borrowing and successful homeownership.
What Does Mortgage Insurance Cover
Mortgage insurance protects lenders in the event the borrower defaults on their mortgage loan, unexpectedly dies, or fails to honor the contractual obligations.
Mortgage Protection Insurance is generally required when you take out a mortgage. It’s a form of life assurance, ensuring that if you or someone with whom you have the mortgage dies, the mortgage will be paid off. This policy is particularly important for residential mortgages, where the lender often requires mortgage protection before issuing the loan.
At Cunningham Financial Services, we help you decide what works best for your mortgage needs in Ireland. From educating to empowering, we help mortgage borrowers make sound decisions for their families.
Mortgage Protection vs Life Insurance
Life insurance provides a financial safety net for your loved ones in the event of your death. It pays out a lump sum or regular payments to your beneficiaries, helping them cover expenses such as mortgage payments, living costs, and future financial needs. Life insurance can provide peace of mind and ensure that your family is financially protected even after you’re gone.
On the other hand, mortgage protection cover specifically focuses on protecting your mortgage obligations. It is designed to pay off your outstanding mortgage balance in the event of your death or a qualifying critical illness. Mortgage protection cover ensures that your family is not burdened with mortgage repayments if you pass away, allowing them to remain in the family home without financial strain.
Why not Try Our Mortgage Protection Calculator
Help protect your home with a Mortgage Protection insurance Calculator Quote from Zurich Life
Mortgage Protection Insurance Process
Assess Your Mortgage Needs
We evaluate your financial situation and calculate mortgage protection you need.
Research and Compare
We research and compare mortgage insurance options provided by leading companies.
Check Quotes & Policies
We get competitive quotes from multiple insurance companies to determine what’s best for you.
MPI Application
We do the paperwork on your behalf including filing the insurance policy application.
Final Approval
We get MPI approval with the best coverage amount and hand over mortgage policy documents.
