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Mortgage protection

  • 25-08-2017 11:36am
    #1
    Freddie Mercurys Bolero
    Registered Users, Registered Users 2 Posts: 161 ✭✭


    Hi, my bank have advised to take out mortgage protection as I have approval in principle and have made an offer on a house. I have shopped around for quotes etc as the bank were offering a higher quote than most.

    What I don't understand is how it works... If I take out mortgage protection for €170000 now (the offer I have made on the house) and the bidding goes up to say, €180000, how does the mortgage protection work? Or if I don't get this house a don't end up buying for another year, am I still paying mortgage protection for a full year? Do I just inform the insurance company of a change?


Comments

  • #2
    Trish56
    Registered Users, Registered Users 2 Posts: 1,256 ✭✭✭Trish56


    You only take out mortgage protection when you have secured a suitable property and get a Loan Approval for that property and need to have it in place before the mortgage funds issue.


  • #3
    phormium
    Registered Users, Registered Users 2 Posts: 3,395 ✭✭✭phormium


    You don't take out mortgage protection for the price of the house, it's for the amount you are borrowing. Maybe you mean that will change too depending on the price of the house.

    You can apply for mortgage protection and have it ready to go too just like the mortgage, approved but not actually started as such. Even if there was a need to change the amount slightly the main underwriting of the policy application would be in place so a change should not take long.


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