Why is mortgage protection only mentioned last?

DublinDerm

One of the biggest delays to drawing down a mortgage with Bank of Ireland is getting mortgage protection.
Considering that the company that BoI use need 4 to 6 weeks (New Ireland Assurance) why don't the mortgage specialists mention it when the preaproval amount has been calculation? The lender will then have the appropriate time to obtain mortgage protection or life assurance.
The preapproval amount will always exceed the actual lending amount so there is no risk the loan amount will not be covered.

Tow

They probably assumed you were intelligent and had done you own research into house buying.  You can use any company and will probably get better value by not using BOI's own insurer.  Unless you have an existing medical condition or are old, it should not take more than a few days to get mortage insurance.  Try 123.ie or Aviva etc

DublinDerm

I agree that it would be smart to know as much about mortgage applications as possible, however a lot of people would delegate that job to the 'mortgage specialist'.
Do you have a background in finance?

Considering it is mandatory to have mortgage protection. Why do BoI specifically leave it untill the end of their process?
Their mortgage specialist might state that they cannot start the loan protection unless they know the specific amount.
Do you think the 'Mortgage specialist' should start or mention the mortgage protection process sooner?

Bank of Ireland: Jennifer

DublinDerm wrote: »

One of the biggest delays to drawing down a mortgage with Bank of Ireland is getting mortgage protection.
Considering that the company that BoI use need 4 to 6 weeks (New Ireland Assurance) why don't the mortgage specialists mention it when the preaproval amount has been calculation? The lender will then have the appropriate time to obtain mortgage protection or life assurance.
The preapproval amount will always exceed the actual lending amount so there is no risk the loan amount will not be covered.

Hi DublinDerm,

Thanks so much for your views and feedback in relation to the mortgage process. We are so sorry to hear the Mortgage Protection cover is taken this length of time to be completed for you. If you would like us to look into this for you would you mind sending us a PM with a bit more information on this and we would be happy to help as best we can.

Thanks Jen 

Poncke

It totally depends on the mortgage adviser working with you. We had a very good one who was on the ball, but she left BOI and we got assigned someone else and then the whole process went to shiiits and we ended up having to apply again for the mortgage on the day of draw down. Absolute nightmare. Filed a complaint and BOI said they had done nothing wrong. LOL. 

Salary Negotiator

BOI told me repeatedly that mortgage protection could cause a delay and to get it sorted ASAP.

tomister

Have to say so far BOI have been brilliant with the mortgage process but it could be all down to the adviser. The mortgage protection is outlined on the AIP Letter on the next steps and is on the Letter of Offer as a condition.
I've even gotten a phone call from someone in Mortgage Operations who went through what was needed to be done in order to draw down.
I'm buying a new build and completion is a bit off yet so she is going to check in about 2 months before the completion date to get the ball rolling on it - she's even sorting my valuation.
Perhaps you've been unlucky with your mortgage adviser in this case