We are going to be treating or explaining What types of mortgages are available? in Ireland and the one that we are suitable for you. Mortgage protection is often viewed as a grudge purchase. A necessary evil is insisted upon by banks when consumers are at the pin of their collars, trying to buy a new home.
First of all – the Costs
Mortgage protection is actually a cheap form of life assurance. This is because the level of cover reduces in line with your reducing mortgage balance, unlike more traditional life assurance cover that remains constant (or even increases) during the life of the policy. Remember, the purpose of this cover is simply to repay your mortgage in the event of your death.
There are other reasons behind the cost of this insurance for your life usually being quite low. Mortgage borrowers are often young couples, which in itself results in lower premium rates for them. On top of this, non-smokers see significant reductions in rates in comparison to smokers.
In recent years, we’ve also seen a significant reduction in premium rates in Irish life assurance policies. This has been a result of more favorable claims statistics – fewer people dying young, due to significant strides in medical science in the last few decades.
Don’t forget the benefit! The primary benefit of mortgage protection cover is the security that it gives you. The comfort of knowing that should you or your spouse die, your family home is secure and is one less worry for the bereaved to deal with.
None of us like to give these situations too much thought… But it is important to consider that in the event of a death in the family, this often results in the loss of an income, sometimes the sole income coming into the household. Then the mortgage repayments become a problem and then the bank is chasing you. All on top of your grief of losing a loved one.
So recognise the comforting benefit of this cheap life assurance. Talk to your Financial Broker about getting the best insurance quotes for you. Get your cover in place and enjoy your new home without worries.
Everything you need for your mortgage application
Our mortgage calculator lets you easily compare interest rates, offers and cashback incentives from all of Ireland’s mortgage lenders.
So whether you’re a first-time buyer, home mover or looking to switch mortgage, we’ll take the hard work out of finding the best mortgage deal for you.
And when it’s time to take out mortgage protection insurance, we can help too! Our mortgage protection comparison service lets you easily compare prices from Ireland’s main insurance providers and will produce a quote for you in just seconds.
Many ex-pats move to Ireland for work, to study, or to retire, with still more choosing Ireland as a great place to have a summer home. Whether you fancy life in Dublin or a coastal village, there will be a great property for you in Ireland.
However, if you’re considering buying a place to live in yourself, as an investment purchase or to use as a vacation home, you need to understand the type of mortgages available in Ireland, and the steps needed to get one set up.
Mortgages in Ireland
In recent years, it’s been tough to get approval for an Irish mortgage, even as a local buyer. The volume of mortgage lending in Ireland is growing, which means it’s gradually getting easier to secure a home loan. However, banks are still very careful about giving out funding, and you can expect to be asked for a broad range of documents to prove that any loan will be affordable for you.
This handy guide covers which banks offer mortgages and home loans in Ireland to non-residents, the paperwork you’ll need to get your loan, the legal ins and outs, and what it might cost.