Based in Cork. Serving Clients Nationwide.
We arrange mortgage protection cover so you don’t have to.
Mortgage protection is a type of insurance policy that covers your mortgage payment in the case of the death of a policyholder. Mortgage protection insurance serves a similar purpose as life insurance and medical insurance policies that are designed to give you peace of mind. It will run for the full term of your mortgage.
While technically it can be more of an insurance for the lender itself, mortgage protection will help you pay off your home loan in the case of any unforeseen circumstances without having to worry about losing your home.
Why Choose Us
Talk To The Mortgage Architect
Nothing beats choice, flexibility and experience.
Mortgage Consultation
Our mortgage planners will discuss your options, current mortgage offerings and advise you on everything you will need to know about your mortgage journey.
Mortgage Application
Next we will complete your application in full and submit it to your chosen mortgage provider.
Mortgage Approval
This is when your excitement will start to build. Once we have your mortgage approval, the search for your new home begins.
Property Valuation
When you find your new home, a property valuation needs to be completed.
Appoint A Solicitor
When choosing your solicitor always ask for a recommendation from a family member or friend who has gone through the mortgage process. Your solicitor will look after all the legal work involved in buying your new home.
Letter Of Offer
On receipt of the valuation and any pre loan offer conditions, your loan pack will be sent to your solicitor for review.
House Insurance & Life Insurance
Part of getting mortgage approval is to arrange insurance for your new home. You will also need to arrange life insurance.
Exchange Of Contract
When you are sale agreed, the sellers solicitor will draw up a contract and exchange this with your solicitor. Your solicitor will review both the contract and the banks loan offer.
Closing The Sale
Once all is in order with the legal documents, you will arrange a closing date for the sale to be completed by.
Frequently Asked Questions
Mortgage protection is an insurance policy that covers your mortgage balance in the event of your death. So, if you pass away during the term of your mortgage, the remaining balance is paid off.
Mortgage protection can range depending on the insurer between €13 per month to €35 per month for a joint or dual policy with basic cover and will depend on your age, health, smoker status, and the size and term of your mortgage.
Without mortgage protection, your lender will not let you draw down your mortgage, even if you’ve been fully approved.
Mortgage protection will pay off the remaining balance of your mortgage if you pass away during the term of the loan. It ensures your mortgage is cleared, so your family or co-borrower is not left with the debt. The policy usually runs for the same length as your mortgage, and the payout goes directly to the lender.
The cost of mortgage protection can differ between the different insurance companies and takes into account several factors, such as your age and medical history.
Serious Illness: Your basic mortgage protection only covers your mortgage payment in the case of your death. With serious illness cover, you can get your policy to cover the mortgage payment in case you contract any serious illness.
Level Term: Under this policy, the premium and the insured amount remain the same throughout the term of the policy. In case of your death, the policy will pay off any remaining mortgage amount, and the remaining balance after that can go to your estate.
If you are over 50 years old, you might not need to apply for mortgage protection, and your lender might agree to provide the home loan on this basis. The lender may also provide the mortgage if you can’t obtain the insurance for any other reason by approving a life cover waiver with certain requirements. Additionally, if you are applying for a mortgage for an investment property or any other property other than your home or principal private residence, you don’t need mortgage protection.
Use our mortgage repayment calculator to estimate your monthly repayments.
