Our easy steps guide to mortgage protection will get you from the quote stage to bank assignment without any confusion. The mortgage protection arrangement process usually starts with the adviser in your bank offering you stupidly expensive quotes, at which time you search for mortgage protection online, usually as soon as you’ve left the building.
The fastest, cheapest, and yet most comprehensive protection is only available through online application by using a regulated financial broker like OneQuote.ie
But getting your best price and policy benefits is one thing, what about timing and making sure the bank is happy to release your mortgage loan cheque when you need it?
Well don’t worry, below is your easy steps guide to Mortgage Protection, outlining the whole process from start to finish.
1. 4 weeks prior to the expected mortgage drawdown, run your online mortgage protection quotes unless you have recent and serious medical issues, you should run your quotes 6-8 weeks in advance.
2. Complete and return your application, via email or phone.
4. Once known, confirm your policy start date to match your mortgage loan drawdown date.
5. Receive your policy schedule, post-dated to your mortgage loan start date.
6. Complete your bank’s “Notice of Assignment” using the details on your Mortgage Protection policy schedule.
7. Return your completed “Notice of Assignment” to our bank along with your original Mortgage Protection policy schedule.
8. Your mortgage lender (bank) will release your loan cheque.
The only exception to steps 6 and 7 is where your lender is Ulster Bank and only if your mortgage lender is Ulster Bank, should you return your completed “Notice of Assignment” to us.
We will then arrange for the insurer to post an assignment letter to Ulster Bank (only Ulster Bank has this additional requirement).
For most people in very good health, the optimal time to run your quotes and return your completed application is one month before your estimated loan drawdown date!