Easy Steps Guide to Mortgage Protection
th Feb 2020 |
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 through 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. Run your online quotes to obtain your best price.
2. Complete and return your application, via email or phone.
3. Go live or hold your policy release for the start date.
4. Advise your policy start date to match your loan drawdown date, once known.
5. Receive your policy schedule, post-dated to your mortgage start date.
6. Complete your bank “Notice of Assignment” using the details on your policy schedule.
7. Return your completed “Notice of Assignment” to our bank along with your original 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. Only if your mortgage lender is Ulster Bank should you return your completed Notice of Assignment to the broker who has arranged your mortgage protection policy.
Your mortgage protection broker will then arrange for the insurer to post an assignment letter to Ulster Bank (only Ulster Bank has this additional requirement).
The optimal time to run your quotes and return your completed application is one month before your estimated loan drawdown date!