Mortgage protection and High value mortgages

18 May 2021
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Mortgage Protection for High Value Mortgages and people with underlying medical conditions.

Mortgage protection is required by law to drawdown a mortgage and your lender will want to see you have a policy in place before they allow you to drawdown.

Mortgage Protection is usually not too complicated to take out. The average mortgage protection policy is €275,000 at inception. Where there is no underlying medical conditions we can arrange same day approval.

Where there is an underlying medical condition we will do our utmost to secure insurance terms and having a selection of major insurance companies to approach makes the chances of success higher

High value mortgages is another category that require more work to arrange approval.They increase the risk for the insurances company and the insurers will want extra underwriting evidence which makes the process longer and stressful.

Give yourself plenty of time!

Please give yourself sufficient time before your expected drawdown date to make your application is processed in time. High Value mortgage protection applicants (€1,000,000 plus) will have more underwriting requirements to pass, such as medicals and financial questionnaires. A recent case took two months from completing the application form to receiving an offer. The delay included waiting on doctors reports, attending medicals, waiting on reinsurers to make a decision, waiting on financial information and more.

Sometimes people may be waiting on test results and insurers will not issue cover until results are received. So we would ask anybody who believes their circumstances might reasonably lead to a delay, to contact us as soon as they have mortgage approval to start the process.

Call us for advice!

Many people assume that you have to take your mortgage protection insurance out through your lender, but this is not the case. Our life insurance process involves searching the market for the best price and best best terms.