Mortgages and Mortgage Protection

Mortgages and Mortgage Protection

For more in-depth information on Mortgages, Mortgage Applications, and Mortgage Protection – visit our sister company North Dublin Mortgages now.

- Are You a First Time Buyer?

- Do You Need Purchasing Advice?

- Do You Need to Switch Your Mortgage?

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What is a Mortgage Protection Policy?

Before drawing down your mortgage, your bank will insist you have an adequate mortgage protection policy in place.

A mortgage protection policy is simply a life insurance plan and can be taken out on a single or joint life basis, that is loan specific, such that it will cover a mortgage until the mortgage term is completed. An assumed interest rate of 6% usually applied to each policy, which means a bit of extra cover may be paid out in event of life insureds untimely death and if a mortgage protection policy is assigned to a lender, any excess is paid to the estate of the deceased.

Serious Illness Cover and Mortgage Protection

*Serious Illness Cover protection can be added to your mortgage protection plan and this provides a payout to clear your mortgage in the event of being diagnosed with a serious illness during the term of your mortgage.

*To qualify for a serious illness claim, the claimant’s illness diagnosed must comply with the insurers definition for the serious illness being claimed for.

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Mark Cahill Financial Services search the market for the lowest prices for mortgage protection from leading regulated providers. We select you the lowest quote for the same level of cover from the following life insurance companies.

**From 1/12/23, all leading mortgage protection providers are firmly committed to complying fully with the Insurance Ireland Code of Practice for Underwriting Mortgage Protection Insurance for Cancer Survivors.

The Code aims to ensure fair treatment regarding access to and affordability of Mortgage Protection life cover for cancer survivors.

What type of protection policy does the Code apply to?
Mortgage Protection policies for decreasing life cover policies, with no other types of life cover policies considered by the code.
What criteria apply to Mortgage Protection policies to avail of the Code?
  • A sum assured of €500,000 or less.
  • A sum assured that is equal to or less than the mortgage amount.
  • The cover must be for a mortgage that relates to the principal private residence of the applicant, meaning it will be where they live.

Applications will be assessed based on the date the application was submitted.

What criteria apply to a client’s history of cancer to avail of the Code?
  • The applicant must be in complete remission from cancer. Their treatment for cancer must have ended.

  • If their diagnosis was before they turned 18, then treatment must have ended at least five years before their application.
  • If their diagnosis was post turning age 18, then treatment must have ended at least seven years before their application.
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How to Get Started
Request a Mortgage Protection Quote

Alternatively, if you’re unsure of what you require, please call 01 441 1748 OR book a call with Mark below.

Step 1: Contact Us

Contact us and Speak to Mark Cahill.

Step 2: Information

Provide us with some information on your current situation and what you're looking for.

Step 3: Advice & Next Steps

We will provide you with advice and next steps to get started.

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