If you’re buying a home in Ireland, there’s one key box you’ll need to tick before you can draw down your mortgage: Mortgage Protection.
But one question we’re asked all the time is when exactly you need to apply. Too early and you might face delays or extra admin. Too late and you could risk holding up your house purchase. So let’s break it down.
First off – what is Mortgage Protection?
Mortgage Protection is a type of life insurance that’s designed specifically to pay off your mortgage if you die during the term of the loan. It’s a legal requirement in most cases before your lender will allow you to draw down your mortgage funds.
So, when should I apply?
The sweet spot is usually once you’ve gone Sale Agreed on a property and have a formal mortgage approval in place.
Here’s why:
🔹 Your lender will often require certain details (like the mortgage amount, term and interest rate) to finalise your protection policy.
🔹You don’t want to delay applying, as policies can take a few days (or more) to be underwritten – particularly if any medical info is required.
🔹But you also don’t need to do it months in advance – your lender won’t be ready to finalise until the deal is further along.
In most cases, applying around 6–8 weeks before your planned drawdown date gives enough breathing room.
What if I have health issues or a tight timeline?
If you think there may be complications – like existing medical conditions – it’s a good idea to get the ball rolling earlier. The insurer may need a doctor’s report or follow-up questions, which can take time.
On the flip side, if you’re close to drawdown and still don’t have Mortgage Protection, don’t panic – at BeatTheBank.ie we’ve helped hundreds of buyers get covered quickly with our fast-track digital journey.
Can I switch providers if I already have cover?
Yes, absolutely. If you’ve been told to go with your bank’s policy – but it’s pricey – you’re not locked in. You can switch your Mortgage Protection policy at any time, even after your mortgage starts. And chances are, you’ll save.
The bottom line?
Applying for Mortgage Protection isn’t complicated – but timing it right can save you stress and unnecessary delays.
Once you’ve gone Sale Agreed and your mortgage is approved, you’re good to go.
We’re here to make it fast, easy and affordable – get a quote today and tick that box off your list ✅
