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Government Backed Mortgages – Mortgage Protection Insurance Requirements


mortgage cover affordable house mortgage

So you’ve reviewed the new Council Mortgage Scheme for first time buyers and have noticed you’ll need to get Mortgage Protection Insurance (MPI) in order to get a mortgage.

What is Mortgage Protection Insurance (MPI) for the affordable mortgage scheme?

Mortgage protection insurance is a type of life insurance that will pay back the loan (mortgage) you are getting from the council should you (or your partner) die before the mortgage is paid off.

Whoa there cowboy, what’s life insurance?

Life insurance is a policy you take out with a life insurance provider:

  • Aviva
  • Irish Life
  • New Ireland
  • Royal London
  • Zurich Life

Every month you agree to make a payment (known as a premium) and the insurer promises to clear the outstanding balance on your mortgage should you die during the term (years) of your mortgage.

Where do you get mortgage protection for the council mortgage scheme?

For now you must buy it directly from the council’s provider.

Their quotes are much higher than our quotes but they include some repayment protection cover so if you’re unable to work, the council still gets paid.

If you can’t get cover through the council scheme, and the council agrees to cover from a third party then we may be able to help. But we’ll need confirmation from the council that they are willing to accept cover from a third party insurer.

Will you need to do a medical exam?

It’s very unlikely.

But you will need to complete an application form.

And the insurer may need to write to your GP.

If you are overweight or have raised cholesterol or high blood pressure then the insurer could request you go for a nurse medical exam

How much does mortgage protection for the affordable mortgage scheme?

The price of your mortgage protection policy depends on the following:

  1. The amount you are borrowing (the size of the mortgage)
  2. How long you are borrowing for (the term)
  3. Your age (and your partner’s age)
  4. If you smoke
  5. Your health

Your health, and the insurer you apply to, will have the biggest influence on the cost of your cover.

You see some insurers are better than other for certain conditions. If you have diabetes for example, Aviva may be better than Irish Life or if you have had mental health issues, Friends First may be better than Royal London.

Be careful who you apply to if you have any health issues.

Where do you get a mortgage protection insurance quote for a Rebuilding Ireland Home Loan?

You can apply to any of the 6 Irish life insurance providers who will be able to give you a quote.

But they can only give you a quote for their policy…and they won’t offer you a discount.

If you want to get the best price, use a broker.

You can get an instant quote using our mortgage protection comparison tool (discounts of up to 17.5% are already built in)

Anything else you should know?

This article covered the basics.

If you’d like to know more, check out our mortgage protection insurance articles here or do a search here.

If you have any specific questions that you can’t find the answer to, please get in touch:

If you’d like me to make a recommendation on the types of cover you should consider based on where you are in life, please complete this questionnaire and I’ll be right back.

I look forward to hearing from you.

Nick McGowan | making life insurance easier

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The Ultimate Guide to Mortgage Protection Insurance in Ireland | 2023 Edition

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