Non-Resident Mortgage Protection for Irish Mortgages

With so many people leaving these shores to seek fame and fortune abroad, this is a question I am often emailed from afar:

Hi Nick,
We’re currently living abroad and are buying a property back home in Ireland but we’re having a hard time getting mortgage insurance. Can you arrange non-resident mortgage protection?
Thanks in advance,
Tom

The good news is we can arrange non-resident mortgage protection cover for you…

…but there are some conditions:

Non-Resident Mortgage Protection

Most life insurance companies will turn their back on you if you’re a non-resident.

You’re dead to them.

Ok, that’s a bit harsh.

They would love to help witht he simple fact of the matter is they’re not regulated to sell insurance outside of Ireland.

And the penalties are severe.

Especially in the US, apparently if they sell to a US resident, the insurers will break federal law.

Apart from one.

But you must meet these five conditions.

1. The mortgage protection is for an Irish property
2. The mortgage protection is for an Irish residential mortgage.
3. The mortgage is from an Irish lender.
4. You must confirm you are in Ireland when you are signing your application form (sight of travel details may be required)
5. You must live in the house in the near term (6 to 12 months)
6. The cover is not available for US residents.

Over to you…

Most of the Irish banks are now tied agents of Irish Life.

This means they can only sell policies from Irish Life.

Therein lies the problem.

Irish Life doesn’t offer non-resident life insurance (nor do Bank of Ireland Life/New Ireland)

But don’t worry, you’re not alone.

We can help you like we’ve helped others

Due to the added complexities and time involved in organising non-resident mortgage protection, we charge a €250 arrangement fee.

If you need any help, please call me on 05793 20836.

Or, if you prefer, fill out this short form, and I’ll be right back to you.

I prefer to work over email, so time zones don’t get in the way!

Thanks for reading

Nick