The infographic provides information on Mortgage Protection for the first time buyers. See Below explained in the following infographic:
• Mortgage protection is essentially a life insurance policy designed to pay off your mortgage if you die.
• Mortgage protection is important because it avoids a borrower’s debts being passed on to his or her dependents and/or a home being repossessed.
• You must have mortgage protection in Ireland by law. There are some exceptions. These include (but are not limited to) being over 50 years of age or purchasing an investment property. For more details please read this infographic.
If you cannot work due to illness, disability, or redundancy, mortgage protection will not cover your mortgage repayments. If you do take out mortgage protection through your mortgage lender and you switch your lender later, your lender will automatically cancel your protection.
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