First-Time Buyers Urged to Shop Around for Mortgage Protection

Many first-time buyers in Ireland are paying thousands more than necessary for mortgage protection insurance by taking the default option offered by their bank.

Research by Bonkers.ie found that rushing into a last-minute policy at the end of the house-buying process can add significant costs over the life of a mortgage. By comparing prices from Ireland’s main insurers and banks, clear savings emerged:

• A 35-year-old couple with a €500,000 mortgage over 30 years could pay €53.47 per month with Bank of Ireland, but only €43.18 with Zurich or New Ireland – saving more than €3,700 over the mortgage term.

• A 40-year-old single non-smoker with a €300,000 mortgage over 25 years might pay €32.61 with PTSB versus just €22.26 with Zurich, saving over €3,000 in the long run.

Daragh Cassidy of Bonkers.ie highlighted that buyers are free to choose their own insurer: “It might not sound like much, but those small monthly savings add up to thousands over time.”

If you’re a first-time buyer, don’t leave mortgage protection to the last minute. Shopping around could mean more money in your pocket for decades to come.

To discuss your mortgage options with us, call 071 9194194 or email [email protected]