mortage advice

[positivenote]

hi all,
we're finalising our mortage today but ive read a few posts on here that have mentioned free property valuation, free life insurance etc... when i go to my broker today should i ask them what their recomended mortage will offer me as extras like these or is it rare that this happens when dealing with a broker?

 

[CCOVICH]

'Free life insurance'

I haven't heard of this. At a minimum, you should get to grips with the diference bewteen life insurance and mortgage protection (the former is more comprehensive than the latter, but also more expensive, and arguably unnecessary unless you have dependents who couldn't manage on their own). Browse or search for loads of discussion on same.

Certain brokers (most likely insurance brokers/intermediaries as opposed to mortgage brokers) will be able to secure a substantial discount on year 1 premiums. Again, the search facility is your friend.

You will need to have adequate cover in place before you can drawdown your mortgage.

Certain lenders offer to pay the cost of a valuation (around €127). But isn't it a bit late to be enquiring at this stage? I'm sure you would have been told about it if it was offered.

 

[ClubMan]

You (or your broker) really should shop around for mortgage protection life assurance, house insurance etc. separately from your mortgage lender (and don't take optional cover such as repayment insurance unless you really need it) since such products bundled with the mortgage are usually more expensive than from other sources and you essentially pay a premium for the convenience of a one stop shop approach. Fair enough if you think that the benefits justify the additional costs but in most cases I don't believe that they do.