do I get insurance and mort.protection before I sign?

[medicinelady]

Hi Guys,

Just wondering,

I have paid booking deposit on house and all seems to be going to plan, just waiting for contracts and bank just waiting for me to get my house insurance and mortgage protection but as I plan to pay 1 year in advance for both of these on 123.ie do i wait until i sign the contracts or is it refundable god forbid anything falls through?

Thanks a mil

Medicicelady

 

[sadie]

You will have a 'cooling off' period during which you can cancel your insurance. Ask them about this. I had to cancel both life insurance and buildings insurance. Cooling off period varies depending on the insurer. If you still need to cancel after the cooling off period, you may be charged an admin fee (around 25 euro) plus the cost for the days that you did have the insurance cover until the cancellation date. Everything else will be refunded, even if you paid the year in advance.
The building society will need to see evidence that both are in place before the mortgage is drawn down. However you can request that the insurance only starts on a particular date in the future (not necessarily the day you pay for it).