NIB LTV Tracker

I realise there has been a long thread on this previously. I did read through it a few weeks ago and have just scanned through a few pages there now. I have a load of forms to fill in and would be grateful if anybody can answer with certainty, some of the following questions:
1. Do you need to open an NIB account?
2. How long between loan approval and drawdown?
3. With regard to the above time period, is it wise to go with their recommended mortgage protection and house insurance. (We are in a hurry for the money, so we want to go with the quickest way even if you can get insurance cheaper by shopping around).
Or maybe if you choose your own product it won't affect the drawdown time that much?
4. We will be getting the cheque in one lump sum, even though building work will take approx. 5 months. Can anybody recommend an account to set up that will give the highest monthly interest without any withdrawal penalties ( if there is such a product)?

Any advice greatly appreciated,
Jim

1. Yes-but it can be a no fees free "Easy" account
2. About 3 weeks for me.
3. They got me a cheaper mortgage protection policy. Not sure about the house insurance but they seem to be honest and independent.
4. In theory 10 grand in Rabo, the rest in Northern Rock and filter the max into regular saver accounts that allow unlimited withdrawals. Personally for simplicity I'd bung it all in NR.

Best of luck

Irish life underwrite their life policies and allianz underwrite the home insurance. Irish life do a price match but if you have nany illnesses etc I'd go elsewhere otherwise they will be the cheapest, allianz offer 3 mths free in 1st yr with NIB mortgage so defo worth it as you are not oblidged to stay with them in yr 2 and it is a very comprehensive policy.
Application to approval can be a while as they can be very busy and don't seem to have a very good back up.

Thanks for the replies and info.
Jim