Had no idea of this initially, and with http://www.askaboutmoney.com/, http://www.boards.ie/ got some great advice; these sites are invaluable to one and all, to find out experiences and discuss matters with people going through the same procss as yourself.
Mortgage Protection
For the mortgage protection insurance i consulted the following link http://www.askaboutmoney.com/showthread.php?t=23074
From peoples advise here; i went and priced a few of the companys mentioned, eventually went with LA Brokers very friendly and great customer service. www.LABrokers.ie. The mortgage company requires you to take out this protection and will not issue initial payment until this is in place, be wary of the mortgage company trying to sell you their policy as your are not obliged to take it and will most likley get better value elsewhere. 35Year mortgage on €308,000 cost €268.02 per annum with a first year discount of €174.21. My mortgage company were quoting me more than double the yearly payout.
Self Build Insurance
For the self build house insurance i consulted askaboutmoney and boards.ie again very useful info there also http://www.selfbuildinireland.com/article.php?start=0&articleId=10 i priced three companys one of which was the wright group on the above link, also priced FBD and campion insurance there was very little difference in price with any of them, and it generally works out at €1.00 /sqft. This covers public and employers liability and storm and theft damage make sure to read each policy to see who has the best offers to suit you. In general you will need this insurance to cover you for the period of the build, even if your contractors have their own insurance. Once again the mortgage company will require this to be in place prior to work starting on site, in some cases they do not require the insurance policy until after you have drawn down the site value!
Wednesday, October 24, 2007
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