First-Time Buyer Mortgage Protection Ireland

10-second summary:
If you’re buying your first home in Ireland, you legally need mortgage protection and home insurance before drawdown. Everything else is optional. The real risk for first-time buyers isn’t choosing the wrong policy — it’s small health details or timing issues causing delays. This guide explains what you actually need and how to avoid stress at the worst possible moment.

Buying your first home is exciting.

It’s also mildly terrifying.

You’re juggling deposits, bank statements, approval in principle, estate agents, surveys, contracts… and now someone mentions insurance.

Your head is fried already.

So let’s slow it down for a minute.

What Insurance does a First Time Buyer Need?

The easy answer is this:

You need mortgage protection.

You need home insurance.

That’s it.

Everything else like life insurance, serious illness cover, and income protection is optional at this stage.

Some couples like to sort everything at once and lock it all in while they’re young and healthy.

Others just want to get the mortgage protection ticked off, get the keys, move in, sit on the floor eating a takeaway and breathe for a while before thinking about anything else.

Both approaches are completely normal.

There’s no “right” way.

So What Is Mortgage Protection, Really?

Mortgage protection is simply a policy that clears your mortgage if you die during the term.

The money goes to the bank. The loan disappears.

Your lender won’t let you draw down without mortgage protection (unless there’s a waiver).

It’s not exciting. It’s not glamorous. It’s just necessary.

Here’s Where First-Time Buyers Get Caught

The issue usually isn’t the policy.

It’s timing.

You shouldn’t be applying for mortgage protection the week before you sign contracts.

You want it approved, issued and ready to start when you sign contracts, not when you draw down.

If something crops up between signing contracts and drawdown and your policy hasn’t been formally issued, insurers can revoke their offer of cover.

That’s a level of stress nobody needs.

I’ve explained that properly here:

When Should Your Mortgage Protection Start?

The Bit Nobody Warns You About

Most first-time buyers think:

“I’m in my 20s or 30s. I’m healthy. This will be straightforward.”

And most of the time, it is.

But delays rarely come from dramatic illnesses.

They come from small things.

A recent smear result that needs clarification.

High BMI.

A referral your GP made “just to be safe” that hasn’t been closed off yet.

Those little details can lead to medical reports being requested or worse still, a postponement.

None of it is the end of the world. Most of the time, it’s manageable, but only if handled early and properly.

But if you leave your application too late in the house-buying process, it can become very stressful very quickly.

That’s why we care less about “cheapest quote” and more about getting it right first time.

What About Life Insurance or Income Protection?

This is where it becomes personal.

If you have children, or if a partner earns significantly more than the other, a separate life insurance policy might make sense.

Income protection is different again – it pays you a replacement income so you can pay the mortgage if you fall ill.

Some people want to arrange all their cover when they are buying their first home so they can forget about it.

Others prefer to move in, get settled, and review everything once they can take a breath.

There’s no pressure either way.

The only things that must be done before drawdown are mortgage protection and home insurance.

Why Complete the Questionnaire?

You could absolutely walk into your bank and take whatever quote they offer.

For some people, that works out fine but be aware that it’s bundled cover that protects the bank.

But if there’s any medical history at all, even something small,  insurer choice matters.

Applying to the wrong insurer first can create unnecessary complications.

This short questionnaire lets us see the full picture before you apply.

We can flag anything that might cause delays and recommend the type of cover that suits your situation.

We will approach the most suitable insurer first.

And we can time the application properly around your contracts so nothing derails the purchase.

No drama. No last-minute panic.

Just steady guidance.

Next Step

If you’re buying your first home and you’d like this handled calmly and properly, complete the short questionnaire below.

It only takes a few minutes.

I’ll review it personally and come back to you with clear advice on what you need now and what can wait.

Complete the Questionnaire

If you’d prefer to talk first, that’s completely fine too.

Call 05793 20836 or book a callback here.

Buying your first home is a big step.

You don’t need insurance to be the stressful part.

Thanks for reading

Nick

Editor’s Note: First published in 2017. Fully reviewed and updated for 2026.