Mortgage Protection and Drawdown in Ireland: Final Approval Checklist

A mortgage can be approved and still not be ready to draw down.

The final stage is a checklist.

The lender and solicitor need every condition satisfied before money is released.

That can include:

• signed Letter of Offer;
• valuation;
• legal title;
• mortgage protection;
• buildings insurance;
• proof of funds;
• final financial checks;
• property-specific documents;
• and signed contracts.

Missing one item can delay closing.

Before drawdown, use the Compound Insurance Hub and our mortgage protection guide to understand cover, exclusions and timing.

Approval in Principle is not the Letter of Offer

AIP is preliminary.

The Letter of Offer is the formal mortgage offer tied to:

• borrower;
• property;
• approved amount;
• term;
• interest-rate structure;
• and lender conditions.

The CCPC says the Letter of Offer is issued after the lender completes the required checks and is satisfied with the property.

Read every condition.

Do not assume all conditions are administrative.

Mortgage protection

For most owner-occupier mortgages, mortgage protection is required.

The policy is designed to repay the outstanding mortgage if the insured borrower dies, subject to policy terms.

For costs, insurer comparisons, joint versus dual life, exclusions and the 2026 cancer-survivor legislation, read our complete Mortgage Protection Insurance Ireland 2026 guide.

Mortgage protection is not the same as insurance against losing your earnings while ill. Our Income Protection Insurance Ireland guide explains how monthly income replacement works and when it may be worth considering.

There are statutory exceptions.

Citizens Information lists exceptions including situations where:

• you are over 50;
• the mortgage is not on your principal private residence;
• sufficient life insurance is already in place;
• or cover cannot be obtained for specified reasons.

A lender may still have its own conditions in some circumstances.

Shop around

You do not have to buy mortgage protection from the lender.

The CCPC explicitly says you can shop around.

Compare:

• premium;
• cover;
• exclusions;
• joint-life structure;
• underwriting;
• optional serious-illness cover;
• and how the policy is assigned to the lender.

Do this early if health history may make underwriting slower.

Do not leave medical underwriting until closing week

A standard application can be quick.

A case requiring:

• GP report;
• medical records;
• additional tests;
• specialist information;

can take longer.

If the policy is a drawdown condition, delay in insurance can delay the house purchase.

Start once the mortgage amount and likely property timeline are sufficiently clear.

Home insurance

The lender also needs the property insured.

For a house, this normally means buildings cover sufficient to satisfy the mortgage conditions.

For an apartment, the building may be insured through the Owners’ Management Company block policy.

Your solicitor/lender will need appropriate evidence.

Contents insurance is a separate household decision.

Buildings sum insured is not market value

The amount needed to rebuild a house is not necessarily its purchase price.

Market price includes land and location value.

Buildings insurance is based on reinstatement/rebuild cost.

Use an appropriate current rebuild-cost basis rather than simply insuring for the purchase price.

The valuation must still be valid

Lenders can require a recent valuation at drawdown.

If the transaction takes a long time, a valuation may expire and need updating.

That is another reason delays can create extra cost.

Final financial checks

The lender can re-check finances before release.

Do not make major financial changes between AIP and drawdown without considering the mortgage impact.

Examples:

• taking car finance;
• taking personal loan;
• changing employment;
• reducing income;
• missing repayments;
• spending the deposit;
• large unexplained account movements.

AIP was based on a financial picture.

Try not to redraw that picture just before completion.

What your solicitor needs

Before requesting funds, your solicitor needs to be satisfied that legal conditions are met.

The CCPC drawdown checklist includes matters such as:

• title;
• boundary / map issues;
• rights of way;
• compliance certificates;
• contracts;
• valuation;
• survey follow-up;
• insurance.

A lender releases mortgage funds to the solicitor, not directly to you.

Drawdown

Drawdown is when the lender releases the mortgage funds to your solicitor for completion.

It is not the same as approval.

The sequence is broadly:

Do not plan removals on the assumption that approval automatically means funds have been sent.

New-build drawdown

A new-build purchase can require:

• final valuation;
• completion notice;
• snagging;
• compliance certificates;
• BER;
• Help to Buy claim steps;
• First Home Scheme release;
• lender conditions.

Coordinate the builder, solicitor, lender/broker and any FHS process early.

Interest rate at drawdown

The CCPC notes that the mortgage interest rate can be determined at drawdown and may differ from the rate shown earlier in the process.

Confirm the final rate before funds release.

If a better lender rate becomes available, ask what options exist.

Closing funds

Your mortgage usually does not cover every amount needed to complete.

Your solicitor may need your balance of:

• deposit/equity;
• stamp duty;
• legal costs;
• registration/search costs;
• adjustments;
• and other transaction amounts.

Transfer these only using verified solicitor bank details.

Property transactions are a known target for payment-redirection fraud.

Verify bank details using a trusted channel before sending a large transfer.

Final drawdown checklist

Frequently asked questions

Is mortgage protection mandatory in Ireland?

It is generally required for principal-home mortgages, subject to statutory exceptions.

Can I buy mortgage protection from another company?

Yes. You can shop around; you are not required to buy it from the mortgage lender or broker.

What is mortgage drawdown?

It is the release of mortgage funds by the lender to your solicitor for completion of the purchase.

Can the bank check my finances again before drawdown?

Yes. Full approval and drawdown remain subject to lender conditions and final checks.