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is mortgage insurance compulsory
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# 1
bricktop
Old 07-07-2012, 3:35 PM
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Default is mortgage insurance compulsory

i am self employed,i was working for an agency for a year and am now laid off,i have unemployment insurance,i can claim but it takes a while to actually receive any sort of payment,i hopefully will get work soon even if its temporary,so my question is is it worth having this insurance or should i scrap it and save the 18 every month,my partner has it too she is empoyed directly by the council could she cancel hers
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# 2
betmunch
Old 07-07-2012, 3:45 PM
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No-one on here can answer that for you. Insurance and what is worth it is a personal thing.
Do you think its worth it? If not you cancel it, if it is then you keep it.

Very simple, however every single person will have a different view on what price it becomes not worth it.
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# 3
bigadaj
Old 07-07-2012, 3:46 PM
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If you're self employed and take on agency work you might have problems claiming, if you do then complain about a mis sale and you should at least get your premiums back.

Your girlfriend sounds as though she is in secure employment, so might not be worth it, in many situations it would be better to save the money into a rainy day emergency fund and draw on that when times are hard.
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# 4
ACG
Old 07-07-2012, 3:47 PM
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I agree with bigadaj.

Im not sure you will able to make a claim - but i could be wrong.
I am a Mortgage Adviser
You should note that this site doesn't check my status as a mortgage adviser, so you need to take my word for it. This signature is here as I follow MSE's Mortgage Adviser Code of Conduct. Any posts on here are for information and discussion purposes only and shouldn't be seen as financial advice.
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# 5
bricktop
Old 07-07-2012, 4:42 PM
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thanks for replies,i may well cancel it i wont be able to save the money but its one less payment going out
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