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  • FIRST POST
    • sparkychris
    • By sparkychris 7th Sep 17, 7:47 AM
    • 501Posts
    • 841Thanks
    sparkychris
    First time buyer insurance question
    • #1
    • 7th Sep 17, 7:47 AM
    First time buyer insurance question 7th Sep 17 at 7:47 AM
    Morning team!

    My partner and I are due to move into our first home any day now.

    Our mortgage agreement stipulates that we must have insurance in place to cover the mortgage should we die..

    What is this insurance called and can anybody recommend something to google?!

    we havent taken out any insurance yet and nobody has asked for proof yet we are due to complete any day.

    Thanks in advance....
    lurker
Page 1
    • csgohan4
    • By csgohan4 7th Sep 17, 7:59 AM
    • 3,962 Posts
    • 2,470 Thanks
    csgohan4
    • #2
    • 7th Sep 17, 7:59 AM
    • #2
    • 7th Sep 17, 7:59 AM
    Life assurance, MSE does an article on them too


    http://www.moneysavingexpert.com/life-insurance/
    "It is prudent when shopping for something important, not to limit yourself to Pound land"
    • Weighty1
    • By Weighty1 7th Sep 17, 9:55 AM
    • 217 Posts
    • 79 Thanks
    Weighty1
    • #3
    • 7th Sep 17, 9:55 AM
    • #3
    • 7th Sep 17, 9:55 AM
    Our mortgage agreement stipulates that we must have insurance in place to cover the mortgage should we die..
    Originally posted by sparkychris
    This is really unusual in this day and age. Typically the only insurance you *need* to have in place is buildings insurance as this ensures the lender isn't left with a bar piece of ground if the building is a total loss. Normally, they aren't bothered what happens if either of you die as they can always repossess the house if the surviving partner can't keep up repayments (obviously, not ideal from your perspective though).

    As has been mentioned, it's life insurance that you need there's hundreds of sites where you can get quotes depending on what you want, whether you want advice or to DIY etc.
    • ACG
    • By ACG 7th Sep 17, 10:22 AM
    • 15,792 Posts
    • 8,092 Thanks
    ACG
    • #4
    • 7th Sep 17, 10:22 AM
    • #4
    • 7th Sep 17, 10:22 AM
    Our mortgage agreement stipulates that we must have insurance in place to cover the mortgage should we die..

    What is this insurance called and can anybody recommend something to google?!
    Originally posted by sparkychris
    It is called Life insurance or term assurance.

    Are you sure it states you need insurance incase you die? I have been a broker for 4-5 years and never come across that stipulation. It is not necessarily a bad idea ot have the insurance, but I do not think it is a requirement.

    Who is your Mortgage lender?
    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.
    • sparkychris
    • By sparkychris 7th Sep 17, 2:05 PM
    • 501 Posts
    • 841 Thanks
    sparkychris
    • #5
    • 7th Sep 17, 2:05 PM
    • #5
    • 7th Sep 17, 2:05 PM
    hello.... and thanks for the replies.

    My lender is santander. I will check the exact wording of the document and get back to you...

    and in the meantime I will look into life insurance!
    lurker
    • ThinkingOutLoud
    • By ThinkingOutLoud 8th Sep 17, 7:41 AM
    • 1,398 Posts
    • 1,313 Thanks
    ThinkingOutLoud
    • #6
    • 8th Sep 17, 7:41 AM
    • #6
    • 8th Sep 17, 7:41 AM
    This is really unusual in this day and age. Typically the only insurance you *need* to have in place is buildings insurance.
    Originally posted by Weighty1
    Please note the quotes weighty has put around need are very significant.

    Just because no law forces you to have life insurance or contents insurance does not mean you should not.

    It is all a question of what will happen if the worst did happen. Think that through ...

    There is no law making you eat fruit or veg either ...
    I am just thinking out loud - nothing I say should be relied upon!
    I do however reserve the right to be correct by accident.
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