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Mortgage Assurance
rickrossi
Posts: 19 Forumite
Can anyone answer this query please. Do lenders insist on borrowers taking out mortgage assurance cover for repayment mortgages?
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Comments
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No, they do not. since the FSA there is a thing termed "Responsible Lending" which works two ways, they have to lend to you responsibly and they need to make you aware of the risks but expect you to act responsibly too.
They would strongly suggest that you take something put or be aware of the risks. The FSA have a booklet "what if..." which talks about the risks of rates going up, losing your job or dying within the mortgage term.0 -
No not at all - the above post is spot on0
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thanks, that clears that up for me0
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