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First Time buyer - mortgage PPI

Hi,

Natwest have offered to lend me the mortgage required for my first home subject to valuation, £144,000. At the same time as the agreement they have tried to get me to purchase payment protection insurance (£47.46 per month).

Do i have to take out this insurance, they did not give much information or check to see if it was right for me? Does the above amount seem expensive? I was under the impression that I do not require it for my mortgage and that they could not sell these at the same time of agreement to lend only 14 days after, is this correct or have i been misinformed?

Thanks for all your advice.

Comments

  • You dont require it, and you if you decide you want it get quotes from other insurers, natwest insurances were all double i had found on the net !
  • Mrs_Bumble
    Mrs_Bumble Posts: 1,028 Forumite
    It isn't a legal requirement to take out the insurance but it is a very good idea to have some sort of protection in place to protect against long term sickness and/or unemployment as your mortgage is a huge committment and not being able to meet this committment can lead to a lot of stress and adverse credit history.

    However having said that don't buy Natwest own product, find an independent whole of market mortgage broker and they will be able to look through all the options with you and tailor cover to your personal circumstances and budget!
    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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