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Buy to let - do you have to have Mortgage protection plan?
Metermaid
Posts: 94 Forumite
Currently awaiting re-mortgage buy to let offer from Northern Rock for 163K. I've received a 'Friends Provident' Mortgage Protection Scheme policy for a 115K pay out on death of either myself or OH - do I have to have this? Is it a condition of the mortgage?
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Comments
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You dont have to have any insurances (except buildings cover). However, if one of you dies you are leaving the partner with a big liability on a reduced level of income.
Its probably even riskier not to have it considering that its not exactly the best time to be going into a buy to let right now.I am an Independent Financial Adviser (IFA). The comments I make are just my opinion and are for discussion purposes only. They are not financial advice and you should not treat them as such. If you feel an area discussed may be relevant to you, then please seek advice from an Independent Financial Adviser local to you.0 -
To be honest I think you should take it as like DunstonH says its a hell of a liablity if anything happens to you. I also think you should take landlords buildings insurance 90 day unoccupancy cover and also landlords legal and rent guarantee cover £50 for 6 months of around £99 for 12 months cover. this will pay the rent if the tenant defaults and also pay your legal fee's if you need to evict them. A home emergency policy is also a must to save yourself on tradesmans bills and unwanted disturbances from the tenant if something goes wrong that needs fixing urgently.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.0 -
Thanks for the advice - much appreciated
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Don't you have any Life Assurance Policies? Why don't you just increase the cover for that?0
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