Getting a mortgage without life insurance.

stashmycash

Is it harder to get a mortgage without life insurance ?

Rachel*H_3

No - it used to be that mortgage lenders insisted that you took out life cover (usually with them), but these days the two are not compulsory. Of course it is always wise to make sure you are covered, but it's not something that lenders make a condition of the mortgage any more.

payless

Nearly every lender allows mortgages without cover

Whether this is prudent will depend on your circumstances

You may find certain adviser ( whether brokers or lenders) will puish it heavily

Joe_Bloggs

It is probably easier to get a mortgage without existing life insurance as this is one of the first extra things you will be sold. There are probably better life insurance bargains available elsewhere than those linked closely with a mortgage deal. I am probably wrong and cynical. Why do you ask ?
J_B.

Baby_A

Dont majority of people have life insurance policies set up with their employers? Something like 4 x basic salary? Or is that something else?

Sorry i'm new to this.......

stashmycash

Joe_Bloggs wrote:

It is probably easier to get a mortgage without existing life insurance as this is one of the first extra things you will be sold. There are probably better life insurance bargains available elsewhere than those linked closely with a mortgage deal. I am probably wrong and cynical. Why do you ask ?
J_B.

I don't want life insurance as my premiums would be too high and as I only have £25000 left on my mortgage I,m not that bothered about it.

stashmycash

Baby_A wrote:

Dont majority of people have life insurance policies set up with their employers? Something like 4 x basic salary? Or is that something else?

Sorry i'm new to this.......

I am self employed so I don't know.

Joe_Bloggs

@stashmycash
Why did you ask the original question ? Have you experienced difficulties ?
J_B.

MortgageMamma

The life assurance premiums for a 25k decreasing term assurance would be next to nothing anyway. If you are in reasonably good health then the policy should be fairly cheap. If you have dependents its a good idea to insure, but family income benefit could be more useful to you in those circumstances.

stashmycash

Joe_Bloggs wrote:

@stashmycash
Why did you ask the original question ? Have you experienced difficulties ?
J_B.

I don't want life insurance as my premiums would be too high and as I only have £25000 left on my mortgage I,m not that bothered about it.

stashmycash

MortgageMamma wrote:

The life assurance premiums for a 25k decreasing term assurance would be next to nothing anyway. If you are in reasonably good health then the policy should be fairly cheap. If you have dependents its a good idea to insure, but family income benefit could be more useful to you in those circumstances.

Yes but I am not in good health and have either been refused life insurance or quoted very high premiums.