conflicting information!

flyboiuk

Hi,

I am trying to arrange my first mortgage, and the advisor is trying to sell me various "insurance / assurance" policies, and has said I have to have a life insurance / assurance policy.
I have been informed by 3rd parties that the only compulsory aspect required is buildings insurance.
Can anyone please clarify the rules regarding what is compulsory and what is not, as in all fairness most of the insurance / assurances would not on the whole be of any benefit for me, as I am single and have no dependants.

Money is obviously tight at this time, and I do not really want to have any insurance / assurance policies taken out which I do not have to take out!

Hope someone can help!

Senior_Paper_Monitor

The building cover is compulsory.

The other) life/critical illness/mortgage protection/Aciident Sickness Unemployment etc) is not (but depending oin your overall circumstances may be advisable - on the information you have gven it is obviously impossible to tell).

I get the impression that you are arranging your mortgage direct with lender - if so be aware that they are almost certainly selling (I have deliberately not used the word advising) you an expensive choice of one option !

Always buy insurance from a proper adviser with a wide range of providers

flyboiuk

Thanks for that, it is an interest only mortgage, however it now does seem that within the terms and conditions from the lender, I do have to have "life cover"!!!!!

Senior_Paper_Monitor

It is possible (but most unusual) - who is the lender ?

If it is required they cannot make you buy it from them - you will get a better deal (and advice) elsewhere.