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Mortgage protection
roxytoo
Posts: 47 Forumite
We have bought a buy to let and have let it out on a 6 month contract
I have been told we need mortgage protection for my self employed partner
Can someone advise as the more I read the more I get confused!
As a self employed person which cover do I need
Unemployment and incapacity
Unemployment only
Incapacity only
If we do get it and he's incapacitated and can't work how does one claim the mortgage if it's already rented? (Ie do we get it twice? Or is that fraud? Do we need it at all?)
I have been told we need mortgage protection for my self employed partner
Can someone advise as the more I read the more I get confused!
As a self employed person which cover do I need
Unemployment and incapacity
Unemployment only
Incapacity only
If we do get it and he's incapacitated and can't work how does one claim the mortgage if it's already rented? (Ie do we get it twice? Or is that fraud? Do we need it at all?)
0
Comments
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Is it on a buy to let mortgage?0
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if its a buy to let then do you really need this cover? if your partner is off sick then presumably the rental income will still come in from the tenant to meet the mortgage repaymentsI am a director of Torquil Clark Life Insurance (formerly Life Policies Direct), a specialist protection broker. Posts on this forum do not constitute or imply advice and are for discussion purposes only containing generic information. If you need individual guidance please seek advice from a suitably qualified, registered and authorised financial adviser0
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plus ASU (accident, sickness and unemployment) plans are not exactly that good value for the self employed. There are often so many clauses in place that self employed individuals have limited scope under the unemployment cover side.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
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