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mortgage protection payment insurance - thoughts?
jetblack61
Posts: 93 Forumite
Hi all,
We're in the process of buying our first house and are seeing the mortgage advisor on Thursday to start the application. I know that she's going to try and 'sell' us something else, and I suspect that will be MPPI - I've read that mortgage lenders are often not the best people to take this out with, and so it's worth looking elsewhere.
I'm totally new to this and have no idea what to do - I don't want to be sucked in to what she wants on Thursday, but I don't want to not have it if it's going to be important.
Any advice?
We're in the process of buying our first house and are seeing the mortgage advisor on Thursday to start the application. I know that she's going to try and 'sell' us something else, and I suspect that will be MPPI - I've read that mortgage lenders are often not the best people to take this out with, and so it's worth looking elsewhere.
I'm totally new to this and have no idea what to do - I don't want to be sucked in to what she wants on Thursday, but I don't want to not have it if it's going to be important.
Any advice?
0
Comments
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You shouldnt seek insurance advice from a tied agent from a bank. Products can be as much as 40% more in cost than an IFA even when using the same branded insurer.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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Is your mortgage advisor from the bank?
I dont think it will be MPPI they will try to sell you. Rules have changed this month and they cant sell it on the same day. It will most likely be one or more of - Life Insurance, Critical Illness, Income Protection.
Whether you need it or not depends on everyone individually. I would argue most people need Income Protection - but dont take that as advice its just a generalised opinion.I am a Mortgage AdviserYou 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
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