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Do i need life assurance b4 applying 4 mortgage?

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Hi I was hoping someone can advise please. I've got my full mortgage app date coming up and received a list of documents to take, which included copies of life assurance. I don't have any,would this go against my mortgage app?
I've started to look at life assurance and possibly get the decreasing one that would cover the mortgage,but it seems more sense to get this AFTER my mortgage is agreed?

Comments

  • ACG
    ACG Posts: 24,542 Forumite
    Part of the Furniture 10,000 Posts Name Dropper I've helped Parliament
    Having life insurance/assurance wont make the slightest difference on your mortgage application. Take it out if you want/need it but otherwise you are fine without.
    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.
  • silverdog
    silverdog Posts: 16 Forumite
    Many thanks x
  • dimbo61
    dimbo61 Posts: 13,727 Forumite
    Part of the Furniture 10,000 Posts Name Dropper Photogenic
    The difference between decreasing and a sum assured is very little each month ( when you are younger)
    I would take out a set amount of life cover to cover the mortgage and maybe a little more over say 20/25 years.
    I still have my life cover even though the mortgage is nearly finished.
    Your lender will offer life cover but shop round you can get it cheaper
  • Annisele
    Annisele Posts: 4,835 Forumite
    Part of the Furniture 1,000 Posts Name Dropper Combo Breaker
    They just want to see your life assurance documents because it's easier to advise people when you know what they've already got.

    If you go in and say "I don't have any life assurance", that's easy. If you go and say "I do have life assurance, here's my documents showing exactly what I've got", that's easy too. If you say "Yeah, I did take out some sort of policy some time, not sure exactly what it covers" it's pretty hard to work out where the gaps in your cover are.
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