FTB Mortgage Insurance Advice

lm3151

Hi,

We are first time buyers, so we haven't much knowledge about this ...

We have recently had our mortgage accepted, and we're now being asked by our IFA whether or not we have any mortgage / payment protection.

Here's the catch... I've just accepted a job offer with a new company, and I am in the process of handing in my notice (great timing, I know). I have to work 3 months notice period until I start at the new company.

My question is, will this affect;

a) Our current mortgage offer.
b) Insurance (MPPI), that we are being asked to sort out.

Also, do we NEED insurance and if so, what exactly?

Thanks.

amnblog

a) & b) = yes and yes

With regard to insurance you need to ensure you have the cash you need if either of you die leaving the other one with the debt. You also need to consider how you are going to handle the mortgage if you lose an income, or see a reduced income due to one (or both) of you being sick, or losing your job.