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Life insurance for mortgage?
Bunnyhop
Posts: 162 Forumite
I've been trying to find the answer for this but am a bit confused by it all so thought perhaps someone here could help!
I'm a first time buyer and have a decision in principle for a mortgage from a broker, I am married with a young child and we're wanting to make an offer on a property.
Will whichever mortgage company we go with require me to have some kind of life insurance? I tried to apply for some a while ago but due to a BMI of over 40 and poor family health history I was declined and I don't think I will have much luck elsewhere.
My husband has life insurance, it will be a joint mortgage, I don't know if that makes any difference. I am worried that I will scupper our chances of buying a house, I'm losing weight but I have a long way to go and that won't help us out now!
Thank you.
I'm a first time buyer and have a decision in principle for a mortgage from a broker, I am married with a young child and we're wanting to make an offer on a property.
Will whichever mortgage company we go with require me to have some kind of life insurance? I tried to apply for some a while ago but due to a BMI of over 40 and poor family health history I was declined and I don't think I will have much luck elsewhere.
My husband has life insurance, it will be a joint mortgage, I don't know if that makes any difference. I am worried that I will scupper our chances of buying a house, I'm losing weight but I have a long way to go and that won't help us out now!
Thank you.
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Comments
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Nationwide, at least in our case, advised getting life insurance, but didn't require it, only insurance required was building and contents...0
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It won't 'scupper' your changes, but you should get any cover you can as soon as you can.
Some insurers are better with complications so a decline from one or two is not necessarily a decline from all.I am a Mortgage Broker
You should note that this site doesn't check my status as a Mortgage Broker, 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 -
Life cover only there are a few companies that are better on BMI than others, LV, Aegon and Zurich spring to mind but that depends on your age and as you say, what your family history is.
I would suggest talking to an independent adviser, you can find one at unbiased.co.uk and they will get you the best cover for the best price. Well done on losing some by the way!Started DMP Oct 2012 debtfree date 1st March 2020
Starting debt £72481
Current debt £47600. 33% paid off!!!:T:rotfl::rotfl::j
Moved from £70's to £60's, bye bye £50's and hello £40's!
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Thank you! Definitely plan to get some when I can and will try an advisor, good to know that it is not necessary in order to get a mortgage though - I had it in my head that it was for some reason!0
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