Mortgage payment protection insurance help please

needing-help · 6 June 2014 at 2:48PM

Hi, I hope this is in the right place. My husband is moving out in 2 weeks and we are trying to cut costs. We currently have this cover but its ridiculously expensive (took out with mortgage provider but thats for another forum!!)
The problem is all the ones I have looked at say that it has to be the policy holders main residence and obviously it won't be but it will still be a joint mortgage and he will be paying towards it.
Does anyone know if there is a policy that will cover him.
Thanks

dunstonh · 6 June 2014 at 2:54PM

All of them will be fine as long as there is an insurable interest at the start (and with a joint mortgage there is). It doesn't matter if he is not living there.

needing-help · 6 June 2014 at 2:58PM

Thanks for the reply. I have rung a couple to ask and they both said no they wouldnt insure him.

dunstonh · 6 June 2014 at 3:51PM

Don't know why they wouldnt as there is a clear insurable interest. Maybe try a local IFA or whole of market mortgage adviser. They have access to the whole of market and one of those should be fine. It maybe that a non-mortgage linked version would be used instead (which are available)