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Mortgage Cover
Sideburno
Posts: 43 Forumite
Hi guys,
Due to complete in a month on a new house, the broker has informed me of options for cover if me or my partner die or get ill.
If we die our mortgage would be paid off and if critically ill half the mortgage would be paid.
The mortgage is over a 35 year term which he said bumps the cost up a fair amount per month, we were just wondering if we could run the term for 25 years as we'd rather overpay on our mortgage than pay a high premium per month.
Just wondering if anyone has any experience with this? We're looking that our dependants would be self sufficient within 25 years and hope to wipe the mortgage by then also.
Due to complete in a month on a new house, the broker has informed me of options for cover if me or my partner die or get ill.
If we die our mortgage would be paid off and if critically ill half the mortgage would be paid.
The mortgage is over a 35 year term which he said bumps the cost up a fair amount per month, we were just wondering if we could run the term for 25 years as we'd rather overpay on our mortgage than pay a high premium per month.
Just wondering if anyone has any experience with this? We're looking that our dependants would be self sufficient within 25 years and hope to wipe the mortgage by then also.
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Comments
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we were just wondering if we could run the term for 25 years as we'd rather overpay on our mortgage than pay a high premium per month.
What happens if you dont pay the mortgage off in 25 years?
You can do what you like at the end of the day but plans and reality usually end up being very different and it would be taking risks.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 -
Your lender would usually require income or mortgage protection on the full term of the mortgage.0
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Your lender would usually require income or mortgage protection on the full term of the mortgage.
The lender wont care.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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