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Mortgage Protection
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mini_lidi
Posts: 232 Forumite
Hi All,
in relation to mortgage protection, a quick google says it’s an insurance incase of death etc. Just wanted some more understanding of what it is, is it necessary if you have life insurance etc. Any advice would be great
in relation to mortgage protection, a quick google says it’s an insurance incase of death etc. Just wanted some more understanding of what it is, is it necessary if you have life insurance etc. Any advice would be great
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Comments
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It is life insurance.
It is not a requirement in order to get a mortgage. Mortgage protection would usually be for the exact same amount as your mortgage (decreases in line with your mortgage and ends when your mortgage ends).
I am a Mortgage AdviserYou 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.0 -
in relation to mortgage protection, a quick google says it’s an insurance incase of death etc.Google is wrong. Mortgage protection is not an official classification. It can be applied to any type of insurance that can be linked with a mortgage. Some providers will use the term "mortgage protection" on different types of plan. Mortgage protection can be life assurance but it can also be income protection.
What insurances you need financially, would depend on your circumstances. For example, a single person buying a house alone with no financial dependents wouldn't need life assurance. A couple buying a house would need life assurance. Need as in financial need. Not a need by the mortgage company for you to have it. It is your choice at the end of the day.
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.1 -
@mini_lidi Afaik, no lender requires you to have life insurance as a condition of the mortgage. Where it would be advisable for you or not will depend on your personal circumstances.mini_lidi said:Hi All,
in relation to mortgage protection, a quick google says it’s an insurance incase of death etc. Just wanted some more understanding of what it is, is it necessary if you have life insurance etc. Any advice would be great
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.
PLEASE DO NOT SEND PMs asking for one-to-one-advice, or representation.
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