Mortgage protection

cmbrookes

Do I need mortgage protection as soon as the mortgage is approved and does the lender usually want to know that I've taken out mortgage protection? I know I'll be advised to take it out ASAP but do I have to? 
The reason I ask is because I've been getting quotes but I was refused cover for unemployment only accepted accident and illness. This is because the company I work for are in a national dispute with the trade union so I'm concerned this could ruin everything for me regarding the mortgage.
What I will say is the company have said there will be no compulsory redundancies but only voluntary and they are still in dispute over pay and terms and conditions. 

ACG

You only need buildings insurance to be in place ideally from exchange but definitely from completion. 
Nothing else is needed. 

Clownfish68

When I went through this and it was 10 years ago they wanted it as soon as I took over the mortgage but wanted proof that it was set up prior to exchange. Now the funny thing is that the vast majority of people I know do not have income protection insurance and a lot of providers stopped providing the cover when covid started. If you haven’t checked already look at realm they were good for me and one of the few that provide the cover still but it’ll come at a premium with things as they are. 

cmbrookes

ACG said:

You only need buildings insurance to be in place ideally from exchange but definitely from completion. 
Nothing else is needed. 

The building insurance is already set up as I'll pay that in the service charge I pay as I'm going shared ownership. 
What concerns me is if the insurer refuses me for unemployment and then the lender will ask why its been refused and only accepted for accident and sickness.

ACG

Stop worrying. They wont know, it does not matter. 

dunstonh

Clownfish68 said:

When I went through this and it was 10 years ago they wanted it as soon as I took over the mortgage but wanted proof that it was set up prior to exchange. Now the funny thing is that the vast majority of people I know do not have income protection insurance and a lot of providers stopped providing the cover when covid started. If you haven’t checked already look at realm they were good for me and one of the few that provide the cover still but it’ll come at a premium with things as they are. 

income protection is as easy to get as it ever has been. It never stopped being available due to Covid.    it is payment protection (PPI) that has become much harder to get.  It was already in decline because of the issues with PPI and Covid just sent it further into decline.

 If you haven’t checked already look at realm they were good for me and one of the few that provide the cover still but it’ll come at a premium with things as they are. 

Ream doesn't offer income protection. They offer PPI.  They may dress it up as income protection for marketing purposes but they don't offer PHI/income protection.