Joint Loan with Joint PPI

onebitrocket

Hi,

I've enquired with a number of lenders about a joint loan for me and my fiancee. As we'd both be taking out the loan together, we'd need to both be covered in case one of us got ill, lost our job etc...

None of the lenders I spoke to offer joint PPI insurance.

Does anybody know of any policies that do cover a joint application.

Also does anybody have any tips for getting a prefferential rate, whan applying for a loan.

Thanks

Rafter

You will always be better off buying the insurance separately from the loan anyway.

Suggest you both get your own policy and if you want to keep costs down then only insure the amount you would need to find if one of you weren't working.

Some people maintain 'income protection' insurance anyway to cover their living costs, mortgage etc if the worst was to happen, recognising that income support from the state would not be sufficient.

Tips for getting the best rate are to accept the rip off PPI insurance offered initially, then decline it when you get the application form or within the cooling off period.

Also make sure your credit record is up to date and that you can 'tick all the boxes':

On the electoral roll, up to date with current debt payments, permenant job for more than 6 months etc.

If some of these dont apply you will end up paying more than the 'best buy rates' advertised because you are a higher risk.

R.