Protecting your mortgage in the event of the unexpected happening, should be a key consideration for anyone taking a mortgage out.
The key question is “If I were to die, fall seriously ill or be off work over the long term how would my mortgage be paid?”
Mortgage repayments are usually the largest monthly cost for most people. Without insurance, you and your family run the risk of losing your home if you were unable to make the repayments, or worse still leaving your family with a debt they are unable to manage.
To discuss your circumstances in more detail, please fill in the form below and our specialist advisor will be in touch to arrange an appointment to answer your questions.
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Got a question?
Do you need mortgage protection insurance?
There are a few reasons why you might consider mortgage protection:
Having a partner or getting married
Would your savings or your partner’s salary be enough to cover the mortgage? If you have mortgage protection and something happened to you, your partner would be able to continue paying it off.
Becoming a parent
Mortgage insurance ensures that your family keeps the home if something happens to you.
When you don’t need mortgage protection insurance
You might not need mortgage protection if you:
- are single
- live alone
- have no dependents
This is because your property could be sold to repay the mortgage if you passed away.
Do you need life insurance for a mortgage?
No, you don’t need life insurance to cover your mortgage. The only insurance needed when buying a house is buildings insurance. But check with your mortgage provider first – they might have their own requirements.
Life insurance can include mortgage protection, and it’s worth thinking about. Especially if you have family or dependents that rely on your income.