Mortgage Protection Insurance

[Calben]

I am in the process of buying a new home. I have an asset in that I own a holiday home. The bank wants me to take out mortgage protection insurance that will involve steep monthly payments as I am in my 50th year. Is there any way around this?

 

[PM1234]

Mortgage protection is a standard requirement on a PDH. You could try using your holiday home as additional security but it is up to your lender to use their discretion as to whether or not they will waive it.

 

[dewdrop]

a lender is obliged under s. 126 consumer credit act 1995 to have insurance cover on loans secured by principal place of residence. however there aare exceptions including if borrower is over 50 years. this is a legal requirement and the lender may well insist in having insurance cover as security which i would lthink is a normal requirement. have you got any life policies already which could be offered as security

 

[LDFerguson]

Have a look at this Key Post for details of where you might be able to source your life assurance at a competitive premium.

 

[Calben]

Mortgage protection is a standard requirement on a PDH. You could try using your holiday home as additional security but it is up to your lender to use their discretion as to whether or not they will waive it.

 

[Calben]

a lender is obliged under s. 126 consumer credit act 1995 to have insurance cover on loans secured by principal place of residence. however there aare exceptions including if borrower is over 50 years. this is a legal requirement and the lender may well insist in having insurance cover as security which i would lthink is a normal requirement. have you got any life policies already which could be offered as security