Continue MPP whilst renting ?

[Tuttlinghorn]

Hi, Although its looking shaky (buyer's bank stalling at the last hurdle i.e. unclenching their fist) our house should be sold next week and we will head for the country and rent for at least one year.
We took out MPP 6 yrs ago, I'm now 37, wife 39. Friend recently suggested we would be better off continuing to pay for a year rather than cancel and get a new one based on the cost of starting MPP when you are 38/40.

Any advice ? Any issue with continuing to pay the MPP even though there's no mortgage?

 

[sam h]

Best thing is to check with the company. I think you must have an insurable interest in the asset, so the fact there is no interet in the house anymore, I doubt they will do it. Plus they will have to reassess next year when you buy your new house (value, duration of policy etc) so they likihood is they will change the policy regadless. Lastly - you may not buy in a year, you might love the house you're renting, you might move abroad, etc.