Mortgage Repayment Protection or No Mortgage Repayment Protection?

I was just wondering if I can get peoples opinions on this matter. In the process of closing a purchase of a house after Christmas in the new year, and lender needs to know if we wish to take out Mortgage Repayment Protection.

Myself - a new qualified chartered accountant.
Herself - qualified nurse.

I dont the risk is there to warranty insurance 56e a month which is 672e a year.

What do people think?

Thanks

56 euro a month seems quite high. Have you shopped around?

IMO payment protection is little more than a scam used to wring extra euros out of first time buyers. If you needed it it would probably only pay 12 months repayments. It's better to self insure yourself by having contingency savings of 6 - 12 months salary. It sounds like you're both in good stable jobs with very little risk of defaulting.

If you do take it out you can cancel it later.

Are you self-employed? If so then payment protection is money down the drain.

I work for a Construction Company but will be seeking improved employment in the new year. There is available jobs in industry and practice.

Herself works for a organisation as a staff nurse and will also be changing her job in the new year, again improved employment.

The quote is with PTSB, they said you can start it and cancel at a later date, but you cant start it at a later date.

They also stated that you have the option to insure one individual or part of your income.

I am thinking myself that I would prefer to have a savings lump sum there available, accountant in me says that I would rather the cash in my pocket rather than the banks pocket.

Thanks for your input guys, just wanted to see what other peoples views where on the matter.

Do a search for previous threads discussing repayment protection. See the link below for info on how to do this.

ClubMan said:

Do a search for previous threads discussing repayment protection. See the link below for info on how to do this.

Click to expand...

Thanks Clubman,

The searched turned up great info on what Repayment Portection is, I was trying to gear peoples opinions on it though.

Thanks again, Askaboutmoney.com has provided with me with some very useful information over the last couple months which has lead me to purchasing my first place.

I am also skeptical about the value of repayment protection. The premiums on such policies are often bloated with charge/commissions. And the policies often pay out only in restricted circumstances and for restricted periods of time (cumulative). For those who need this sort of cover a more appropriate, more general and better value option might be permanent health insurance or salary insurance. Get independent professional advice if in doubt about what's best for your situation.