Mortgage Insurance for UK property owners
We are not allowed to make comments on any matters financial because we are not qualified to give financial advi9ce or advice on insurance matters but to our minds mortgage insurance is pretty much the same as mortgage protection in that if you take out a policy for it you would be covered should you lose your job - read the policy small print first though to find out how long you would have to wait before payments in your favour commenced.
Strangely, many people think they will never become unemployed, or at least, if that did happen they would be able to find re-employment in a jiffy, and so they regard mortgage insurance as an unnecessary overhead which they would never need.
Similarly, propably the same group, think that they are immortal, indestructable and "it will never happen to them", but sadly "it" can and does. They are no less likely to fall ill or have a serious accident than anyone else, and if they have not taken out the all important mortgage insurance then they could end up in trouble with their loan provider - to the extent where their home is at serious risk.
We may have just climbed out of a recession, and the thinking is that we may yet enter into a second one, but the fact remains that houses are still enormously expensive, and so it follows that the mortgages to purchase them are similarly high.
That being the case, wouldn't you be just a tad concerned if you and your partner had a sky high mortgage which was not protected up to the hilt? Would the fact that you had this large mortgage be a constant worry if there was no insurance in place in case the worst happened?
It need not be hugely expensive though because if you were to opt for the best mortgage insurance policy then your monthly premiums will be relatively modest but your peace of mind it would give you would be immense.