A mortgage is likely to be the biggest financial commitment of your life and your highest monthly outgoing, so it’s a good idea to take out insurance. If you suddenly become unwell or lose your job, you’ll still need to make mortgage payments.
While lenders are sometimes able to offer payment holidays if you’ve previously made overpayments, this is short term relief. Mortgage insurance covers the cost of your mortgage during periods of financial uncertainty, taking the stress out of an already stressful time. You can choose either a specific mortgage policy or general income protection to provide you with the cover needed.