Insurance Requirements

There are various insurance options required when taking out a mortgage. Some are mandatory and some are optional, we outline these for you below:


Life Assurance

This would pay off the mortgage debt if you or a partner were to unfortunately die within the term.  This can relieve the financial burden of the remaining partner to pay the mortgage with only the one income for example.  This is especially important if you have children. 

Critical Illness

Of the many claims we get each year most are for some form of critical illness, this is where you have contracted a serious illness but did not die.  Most insurers cover up to 40 critical illnesses, details of which can be provided upon request.

Most people survive the illness and often return to work, but the debt is repaid regardless, you do not have to give the cash back if you make a full recovery.  However, many people have an illness where they cannot return to work and are ill long term such as MS or Motor Neurone Disease and they at least don’t have to worry about paying a mortgage.  This is the great benefit of the critical illness cover and why it costs extra as insurance companies pay out to customers are higher than on life only policies.

Ask yourself the question if you or your partner were to have a stroke, heart attack or contract cancer for example – would you be able to survive financially?

Buildings & Contents

Buildings insurance on Residential and Buy to Let properties is a mandatory requirement from all lenders.  The lender will normally offer this themselves however it is usually overpriced and we can provide a much more competitive quote from the market.

Contents Insurance can be added to the buildings cover for an extra premium.  Not all insurance is the same and we would review the policy offered to ensure it meets your requirements as oppose to an off the peg internet purchase.