UK Landlord Forum / Life

Does a life insurance go along with every development you do, does the Mortgage company demand an insurance * just incase*.
I have 3 life insurances and buying another place means another policy, is there away round it how many life insurances have you got, one for each development !

Are you definately buying that place?

Yeah, I think you need a new policy per mortgage! But don't quote me on that. I think V might know more!

I know the answer just woundered what you guys do did are doing, yes i am looking into the flat.  No mortgage company as far as i know will mortgage without an insurance, BUT i wounder if you can proove that one insurance would cover all that would be ok.,

Lets say if you where covered for 1 million on death and you had 4 mortgages totaling 700k why would you need an insurance on the four mortgages.  I can only assume the lender wouldnt go for it as they are not in control of the loan repayment if something did happen even if they had it in writing

How much do you pay for your life insurance?

Heaps not sure of totals but its around 230 a month

Is that included in your monthly mortgage payments?

No, differant companys

Mine is included with my mortgage lender.
Is it cheaper going with external companies? I've never looked into life insurance, to be honest!

230 a month on life insurance?

Holy schmoly

Unfortunately I don't know the answer on this one as I only have one mortgage right now. HSBC didn't make me take out a policy as I'm already covered (once at least) through my work policy. Not sure exactly how much it (I'd check but I'd have to log into the dodgy HR system, which locks me out whenever it feels grumpy then I have to re-request a postal PIN number) is but its something pretty small ... like, under £30 a month. Comes out of my salary before I get it.


V

PS. Am actually quite surprised that you need life insurance ... don't think my parents have ever had it and they've had a mortgage for a long time.

Yeah, £230 p/m seems excessive.

I'm not entirely sure about life insurance. I'll see what I can dig out.

I didn't even check to see how much my lenders are charging me for life insurance =/

Something we all need to look at guys.