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Contents
Shop Around
Only buy cover you need
Make sure it covers you
Beware
insurance 'tie ins'
Beware Non Disclosure penalties
Provided there's no tie in to the mortgage lender you can go directly to an insurance company or via an insurance broker for any of these insurance policies.
As always, shop around. The cost savings and quality of cover vary greatly.
Differences of up to £150 a year on mortgage protection insurance are commonplace. That's £3,750 over a 25 year mortgage term.
Differences of £66 a year on Buildings and Contents Insurance are commonplace. That's £1,650 over a 25 year mortgage term.
Life insurance premiums can vary by £480 a year leading to a difference of £12,000 over a 25 year mortgage term.
Price does not necessarily guarantee quality in the wonderful world of financial products.
Only
buy cover you need
Make sure it covers you
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The first rule with insurance of any type is get only what you need. Not too much and definitely not too little insurance cover.
For example a single person with no dependents does not need life insurance but should consider Permanent Health Insurance.
Recent rules have made it compulsory for lenders who sell life insurance policies with the mortgage to include the cost of it in the headline interest rate.
However because many buyers will just look for the lowest headline rate some lenders are not selling life insurance, but are only recommending it's taken out.
This may seem a good thing but it's leading to less life cover being taken out.
Do make sure you're covered for your needs. If you have dependents actively seek out life insurance and Permanent Health Insurance.
We would say, regardless of your circumstances, consider getting Permanent Health Insurance.
Make sure it covers you
Beware
insurance 'tie ins'
Back to contents of Home Insurance Guide
See full contents of the Home Buyers Guide
Read about How to get a Mortgage
I've read enough for now and want to get a free Quick Mortgage Quote
Another consideration is just because an insurance company has sold you a policy this does not mean you're eligible to claim on it.
To make sure you are covered you can challenge them to confirm in writing that your particular circumstances are covered.
To read more on this subject please see the list below or your mortgage guide or your home buying guide
Read enough? Just want a quote? To get your best mortgage quote quickly and easily we can put you in contact with a recommended mortgage adviser. It's free, completely confidential and there's no obligation at all. Simply fill out the form below
Read on
Household
Insurance
(aka Buildings and Contents Insurance)
Mortgage
Payment Protection Insurance
Life Insurance
Mortgage
Protection Decreasing Term Assurance
Permanent Health Insurance
Critical
Illness Insurance
Mortgage
Indemnity Insurance
About
Insurance 'tie ins" / bundling
Insurance
Tips
Fixed
Rate
Capped
Rate
Discounted
Rate
Interest
only mortgages
Interest
repayment arrangements
Choosing
a Mortgage
Different Mortgage Types
Re
Mortgages
How to Find your Mortgage
Mortgages in Principle
Guide to Buying Home in the UK
Guide to UK Home and Mortgage Insurance
Click
here to see your Latest Best Buy Mortgages
Back to contents of Home Insurance Guide
See full contents of the Home Buyers Guide
Read about How to get a Mortgage
I've read enough for now and want to get a free Quick Mortgage Quote
Browse over 200 Free Mortgage TipsYour Complete Guide to UK Mortgages Find Out How to Win the Race to Buy Your Home - Home Buyers Guide Learn How to Save ££s by Remortgaging Read the Insider Info on Home Insurance Site Help |