Business, Legal & Accounting Glossary
Your mortgage lender may insist on certain insurance products being taken out before granting you a mortgage.
Lenders used to stipulate life insurance as a requirement but no longer do so (although you would be well advised to ensure that you have enough to cover the cost of your mortgage rather than leaving your dependants potentially homeless in the event of your death).
Lenders do, however, still insist on buildings insurance. Remember, while you are paying the mortgage they have an interest in the property and want their asset to be protected.
You may also find that lenders offering capped, discounted and fixed-rate products may require you to take out accident, sickness and unemployment cover before mortgage monies are released.
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This glossary post was last updated: 15th February, 2020 | 1 Views.