MORTGAGE PROTECTION/REPAYMENT INSURANCE

Written By Barry Healy

Introduction

When you get a mortgage to buy your home, you need to consider how it will be paid off if you die. You should also consider how you will make your mortgage repayments if your income falls, due to illness, unemployment or other reasons.

There is insurance to cover these situations:

  • Mortgage protection insurance pays off your mortgage in full if you die before the mortgage has been fully paid

  • Mortgage repayment protection covers your repayments for a set amount of time in certain circumstances

You must take out mortgage protection insurance when you get a mortgage, except in certain circumstances, see below. Mortgage repayment protection insurance is usually optional.

Barry Healy
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