Mortgages and life assurance

Life assurance is often sold to people who do, not have a house or flat, but who are thinking of getting one later, on the grounds that it will help in getting a mortgage. Although it is true that the existence of a life policy may help, it is a false claim, because it is by no means always so.

Life companies have different criteria when agreeing to a policy on a home. (http://www.moneysavingexpert.com/mortgages/cheaper-life-insurance)

Some 4o not like one kind of property, some may frown on flats, others not like a particular area. In fact, they have just as many prejudices as building societies and you may find that your policy is useless as backing for a mortgage. In such cases, unless you can afford to run two life policies, you will have to cash one in and take out another.

Nevertheless, life assurance taken out at the time you are buying a house is a tax efficient way of making your purchase, and mortgage protection policies have become indispensable for anyone buying a home on mortgage. After a mortgage is completed there is no need for a further life assurance to Protect your property, but it is still important to have an insurance policy to cover the building in case of damage, fire or flooding


Mortgages and life assurance

Payroll Giving
It’s all very easy to organise.
Just ask the Personnel or the Payroll Department at your company and, if they already have a scheme, they will give you the relevant forms.  HM Revenue & Customs’ website has a list of Payroll Giving agencies and explains payroll giving in more detail.

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read on: Mortgages and life assurance - more

Life assurance is often sold to people who do, not have a house or flat, but who are thinking of getting one later, on the grounds that it will help in getting a mortgage. Although it is true that the existence of a life policy may help, it is a false claim, because it is by no means always so.

Life companies have different criteria when agreeing to a policy on a home. (http://www.moneysavingexpert.com/mortgages/cheaper-life-insurance)

Some 4o not like one kind of property, some may frown on flats, others not like a particular area. In fact, they have just as many prejudices... see: Mortgages and life assurance - more