Is it compulsory to take out a lender’s insurance with my mortgage?
Our mortgage advisers will always try to ensure that there are no hidden surprises or charges when making their recommendations. Any mortgage schemes that insist upon you taking out the lender’s uncompetitive home insurance, etc., will be excluded from our searches.
This includes banks that stipulate you must take out their life insurance and protection cover as part of the deal. Our exclusion of such lenders doesn’t mean you should forego protection, though.
On the contrary. As responsible financial advisers we encourage you to consider life, critical illness and income protection cover. That your mortgage loan is adequately protected is imperative!
Upon request, our protection specialist would be happy to provide a no obligation quote and advice on your protection needs. For an overview of the protection services we offer, please see our insurance guides section.