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First-time buyers urged to take mortgage life insurance

First-time buyers who are purchasing a property with a partner should consider taking out mortgage life insurance when obtaining a loan for the investment.

An increasing number of first-time buyers are inquiring about whether this is the best time to make a move, according to Tim Wilson, a mortgage broker at lovemoney.com.

The expert has offered advice to those making their first move on to the property ladder, recommending mortgage life insurance, which will prevent a partner from being plunged in debt in the event of death.

According to Mr Wilson, failing to have this cover could leave a partner facing "100 per cent of the mortgage payments should the worst happen to you".

He wrote that if the partner "is then unable to afford the mortgage alone, the home will then be repossessed by the mortgage lender at the worst possible time".

Obtaining life insurance is now more affordable, added the expert, who explained that with around £15 a month, a consumer leading a healthy lifestyle can get covered for £200,000 over a 25-year period.

Other life protection products worth considering include critical illness, income protection insurance and accident, sickness and unemployment cover.

 

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