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Mortgage holders should consider life insurance

As the mortgage lending market continues to fluctuate, consumers thinking of buying a property or those already paying back may want to consider taking out life insurance, especially if in a joint arrangement.

New data from the Council of Mortgage Lenders (CML) show that lending totalled an estimated £10.3 billion in May as consumers took out loans to purchase houses, although the figure is two per cent down on the previous month.

In light of the recent volatile economic performance, it would be wise for those getting their loans approved jointly with a spouse, partner or friend to put in place measures to ensure their share is paid even if they pass away.

This can be done through getting the right amount of life insurance, which would ensure a spouse or the other half is not pursued for the entire debt in the event of death, according to personal finance experts from BeatThatQuote.com.

Commenting on the figures above, CML economist Paul Samter warned of the weak labour market, which will affect the performance of lending.

The continuously mounting redundancies, as highlighted by recent data from the Office for National Statistics, underscore the need for mortgage holders to consider putting in place mechanisms to guarantee their payments.

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