House Doctor: My broker suggests I buy a mortgage insurance policy.
Is this a good idea or a waste of money? - The Independent
"Question: I was surprised to hear my mortgage broker suggest I take out mortgage payment protection insurance (MPPI) for our home loan.
He seemed to suggest we'd be better off with lenders: do we have to do this? As a first-time buyer, our loan-to-value (LTV) is a reasonable 80 per cent. Is it a good thing to buy? It's not cheap, at nearly £35 a month. Any advice greatly appreciated. Jonny Fettes, Lancashire
Answer: Any salesman who tosses in "for peace of mind..." during a financial pitch is often halfway to a swift insurance sale.
Throw it into conversation when buying a house – the biggest financial commitment for most people – and nervous borrowers can be forgiven for asking where they sign. ..."
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