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Vyk | Is there any legal obligation to buy total mortgage protection cover plan with halifax? |
I am borrowing amount X as mortgage with halifax. however i do not want to buy any of their total mortgage protection cover plan which covers critical illness etc etc... i am a young fit gentleman and know perfectly well that i will not be in any financial difficulty in repaying my mortgages, i already have a life insurance cover with halifax and i just want to know if there is any legal obligation that i should as well take the TMPCP. Lets say if i were to contribute £500 on a monthly basis then that amounts to £6,000 yearly which i know i will be paying out for nothing...i want to save this money and then use it as a yearly top-up which makes more sense to me.
Serious answers accepted..many thanks to one and all |
 |
 
free palestine
|
Hi
To give a straight answer you do not need to take up the insurance however the advisor has a legal obligation to discuss this with you and give you at least a indication as to cost, the FSA stipulate this as part of responsible lending procedures.
Your intention to save £500 per month and reduce your mortgage is certainly very responsible however can I suggest that maybe instead of paying this amount yearly instead you pay per month, this is because most lenders now give you an overpayments facility per month of £500 and if you did this you would also save further ££££'s as you will be paying less interest on your mortgage loan.
Finally I would say its worth giving Critical illness cover some serious consideration. What is your situation at the moment.are you single? no dependants? Fit and healthy? If the answer is yes to the above then you are more in need of critical illness cover than Life assurance. Think about it if you were to get ill and couldnt work for a sustained period you would lose what you have worked for over a number of years, in the space of months! How long would it take you to save up for a deposit again? also if your are say in your early to mid 20's and healthy this is time to get the lowest premiums which you can guarentee for the next 20,30,40 years!
If you are single and it come to a choice between life cover and critical illness cover you definatly need to take out critical illness cover.
if you do have dependants then consider takeing out maybe a certain % cover of your mortgage such as 25% of your mortgage so at least if something did happen then you will have time to recover.
Also do not just take what Halifax offer you go to a broker and they can search around for the best deal.
Please seriously consider the above as it shouldnt cost you much to protect yourself most people are surprised by the actual premiums
hope this helps if you have any more queries feel free to email me
Kind regards |
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****
 |
No you dont need to take it. |
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WelshLad
|
There is no legal obligation. |
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tinomarino
|
No you don't. But you will lose your house if the worst happens, but like me sounds like you think your fit enough and prob don't have anyone who relies on you so if the worst happens you''ll get by!
So stuff paying that. |
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Cool Hal
|
No I used to have a mortgage with the Halifax and had no insurance at all.
Not even life cover as I was single - when they asked me who would pay if I died I told them I didn't care I was dead. They went "Oh" and left it there. |
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Cornish Granny
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I stopped paying these protections years ago. If you try to claim for illness or loss of work it's almost impossible to get the money.
Not worth the paper they are written on. |
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miss.motley
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TMPCP is NOT mandatory, don't let them tell you otherwise. It is an option which is highly recommended but you are not legally obliged to take this cover. |
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Kenny
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The rules for mortgage protection changed quite a few years ago. Now you do not need to take any whatsoever. You can get a mortgage nowadays without even having life insurance in place. Good luck and enjoy your new home. |
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