First time buyers are a rare breed in these current times. But do first time buyers need mortgage payment insurance?
The answer to this question is very much a personal one but first time buyers are generally more stretched financially than existing homeowners. After all they not only need to purchase the property, they need to pay the fees and also buy furnishings and white goods etc.. Additional funds such as savings to fall back on in hard times will have been spent.
For this reason it would make sense to consider mortgage payment insurance. Mortgage payment insurance will provide a tax free amount of money each month in the event of accident, sickness or unemployment. This money will help to pay the mortgage and other mortgage related insurance until employment is restored. Mortgage payment protection insurance or MPPI need not be expensive. Shop around for the best price and the best cover. Buying morgage insurance from a lender tends to be more expensive than purchasing an independent MPPI policy.
We offer mortgage payment insurance from British Insurance which has a 5 star Defaqto rating for quality of cover and prices. To view this policy please follow the link here: http://enhancedwealth.co.uk/asu/mppi/index.htm