A mortgage is a long-term loan
A mortgage is a long-term loan. It did not take a year or two, but often twenty or thirty years. The lender in most cases give us credit for 95% of the value of your home. The rest we have to pay ourselves. Virtually every bank requires us to purchase life insurance. It provides a protection for the lender in the event of our sudden death. Such policy is also extremely important for the family of the borrower. In the event of our sudden death or serious illness of our loved ones may be left without a roof over their head.
A lot of institutions, although not all, require to purchase, ie. insurance against loss of income. It consists of “payment” substitute tax-free income in the event of incapacity for work due to illness or accident. As a result, in every moment we have confidence that we pay installments incurred by our mortgage and we cover all the necessary current expenses.
Taking a mortgage we must bear in mind that the time for repayment falls theoretically on the half of our lives. The additional options in the form of insurance you choose, the more you can be sure that nothing will threaten us, our family, and our “four walls” that we have to pay for a long time. Although some policies are mandatory, so we can negotiate the terms until the bank will offer us the option that will be for our benefit. It is said, however, that necessarily we have to insure at the lender. The British market is full of insurance companies providing interesting insurances. To find the best offers, you can take advantage of Internet comparison ebsites. Remember, the more services you buy from one insurer, the greater the discount, bonuses and extras you can negotiate.