Your personal finance questions – I have loan approval but can I shop around for mortgage protection cover?
Plus, the importance of booking travel insurance early, and maintenance charges for current accounts
If you are taking out a mortgage you need to take out a mortgage protection policy that covers the term and value of your mortgage. Photo: Getty
Q I have received mortgage approval and hope to be in a position to draw down my first mortgage as we have put a bid on a house recently. I understand that I will need to take out a mortgage protection policy and am wondering if I can shop around for this?
A You are correct in that anyone taking out a mortgage is obliged to take out a mortgage protection policy that covers both the term and value of your mortgage, said Siocha Costello of Aviva Life and Pensions. The policy pays off your mortgage in full if you die before it has been fully repaid.
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