Mortgage insurance

Mortgage insurance is needed if you borrow more than a set proportion of the valuation.

The mortgage insurance premium is a once only payment. Mortgage insurance protects the lender if you default on the loan and the property is sold for less than the outstanding loan amount.

You, as the borrower, can take additional insurance such as income protection insurance to cover the mortgage repayment in the event of illness, accident, unemployment or death.

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