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12 Jul 2020

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Mortgage insurance ideal for first-time buyers

Improved mortgage availability is bringing confidence back into the property market and encouraging first-time buyers to obtain house purchase loans and mortgage insurance cover.

The latest figures from Halifax have revealed that house prices increased by 1.1 per cent in July, which complements earlier data released by the Nationwide Building Society.

According to broker Mortgageforce, an increasing number of first-time buyers are now purchasing property and they made up 20 per cent of its mortgage applications in July, up from nine per cent in June.

Commenting on the development, the broker's technical manager Katie Tucker said that "stable house prices and the availability of higher loan-to-value mortgages" are responsible for the increasing numbers.

Those qualifying for these loans are advised to ensure they put in place mortgage life insurance to guarantee the mortgage's repayment even if they pass away, which can prevent dependants from being burdened with debt.

Other financial protection measures worth considering include income protection insurance and accident, sickness and unemployment cover.

The policies can come in handy in case of redundancy by providing a vital source of income that will ensure any debts or bills continue being catered for.

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Mortgage insurance ideal for first-time buyers