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4 Jul 2020

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Mortgage life insurance vital for first-time buyers

First-time buyers keen to get on the property ladder are increasingly considering taking out mortgage life insurance.

The last few months have seen prices decline to levels where many people who had been priced out of the property market now have a fighting chance and a mortgage expert has urged first-time buyers to exploit the opportunity.

According to Siobhan McAleer, founder of the Mortgage Shop, first-time buyers "must see the current economic conditions as an opportunity to get onto the housing ladder", reports the Belfast Telegraph.

"Many people who have been sitting outside the housing market and have been wise enough to save a deposit will, for the first time in five years, be best placed to purchase a property within an affordable price range," she told the publication.

However, it is vital for those taking this important step to put in place financial protection measures such as insurance.

Mortgage life cover is important because it is designed to help pay off a mortgage in the event of a policy holder's death, which ensures that any dependant such as a spouse is not left with a debt.

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Mortgage life insurance vital for first-time buyers