How life insurance sold with a mortgage could cost you £7,500 | This is Money
Banks have been accused of selling homebuyers overpriced life insurance when they sign up for a mortgage.
Insurance sold with a £200,000 mortgage can cost up to £300 a year more with some high street banks than insurance bought independently.
This amounts to more than £7,500 extra over a typical 25-year loan.
Basic level life insurance is commonly sold with a mortgage. The borrower pays the same sum every month and the insurer agrees to repay the mortgage if the borrowers dies.
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