J
johneil
Guest
I would appreciate if anybody familiar with my situation could advise; I am in the process of buying an investment property with 3 family members on a 1/4 entitlement basis. The bank have advised us we require mortgage protection cover on the property; purchase price 310k borrowing 270k; I have been told by a friend that this cover is not mandatory or necessary on an investment property as the loan risk is 70k approx per person. Is it possible for each person to subscribe to cover on their own 1/4 share. I do not consider mortgage protection cover in this instance a good use of money over the 20 year lifetime. I would appreciate any comments please!!!