I'm about to purchase a house with mortgage of 200k. I have no dependants and a life insurance policy to value of 185k. My mortgage term is 15 years as I'm 51, I also have another home mortgage paid off which I intend to keep worth 160k.
My concern is that the bank won't accept my life insurance as mortgage protection as its not the full amount I need to borrow and that I might not get mortgage protection even though I am cancer free for 10 years.
Would appreciate some advice on this or has anyone had a similar experience.
Thanks.
My concern is that the bank won't accept my life insurance as mortgage protection as its not the full amount I need to borrow and that I might not get mortgage protection even though I am cancer free for 10 years.
Would appreciate some advice on this or has anyone had a similar experience.
Thanks.