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Mortgage Insurance

As you move through school, into adult life, it is likely that the largest investment you will make will probably be your home. Whether you choose to move up the property ladder when the time is right, or retain the same home until the mortgage is paid off, it can be very stressful. While you will always have your property to fall back when times are hard and you are unable to keep up your mortgage payments, sometimes this may not be enough.

After the 1987 stock market crash the world wide property market came under severe pressure with many property values plummeting after years of substantial rises. As the economy ground to a halt the rate of unemployment increased and more and more people began to default on their mortgage payments. This in turn led to a major increase in property repossessions and the number of fire sales to realise as much capital as possible to go against any outstanding mortgages.

While for many the sale of their property should have covered their outstanding mortgage, this was not the situation for everyone. More and more lenders were calling on the home owners to cover additional debts even after the sale of the property, which forced many into severe financial situations. It has now become common place for the lender to arrange a mortgage insurance to go with the mortgage. This ensures that any additional debt, even after the property has been sold, is repaid by the insurer.

Originally introduced to protect the lenders, mortgage insurances can also help to ensure that the original home owner is not left with a large legacy of debt which could take years to pay off.

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