Property question, exchanged contracts and got a completion date

[Johnnytoxic]

Should be receiving the keys on Friday, is it safe to order carpet and things?

Also, would you recommed having Mortgage protection insurance in case of incapacity to work etc?

The whole process thus far has been a nightmare. The ball started rolling on the 1st May and has only just got sorted out. During the last couple of weeks with it being a reposession property, somebody else put in a higher offer. I had one piece of information outstanding from the apartment management company, and I had to match and raise the offer. £2k more than was initally accepted .

Still a pretty good deal 68.5K for a 2 bed apartment, see others at the moment going for 72k and 75k on the same complex.

 

[Lew]

Congrats

100% on the Mortgage protection insurance I pay about £45 pm for mine

 

[Johnnytoxic]

Congrats

100% on the Mortgage protection insurance I pay about £45 pm for mine

Does that cover if you lose your job or if you break both hands and your job is one of those typists in a courtroom etc?

 

[Lew]

If I die it will pay off the Mortgage and also if I have been off sick for awhile to an injury it will pay my Mortgage for a certain amount of time (not sure on the length of time will have to check)

 

[Spamalot]

I wouldn't pay close to £45pm on a house worth that much. In fact I would't really pay for PPI at all, unless it was very cheap.

 

[Slade2]

as with any insurance make sure you check it is really what you need. You will be amazed the amount of people that believe they are covered but invalidate there own insurance through being stupid. Obviously basic life insurance will probably be a condition of the mortgage but that can be had quite cheap.

 

[the shadow]

http://www.moneysupermarket.com/mortgage-protection/

 

[ince]

Congrats order the carpet

 

[Tingtangmakadingdong]

I think income protection policies are better but with every policy you must read T&Cs

 

[gort]

Do you actually need Mortgage protection insurance?

I decided against it; I have cheap insurance with my job (a few quid a month) where I'd get full wages for 1 year if off sick then half pay for 6 months after that. Also, I don't have dependents, so if I died, it wouldn't matter if the house was paid off or not. It would get sold and the balance would be given to my next of kin.

Not advising against it at all, just don't be pressured. Make sure you get the right policy for you and your current/future status.