Mortgage insurance costs

[The Tilleys]

We have a mortgage offer from Cajamurcia (the builders mortgage)and we have just been informed we need to pay an extra 890 Euro per person for Mortgage Protection Insurance. We are uncertain what this is and if we need to have it. If we do have to have this insurance can we buy it from a 3rd party?

Has anybody had to pay this amount as we are relatively young (44) and it seems to be an extraordinary amount for insurance cover

[Jackie and David]

Hi Both

We were told that that the mortgage protection Insurance is the same as life insurance and that our premium for this year would be 1965.00 euros and this is only on my life. We refused to pay this amount and after a great deal of discussion with the mortgage people and the bank  (Cajamurcia) it was then agreed that we could insure from this end. The premium is now less than £500 per annum so it well worth sticking to your guns if you can.
Hope this helps
Jackie & David