Do I need it?

Lenders Mortgage Insurance is a one-off, non-refundable premium that protects your lender from financial loss if you are unable to make the repayments.

It it important to note that Lenders Insurance protects the lender, not you as the borrower.

Banks will require you to have Mortgage Insurance if their is a high risk associated with your loan. If your deposit is less than 20% then you will usually need to take out LMI.

How much is Lenders’ Mortgage Insurance?

We can help calculate this for you, as it depends on your personal circumstances. Such as, your lender, the purchase price of the property and the size of your deposit.

 

 

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