Mortgage protection insurance
Mortgage cover, otherwise known as 'Decreasing Term Insurance' is designed to protect a repayment mortgage. The amount of cover reduces over time in line with the decreasing mortgage.
This type of policy pays out in the event of the death of the borrower or his/her partner, meaning that family can remain in the property without the worry of ongoing mortgage repayments.
This type of insurance is popular amongst expats because of the lower monthly payments, making it easier for British nationals to balance their UK mortgage needs with their international living costs.
Your home is at risk if you do not repay the mortgage or other loans secured upon it.