Do I need Life Cover

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paul4765
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Hi, I am new to buy to let, and I am in the process of buying my first BTL house.
I took advice from my mortgage advisor, firstly he said it was a good idea to get mortgage in joint names with wife even though this was a sole venture, which I did.
Then a couple of weeks later when it came to getting the building insurance in place, he said I needed life cover, and because it was in joint names, I would need both of us to be covered, he said it was for the benefit of the tennant etc.
Is all this correct and essential, as it has just cost me, well it will cost me soon 45 per month out of my profit, which I think is a lot. The house cost 54,000, rent is going to be 495 pcm, mortgage is 150 pcm, buildings insurance 18 pcm,life cover for me 9, life cover for wife(smoker) 36.
Many thanks
Paul

14/03/2011 00:00

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