Life insurance

[moggiek]

Although obviously it's advisable, will I be able to take out a repayment mortgage without it?

I don't know.
But if you have any children/ dependants... then my first priority has been to always pay my life insurance.

Yes you can but you would be mad to be without it if you have any dependants.

Yes.

you definitely can take out a repayment mortgage without it, though we have taken it out even though we don't have children because i would hate either of us to lose our home if the other had died

I agree with all the pp. you can take a mortgage out without life ins, but if you have dependants, I don't know that it would be worth the risk. (It Isnt worth it for us, we have just upped our cover to include critical illness). You can get them reasonably cheaply if you shop around on the web I think (although ours is through one of the bigger companies).

Yes - it took 2 years for my H to get cover sorted out after our recent move (health issues) but we obviously got the mortgage to move.

If you're buying by yourself, if you die before the mortgage is repaid, the bank could repossess the property to sell to clear the mortgage, or may take other assets (car savings etc) to get their money back. If you're buying with someone else, they become liable for ALL of the mortgage by themselves (and presumably with only 1 income coming in). Again, if they can't maintain the mortgage on that basis, the bank will repossess.

So as everyone else has said, the answer is yes although its a huge risk.

Thanks to you all. I am in the process of purchasing life insurance, but owing to previous surgery, this will probably take a few weeks. I was worried in case it would delay the mortgage offer.