Bluenose1

When we emigrate, we are keeping our UK house (and mortgage!) and renting it out for a while. Does anyone have experience of arranging life insurance to cover the mortgage - it has to be level cover, as we are NOT on a repayment mortgage? Most of the online quotes I have seen require the insured to be RESIDENT in the UK, although I guess I could try to speak to them to see if they have either expat or worldwide cover. Otherwise, can anyone suggest any alternatives?

PegsC

Why need a life insurance to cover the mortgage? Can it not just be separate? Just need to make sure the proceeds of your insurance is enough to cover your mortgage. In that case, you can buy an insurance in your local country instead of buying an insurance with worldwide cover.

Bluenose1

Thought of that. Mainly because of my age and the amount involved. Would need cover to be in the region of 1M MYR and I've been given a rough quote of around 1500 MYR/month premium, which I think is rather excessive!

bakedbean

This might be a stupid answer but why not sell it and be debt-free? Very nice not to be owing money and will give you a bit more money to spend in Malaysia.

Bluenose1

Not a stupid answer, BB. We did consider it, but risk is still in negative equity. Plan is to rent it out for up to 3 years and see where UK housing market goes in that time. Perhaps sell then, or rent again for further 3 years. Also, useful to still have in case things don't go as planned in Melaka.

bakedbean

Negative equity sucks... OK understood. That's very annoying.