Q: I would like to cover 2 mortgages. One is £1000 (new) and the other is £800 (existing). Is it possible to cover both mortgages under one unemployment insusurance policy? If so, what do I enter when asked new or existing mortgage? The new mortgage does not start until 1 July. Can I still apply for cover for the new mortgage even though it has not started yet?
A: You will be able to cover two mortgages as long as they are with the same lender and on the same property.
When you apply you would state that you are covering an existing mortgage for unemployment insurance as that is your first and main mortgage. However you would have the initial waiting period waived on the new mortgage if you start your new policy within 30 days of your new mortgage completing.