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Mortgage Decreasing Term Assurance

Mortgage Decreasing Term Assurance, brought to you by Nationwide and provided by Legal & General, could provide your loved ones with a cash lump sum to help pay off your mortgage if you die within the term of the plan.

  • the amount of cover reduces roughly in line with your outstanding repayment mortgage over a number of years
  • the plan is designed to be the most economical way to help protect a repayment mortgage

The graph below illustrates how the level of cover differs over time depending on whether you take level or decreasing cover:

Graph illustrates how the level of cover differs over time on whether you take level or decreasing cover

In some circumstances the level of cover may not be enough to pay off your mortgage payments in full. For example, if your mortgage payments have not been adjusted to take into account interest rate changes, or if mortgage interest rates average over 10% during the term you have chosen for cover.

It can be a great way to help protect your loved ones' financial future, with cover starting from just £6 per month (actual premiums will depend on your individual circumstances). Once your cover starts, your premiums are guaranteed never to go up (unless you increase the amount of your cover).