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Get cheaper household insurance - You can greatly reduce your outgoings by looking around for buildings and contents insurance for good mortgage advice in the uk. It may seem easier to buy from your lender, but search the market and you will very likely save money. Private UK home mortgages Insurance (PMI): If you were to take out an 80% first home mortgage and a 10 or 15% 2nd mortgage, you do not need to pay private mortgage UK insurance. PMI is required if you have less than a 20% deposit.

If your initial uk home mortgage required PMI and your new mortgage will be 80% or less than the value, you can very likely drop your PMI coverage altogether. If you reach 20% equity in your home, you can save more by asking your lender to drop PMI. This is good mortgage advice in the UK. These are usually charged on loans of 90% to full value. A MIG is a one-off payment made to the lender that protects them should you fail to keep up your repayments and your home is repossessed.