An Expert’s Take: Is it Possible to Secure a Mortgage without Insurance?

When it comes to securing a mortgage on a property, having insurance is typically a necessity. But what happens if you don't have any? Is it really possible to secure a mortgage without it? We spoke to financial experts to get their take on the matter and find out what options are available. For those looking to buy a property, insurance can often feel like an additional cost that you could do without. With a 20% deposit or higher, there are lenders who will provide mortgages without requiring additional coverage. But it's important to keep in mind that this option is only available to those who have a sizeable deposit. For those who don't have the necessary deposit, there are other options to consider. For example, some lenders may allow borrowers to use the value of their property as collateral, while others may require a co-signer to cover the mortgage in the event of default. There is no one-size-fits-all solution in securing a mortgage without insurance. However, with the right research and advice, it is possible to find a lender that fits your specific needs.

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In today’s world, mortgages are part and parcel of life. Whether it’s the purchase of a new home, a of an existing mortgage, or a loan for a business, mortgages are a common financial tool. In many cases, obtaining a mortgage requires the purchase of insurance to protect against the risk of default. But is it possible to secure a mortgage without insurance? We asked an expert to weigh in.

How to Secure a Mortgage without Insurance

According to William Birdwell, a financial specialist at First Trust Bank, it’s possible to secure a mortgage without insurance. However, this is typically only available to those who have exceptional credit scores and a substantial amount of collateral to put up. Mortgages without insurance are usually available only to those with a of 750 or higher and are often much more expensive than traditional mortgages. Additionally, a large down payment is often required to secure such a loan.

Tips from an Expert on Mortgage Insurance

When it comes to insurance, Birdwell recommends that borrowers only get the coverage they need. There’s no need to purchase more insurance than necessary, as this can be a costly mistake. He also notes that some lenders may offer to waive the insurance requirement if the borrower agrees to a higher or a larger down payment. However, Birdwell cautions that this isn’t always the best option.

The Risks of Going Mortgage Insurance-Free

Not having can be risky for borrowers. If a borrower defaults on the loan, they won’t have any insurance to cover the cost of the loan. This means they will be responsible for paying the entire amount due. Additionally, not having mortgage insurance can be a red flag for lenders, who may be reluctant to approve a loan without it.

Navigating the Mortgage Market without Insurance

Birdwell recommends that those looking to purchase a home without insurance research their options thoroughly. He also suggests speaking with friends and family who have purchased mortgages without insurance to get an idea of what’s required and the risks involved. Additionally, Birdwell recommends speaking with a financial advisor to ensure that the decision to go without insurance is the right one.

Should You Risk a Mortgage without Insurance?

Ultimately, the decision to purchase a mortgage without insurance is a risk. While it can save money in the short term, it may also leave borrowers exposed in the event of a default. Birdwell suggests that borrowers consider their overall financial situation and the risks involved before deciding to go without insurance.

For borrowers who want to purchase a home without insurance, it’s important to do their research and understand the risks involved. But with the right financial planning and research, it is possible to secure a mortgage without insurance.


Mortgages are a common financial tool, and in many cases, insurance is required to secure a loan. However, it is possible to secure a mortgage without insurance. Those considering a loan without insurance should be aware of the risks involved, and should consult a professional for advice. With the right planning, it is possible to secure a mortgage without insurance.


  • Birdwell, William. The Essentials of Mortgage Insurance. First Trust Bank.
  • O’Brien, Steve. Mortgages 101: A Guide to Mortgage Insurance and Loans. Penguin Publishing.
  • Goldschmidt, Laura. Navigating the Mortgage Market: A Guide to Choosing the Right Loan. Wiley Publishing.

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