Articles & News About Mortgage Loans

Protect The Roof Over Your Head With Mortgage Payment Protection Insurance

If you were to suffer from an accident or became ill then you could be left struggling when it came to maintaining your mortgage. The same would happen if through no circumstances of your own you were to become unemployed. Mortgage payment protection insurance could give you the income needed to ensure you would be able to keep the roof over your head.

A mortgage payment protection insurance policy can be taken out at the time of borrowing. However, by adding cover onto the mortgage with the high street lender you could be paying well over the odds. High street lenders are known to charge high premiums and a standalone specialist can knock hundreds off what could be a lifeline. Getting several quotes is essential as even with independent providers the cost of a policy will vary. The information that is given varies too. However, by going with a standalone specialist you are sure of getting the key facts. The key facts can contain exclusions and the terms and conditions of the policy, such as when it would begin and end.

Usually a policy would begin anywhere between the 30th and 90th days of losing your job or of becoming unable to work. It would then continue to provide security and peace of mind for between 12 and 24 months. Some providers will also backdate their policies to the first day of the individual being unfit for work or of becoming unemployed.

Mortgage payment protection insurance should seriously be considered as a safety net. With the number of repossessions on the increase and more first time buyers taking on huge mortgages, protecting the borrowing is essential. If you were to get behind on your mortgage repayments by just a couple of months, the lender could start to seek repossession. This is even more likely if you cannot prove to the lender that you would be able to catch up. While at the same time carry on maintaining the repayments.

If you, like many homeowners believe that the State would provide help, you could be in for a shock. Help can be given by them but you have to be eligible to claim income support before your claim would even be considered. Even then, if you have any savings over a certain amount you would be expected to use these. In addition, if you have a partner living with you that works full time then you would not be eligible. If your mortgage were taken out after October 1995 then you would be expected to wait nine months before receiving help. The benefit you did receive would then only be for the interest part of the mortgage up to the first ?100,000.

Mortgage payment protection insurance can provide a lifeline and in a world where nothing can be classed as certain this is essential. To get the best quality product for your circumstances getting quotes and buying with a specialist is imperative. A specialist is able to back up the products they sell with knowledge about those products. As they specialise in them the staff selling the products are well trained and this helps greatly to ensure that the individual buys a policy that is suitable for their needs.

Simon Burgess is Managing Director of the award-winning British Insurance, a specialist provider of mortgage payment protection insurance, income protection and loan protection insurance.

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