Mortgage Payment Protection

A mortgage is the probably the biggest single financial commitment that you will ever make so it makes sense to protect your mortgage to ensure that the payments can be met even if your financial position changes. If you are starting out with a new mortgage you may be considering some form of mortgage payment protection so that your mortgage repayments are covered if you fell ill or lost your job.

We have a wide range of low cost insurance options to protect your mortgage payments that are likely to suit your budget. We are able offer that financial peace of mind and practical advice that will let you sleep at night should you lose your job through no fault of your own.

You may think that you would be covered by some sort of State benefits in the UK if you lose your job and need to pay your mortgage but these will only start to be paid after an initial waiting period and as long as you have met certain other criteria - for example:

you won’t qualify if you have savings of more than £8,000
you won’t qualify if you have a joint mortgage and only one of you loses your income
If you took out your mortgage (or re-mortgaged) after October 1995 you may only qualify for help nine months after you become unemployed
payments will only cover the ‘interest’ part of the mortgage and will not cover any repayments of the capital
there is a limit on the amount of mortgage that qualifies.

Mortgage payment protection provides a useful safety net to the state benefit system and could even be the difference between you keeping your home or losing it in the event of unemployment or illness.

According to Government statistics, there were 142,000 people made redundant in the UK between October 2005 and December 2005 - and it is expected that the rate of redundancies will increase. There were also, on estimated 1.491 million people claiming unemployment benefit during the same time. taking out mortgage payment cover could have helped many of these people, and their families, through what can be financially a very difficult time.

Why use us for Mortgage Payment Protection?

We are a professional insurance brokerage who are authorised and specialise in protection insurances such as mortgage payment cover for home buyers in the UK.

Unlike many building societies and banks we are not tied to any one insurance company and our staff are fully trained and are authorised to give advice to our clients about mortgage repayment protection insurance from many different insurance companies.. This means that not only will you get what is possibly the cheapest mortgage payment protection available anywhere in the UK (certainly cheaper than that provided by banks and building societies), but we will also make sure that you get the the cover that best matches your needs and we are more than happy to answer any questions about the policy that you may have.

As a specialist company, we have the ability to search the market place for the best mortgage payment protection for you at the lowest possible price in the UK with premiums starting at less than £3 per £100 of monthly cover. You can be reassured that our service is free to you, the customer at all times, and we are even sometimes able to offer discounts on the policies provided by the leading income protection insurance companies in the UK.

Mortgage payment protection insurances can normally be arranged if you are :-

over 18 and under 65 years of age
either applying for or have a residential mortgage that is not in arrears
in full time employment or are self employed and have been for at least the last 6 months
working and living in the United Kingdom, the Channel Islands or the Isle or Man.

We define employment as being in paid work for 16 hours or more a week; as a permanent member of staff on an open-ended contract; or as a member of staff on a fixed term contract; or as a self-employed person. If you are on statutory maternity or parental leave you’ll still be treated as being in employment.

You may also be eligible for continued cover if, when you took out the cover you worked and lived in the United Kingdom, the Channel Islands or the Isle or Man and you are then subsequently posted to work outside the United Kingdom, the Channel Islands or the Isle or Man for either :

the British Armed Forces or as a civil servant in the British Embassy or Consulate; or
your employer is a United Kingdom registered company and you are assigned to work within the European Union.

You should note that this type of cover is not designed as any form of savings scheme, the premiums that you pay are used to provide the cover for your mortgage payments and if you do not make a claim there is no return of any money. You should also be aware that this site is intended for UK residents only.

CLICK HERE TO CONTINUE

Mortgage Payment Protection