Finance Articles

Cheap Mortgage Cover Could Save Your Home If You Become Unable To Work

If you should find yourself unable to work if due to long term illness, having an accident which incapacitated you or becoming unemployed, there is no doubt that you would suffer financially and that is why cheap mortgage cover proves invaluable. Finding the money to continue meeting your repayments each month for your mortgage could leave you struggling. The little money you had saved would soon disappear and an already stressful situation would be made worse. Relying on the State could be a big mistake, as the help they do offer if you qualify for it, is often not enough to cover your mortgage repayments. Even if you do qualify you will have to wait until you have been incapable of working for months before you can claim.

Mortgage payment protection insurance can work out better providing you have checked the terms and conditions. There are certain reasons why an individual might not be eligible for a policy but a standalone provider will give you the information needed to determine this. It is the exclusions which can stop cover working for you. For instance if you only work part time, suffer an ongoing illness, are of retirement age or are classed as self-employed then you would have to think twice before taking out a policy.

For those individuals who could benefit from taking out protection then getting quotes for cheap mortgage cover is essential. A policy can be taken at the same time as taking the borrowing but usually this will cost a lot more and can in fact almost double the amount you are paying on a loan. The cheapest premiums can be found with those who sell payment protection independently. Another bonus with buying your payment protection this way is that you will get the vital information needed so you can match you circumstances against the exclusions.

It is the exclusions that cause the majority of problems that have been associated with payment protection, or rather the lack of information given regarding them. In 2005 the Office of Fair Trading received a super complaint from the Citizens Advice. This sparked a huge and still ongoing investigation into the sector which has resulted in several firms receiving fines. One of the latest was a mortgage firm whose Chief Executive also received a personal fine. This has done nothing to reinstate the faith lost in those selling protection cover but buying from a specialist provider is safer.

An independent provider will back up the cheap mortgage cover they sell with experience in selling protection products. They are more ethical than the high street lenders and usually put the consumer ahead of huge profits. High street lenders on the other hand only sell cover alongside other products they sell such as a loan or credit card and very often those selling cover have had very little training in selling payment protection products. A quality policy would provide for you between 31 and 90 days of being incapacitated and continue for between 12 and 24 months if you should need it.

Simon Burgess is Managing Director of the award-winning British Insurance (http://www.britishinsurance.com), a specialist provider of low cost income payment protection insurance (PPI), mortgage payment protection insurance (MPPI) and loan payment protection insurance.

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