Finance Articles

Be Wary Of Where You Buy Your Mortgage Payment Protection Insurance

Mortgage payment protection insurance (MPPI) can give a lifeline to those who have monthly mortgage repayments to make and fear they could lose their income. If you should become unemployed, such as by redundancy, or were to have an accident or get ill and be unable to attend your job, you could be left struggling. Not being able to find the money each month to continue making your mortgage repayments could mean you lose your home.

Homeowners who rely on the state stepping in and providing an income could be in for a shock. In order to be able to get help you have to fit certain criteria, and this usually means you have to be claiming income support. Even if you do receive help, the state support provided only goes towards the interest part of your mortgage. In the majority of cases you could also be waiting a long period before seeing any money. If you want peace of mind and security, and providing a policy is suitable, then taking out a protection policy to cover your mortgage payments could be a better choice.

Cover can be expensive depending on where you choose to take out a policy. Mortgage protection is offered when taking out the loan at the time of borrowing but this is not the only option you have. You can make the choice to buy a policy independently, from a standalone provider. Buying cover for your mortgage this way can save you around 40% in comparison to the quote offered by the high street lender. It is also important to realise that the borrowing is not dependent on you taking the cover a high street lender offers. While some lenders might ask that you protect the money you are borrowing, you do have the option of choosing who to take that protection with.

A policy that is bought from an independent specialist provider would kick in after the policy holder had been unable to work for between 30 to 90 days. It would then continue to provide you with a tax-free income for between 12 to 24 months. However, a policy is not suitable for all. There are circumstances that could mean the protection would not be suitable. For example, if you only work in a part-time position as opposed to full time you would not be eligible. In addition, if you are retired, suffer from an ongoing illness or work for yourself then a policy might not be suitable. These are just some of the exclusions that can frequently be found in mortgage insurance cover and providers can add in others. This means that checking the terms and conditions of a policy is essential before taking out the policy.

An ethical specialist will make you fully aware that certain conditions exist. They will show you in plain English what you will get out of their mortgage payment protection insurance policy, while also making you aware of how much the cover would cost in total. The premium quoted will be based on your age and the amount of your monthly mortgage repayments. High street lenders sometimes work out how much the insurance would cost and then add it onto the cost of the loan, and then add interest onto the whole amount. An independent provider will not only help you to make savings, but will also give you the vital information needed to make an informed decision regarding suitability.

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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