Cheap mortgage cover can still be a worthwhile purchase
- 1ST NOVEMBER 2007
Despite the bad name that has surrounded the payment protection insurance (PPI) sector of which mortgage payment protection insurance (MPPI) is one, cheap mortgage cover can still be a worthwhile purchase providing you have bought it correctly. Just as with anything you buy it is essential to know what the product is actually capable of doing and what the pros and cons of it are and you can only do this if you get good honest advice.
However when it comes to getting advice on cheap mortgage cover it can be harder than you might think, the product is well known to be confusing and hard to understand for the majority of consumers and consumers don’t understand their options when it comes to buying cover, with the majority taking it from high street lenders alongside their mortgages. It is important to realise that you do have the option of taking out the cover from a standalone ethical provider such as British Insurance, an ethical specialist will not only save you up to 40% on your policy but will also ensure that you have the essential information needed to make an informed decision regarding the product.
Cheap mortgage cover could make the difference between you losing the roof over your head or keeping it providing you have read the small print of a policy and the key facts. There are exclusions in all policies which could mean that you wouldn’t be eligible to make a claim and so the product would be useless, some of the most common to all policies include working only part time, having an ongoing illness at the time of taking out policy, being or retirement age or if you are self-employed. British Insurance makes sure you understand these by giving you the key facts in plain English and makes understanding the quote for the cover easy so you know just how much the cover will cost.
Cheap mortgage cover from ethical standalone specialist British Insurance would begin to pay out a tax free income with which you can carry on paying your monthly mortgage repayments once you have been out of work for 30 days or more and would then continue for up to 12 months. However some providers ask that you are out of work for anywhere up to 90 days and can continue paying out for up to 24 months, so it is essential to check out the terms and conditions in the policy before buying.
It is essential that you stick with the specialists in payment protection because it has been revealed that despite the investigation into the sector by the Financial Services Authority which is still ongoing and which started back in 2005, they are still having reported cases of over 4,000 policies being mis-sold this year. Some changes for the better have been seen but clearly firms are still not making the product clear at the time of selling and it is hoped that in March 2008 with the introduction of comparison tables the product will be made easier to understand and buy.
The table will feature a series of questions which will allow the consumer to decide which product is suitable for their needs and will tell them how much it will cost and remind them of the exclusions. From here the consumer can then refine them and decide which is in their best interest for now stick with an ethical specialist such as British Insurance if you want cheap mortgage cover that you can rely on.
