Cheap mortgage insurance could save your home from repossession
- 2ND SEPTEMBER 2007
Despite it earning itself a bad name over the last few years, mortgage insurance could save you from losing your home to repossession if you were to become without an income. One of the many problems associated with mortgage insurance is the high prices that are often charged for the premiums; however cheap mortgage insurance can be found.
Mortgage payment protection insurance - or ASU insurance as it sometimes called - is taken out to ensure that if you were to become out of work through accident, sickness or unemployment then you would still have an income with which to pay your mortgage. Policies start to pay out after you have been out of work typically for 30 days or more and continue to pay out for up to 12 months - in some cases, up to 24 months.
One of the best ways to find cheap mortgage insurance is by going to a standalone provider. Here you not only have the advantage of getting a quality product but also will tend to get much cheaper quotes on the premium. British Insurance are one such provider. Simon Burgess, Managing Director of the company has always been outspoken when it comes down to how the high street lenders “rip-off” the consumer and when you take into consideration that British Insurance can help you save as much as 40% on premiums compared with the high street banks and lenders, then you just have to agree with him.
Getting several quotes is essential if you want cheap mortgage insurance and you must be aware of the many exclusions which could render a policy useless. All policies have exclusions within them and this means that you wouldn’t be eligible to claim, for instance if you are self-employed, retired or only work part time then a policy wouldn’t be in your best interest.
A specialist provider such as British Insurance will ensure that all the information regarding the policy’s key facts is available to you and this ensures that you are able to make an informed decision regarding policies suitability. When buying cheap mortgage insurance this way you know you have a quality product that you can rely on and peace of mind that if you should lose your income you wouldn’t have to struggle to find the mortgage repayments.
