Cheap mortgage protection is still being seen negatively
- 2ND DECEMBER 2007
With the ongoing investigation into the payment protection sector by the Financial Services Authority (FSA) and Competition Commission, mortgage payment protection insurance (MPPI) is suffering and being viewed negatively. This is leaving many homeowners without any protection if they were to become out of work after suffering from an accident, sickness or unemployment. However, when bought from a specialist standalone provider such as British Insurance, cheap mortgage protection can put in place a financial safety net that will help to save your home if you cannot keep up with the repayments on your mortgage due to becoming unable to work.
Mortgage payment protection insurance can give you a tax free income which you can then use to carry on meeting your repayments but you have to first make sure that it would be suitable for your circumstances. There are exclusions in all policies which could mean it might not be suitable. These typically include being of retirement age, suffering an illness or being in part time employment but there can be others.
Providing you understand the cheap mortgage protection and the exclusions and ensure that it is suitable for your circumstances then it can pay you a tax free lump sum after you have been out of work between the 31st and 90th day after the event. You would continue to receive an income for between 12 and 24 months, depending on the provider, and it can mean the difference between you losing the roof over your head and keeping it.
British Insurance offer cheap mortgage protection policies for up to 40% less than high street lenders and as they are more ethical you can be sure you have access to the key facts needed. It is important that consumers realise it is not the product itself that is to blame for its negative image but those who use sloppy techniques when it comes to selling. Stick with a specialist and you can have peace of mind and an income cheaply.
