Cheap mortgage insurance has to be bought with care
- 1ST NOVEMBER 2007
Cheap mortgage insurance could help to save the roof over your head but you do have to make sure that a policy would be suitable for your needs before you buy it as they are not suitable for all individuals. There are reasons which could stop you from making a claim and these are laid out in the exclusions in the small print of a policy and it is essential that you read them, some of the most common include only working part time, being of retirement age, self-employed or if you suffer from an illness when taking out the policy.
Providing that a policy would be suitable for your circumstances then it can give you the money each month which would ensure that the monthly mortgage repayments can be made which gives you peace of mind and the security that you would be at risk of losing your home if you should come off work after suffering from an accident, suffering an illness which meant you couldn’t work or if you were to be made unemployed.
Quotes for the cover can be confusing and this is why if you want cheap mortgage insurance you have to go to a specialist for the policy, an ethical payment protection specialist such as British Insurance will make sure that you understand exactly what the quote for the cover costs. Buying mortgage cover from such as British Insurance can save you around 40% in comparison to the quotes given by the high street lender who are notorious for charging high premiums for the cover but supplying policies which are inferior to the cover sold by specialists in payment protection.
A cheap mortgage insurance policy from British Insurance would begin to provide you with the income needed to keep your head above water once you had been out of work for 30 days, however some policies wont payout for anywhere between this and the 90th day. Policies payout a tax free income from here until between 12 months and 24 months of being out of work continually depending on the provider you choose to go with, with British Insurance a policy provides essential cover for up to 12 months. Cheap mortgage insurance can be a lifeline when bought with your circumstances in mind and providing you have shopped around for the cover, quotes do vary greatly and you can save yourself a lot of money over the term of your mortgage as even the cheapest cover can add up.
Never be tempted into taking out the cover offered alongside the mortgage with the high street lender, the premiums charged for the cover are notoriously high and very little information is often given by the majority of high street lenders. This is usually down to a lack of experience regarding payment protection insurance. Poor selling techniques and a lack of information led to mis-selling of payment protection insurance policies which was highlighted in 2005 when the Office of Fair Trading received a super complaint from the Citizens Advice and the Financial Services Authority began an investigation.
Cheap mortgage insurance can be worthwhile despite the bad name the cover as earned as part of the payment protection scandal providing you shop around for the cover and stick with an ethical specialist such as British Insurance to make sure you get all the information regarding the product before you buy.
