Has mortgage payment insurance helped to see a 1% drop in repossessions?
- 13TH NOVEMBER 2007
While faith has somewhat declined in mortgage insurance the first signs that faith in the product might be returning is the fact that in the third quarter of this year industry figures show that mortgage repossession orders are down by 1% when compared to the same time last year. While not a huge figure it is a great sign and mortgage payment insurance could have been the reason behind the drop.
Mortgage payment insurance can be taken out for fixed premiums each month based on your age and how much your monthly mortgage repayments are. Providing you have shopped around for your quote with a standalone specialist such as the ethical British Insurance you can get valuable financial protection in the event of you becoming unable to work.
If you were to come out of work due to suffering from an accident, sickness or unemployment then the cover could pay you from the 31st day with British Insurance (back dated to day of the claim) and continue giving you a tax free income so you can keep the roof over your head for up to 12 months. Some providers payout for up to 24 months but can ask that you are out of work for anything up to 90 days before the cover commences.
When choosing mortgage payment protection insurance do be aware of exclusions which could render your policy useless. Some of the exclusions which are common to policies include if you are only working part time, suffer an ongoing illness, are self-employed or retired and these can be found in the small print of a policy which British Insurance makes available to you in wording you can understand.
Mortgage payment insurance can help to save the roof over our head by ensuring that you would have the money to continue meeting your mortgage repayments and essential outgoings but it has to be given some thought and you should shop around in order to get the right cover for your circumstances.
