How mortgage payment protection insurance can save your home
- 3RD MAY 2007
Buying your own home is the biggest investment that most people make in their lifetime. Owning the roof over your own head can be extremely satisfying, but how would you feel if that roof was taken away because you couldn’t afford to pay your mortgage?
This is a very real problem that individuals face if they fail to take out mortgage payment protection insurance (MPPI) and then find themselves unable to work as a result of an accident, illness or unforeseen redundancy. Mortgage payment protection insurance is designed to provide a crash mat should a policyholder find him or herself in this situation by covering mortgage repayments plus associated mortgage costs such as buildings insurance, typically for up to twelve months.
The Financial Services Authority investigation into and negative media coverage of the mis-selling of payment protection insurance may have put individuals off. Alternatively, the high pricing of policies may be an unwelcome expense for an overstretched budget.
There are viable answers to both of these dilemmas though. Independent providers of standalone mortgage payment protection insurance are compliant with FSA regulations and ensure that a product meets all of your needs as well as providing this cover at a fraction of the price of policies sold by high street providers.
Independent payment protection provider British Insurance offers high value cover that could save your home but also offers a comprehensive service that is about more than just the policy. They aim to fulfil an individual’s every need and offer a simple claims procedure as well as a lower premium.
Can you really afford not to have that peace of mind?
