Mortgage cover and its bad reputation
- 14TH NOVEMBER 2007
Mortgage cover has earned itself a bad reputation along with the rest of the payment protection insurance (PPI) sector and one of the problems which has surrounded it has been the high premiums that can be charged for the cover. This is especially so when the cover is added onto the cost of the mortgage at the time of taking out the borrowing.
While it might seem like the easiest way to buy mortgage cover it is the dearest option and when buying the cover with the high street lender very little information is often given regarding what the cover entails; in particular, the exclusions. Some of the most common exclusions which are typical to most protection insurance policies include being self-employed, if you are retired, suffer from a pre-existing illness at the taking out the policy or if you only work part time.
Once you have determined that mortgage cover would be suitable for your circumstances then shopping around for quotes for the cover is essential. Premiums do vary with the dearest quotes being given by the high street lender and the cheapest with the standalone provider, however premiums can vary between standalone providers and one of the cheapest is British Insurance.
British Insurance can provide a quality product which can save you around 40% when compared to the high street lender and because they specialise in payment protection products you can be sure that they will back up their products with excellent free advice.
Taking out mortgage cover can mean the difference between you losing the roof over your head or keeping it, the State gives very little help if you should come out of work and lose your income which could leave you open to repossession and cause stress and worry at a time when you don’t need it. However always be sure to read the small print of any policy you are considering taking out and especially the exclusions as this is what could mean you would be ineligible to make a claim.
