Mortgage payment protection: preserving your home
- 24TH JUNE 2007
Buying your own home has always been a massive investment, but none more so than it is today. Sky rocketing house prices and an increased cost of living have made it almost impossible to get onto the property ladder for the first time, so individuals that do manage to get on it should do everything they can to stay on it.
What would happen to you if you could not afford to pay your mortgage? No mortgage company would allow you to stay there free of charge so you would stand to lose everything, even if you were unemployed or ill through no fault of your own. In these circumstances mortgage payment protection insurance would actually be able to help you out. It acts as a safety net to ensure that you always have the ability to make repayments on your mortgage and related costs for up to twelve months.
However, new homeowners may baulk at the idea of taking out mortgage payment protection insurance as a result of the controversy surrounding all things payment protection insurance at the moment as well as the astronomical costs you actually have to pay in order to obtain the peace of mind that it offers.
There is an answer to these problems though, but few people know about it because of their lack of knowledge on the subject in general. Nobody is obliged to purchase mortgage payment protection insurance through his or her mortgage lender. You are at liberty to go elsewhere, and standalone policies actually offer better value for money.
For example, payment protection specialist British Insurance offers a comprehensive policy to cover your home at up to 40% lower premiums and will actually listen to all of your wants and needs.
They will attempt to find a policy suitable for you with none of the exclusions that may prevent you from keeping your home further down the line. That is exactly the type of protection that everybody both wants and needs.
