Rising repossession could stop by getting a mortgage protection quote
- 12TH NOVEMBER 2007
With repossessions on the increase you would think that more people would give consideration to looking into mortgage insurance and getting a mortgage protection quote with the view to buy cover in case sometime in the future they should come out of work after suffering from an accident, sickness or through unemployment by such as redundancy.
Faith in mortgage payment protection is at an all time low and sales dropped after the investigation started in 2005 by the Financial Services Authority following a super complaint to the Office of Fair Trading which resulted in the Financial Services Authority handing out fines to several well known names on the high street. The majority of mis-selling related to payment protection policies being sold by the high street banks and lenders as opposed to the standalone provider.
When taken out correctly with the exclusions in mind mortgage insurance can give you a monthly income once you have been out of work for so many days, this is usually between 31 and 90 days and the cover then lasts for between 12 and 24 months. You do however have to make sure that a policy would be suitable for your needs and getting a mortgage protection quote from a standalone specialist such as British Insurance is essential not only if you want the information regarding the terms but also to make huge savings.
If you want to ensure that you would not be risking losing the roof over your head then considering a mortgage protection quote should be high priority and getting quotes from an independent ethical specialist such as British Insurance should be your priority. Always make sure that you read the small print of any policy you are considering taking out before buying it and in particular the key facts and exclusions which exist in all mortgage payment protection policies
