Stick with a standalone specialist for cheap mortgage protection
- 1ST OCTOBER 2007
Mortgage protection can be a lifeline if you should find yourself out of work due to suffering an accident, sickness or through unemployment by redundancy. However it can add hundreds onto the cost of your mortgage unless you find cheap mortgage protection.
Cheap mortgage protection tends to be found with a standalone specialist compared to the high street lender as recent press coverage will testify. British Insurance is one of the cheapest and more ethical specialists in mortgage payment protection insurance and buying a policy with them can save you to 40%.
Headed by Simon Burgess who is Managing Director of the company, Simon is always campaigning for the consumer’s best interests and is outspoken when he reminds consumers that the cover bought alongside the mortgage from the high street lender is expensive and of poorer quality when compared to that offered by British Insurance.
He says: “It is the lack of information regarding the cover that confuses and misleads the majority of consumers and this is consumers should be aware of the exclusions in a policy. Some of the most common are if you only work part time, suffer from a pre-existing medical condition, or are retired. It is wise to check out the small print of a policy before you buy as they can vary from provider to provider”.
Cheap mortgage protection insurance can, providing it suits your circumstances, begin to payout once you have been out of work for a pre-defined period of time which can typically be between the 31st day to the 90th after the first day of your claim. The cover would then continue to give you an income with which to continue repaying your mortgage and so keep the roof over your head. It would continue to give you a safety net for up to 12 months and with some providers for up to 24 months.
“Shop around with specialists in cheap mortgage protection and make sure that you read the exclusions and small print before you buy” warns Simon.
