The consumer benefits of having a mortgage payment protection insurance plan
- 18TH JULY 2007
The payment protection insurance industry (PPI) has received harsh criticism in recent months as a result of ongoing investigations by a number of government and industry bodies. Millions of people have complained about mis-sales and the unfair treatment received from high street banks and providers. As a result, some individuals may have felt unsure about setting up a mortgage payment protection insurance plan.
In the wake of these scandals, it is easy to forget exactly how homeowners can benefit from a mortgage payment protection insurance plan. In truth, homeowners without a mortgage payment protection insurance plan are running the risk of being unable to make repayments if sickness or redundancy should intervene. This could ultimately result in the loss of their home.
A mortgage payment protection insurance plan would actually cover all repayments for a set period of time if a household were unable to meet the mortgage repayments for one of the reasons outlined above. This would give an individual enough breathing space to recover or find work without the stress of bills mounting up and red letters landing on the welcome mat.
The major benefit of having a mortgage payment protection insurance plan in place is peace of mind. The ethical British Insurance is one of the companies that can offer you that. Their standalone policies can be up to 40% cheaper than the policies offered in conjunction with high street lenders’ mortgage products. Peace of mind can therefore also offer you a saving!
