The pros and cons of mortgage payment cover
- 15TH AUGUST 2007
Mortgage payment cover is a very controversial subject; some say it is nothing more than a huge rip-off while others say it is a lifeline that any homeowner shouldn’t be without. Mortgage payment cover is just like anything else - it has it good points and its bad and these have to be weighed up and considered before buying.
The biggest problem with mortgage payment cover is the lack of information that surrounds it. If you go into an electrical shop to buy a TV then the salesman will go through the benefits the model that you fancy buying has to offer. No such luck with mortgage payment cover, however. Many consumers have bought the mortgage payment cover alongside their mortgage and are unaware of what it actually does. Some are not even eligible to claim, as the recent Financial Services Authority investigation highlighted.
However, by shopping around and using a standalone provider, such as the ethical British Insurance, homeowners can make a fully informed decision on whether the cover is right for them.
Backed by Managing Director Simon Burgess who is for the consumer not against them and has always spoken openly about how providers should make the insurance more transparent for consumers, Simon does what he can at British Insurance, by providing the consumer with information in plain English on mortgage payment cover.
At British Insurance you have the best of both worlds; you can take advantage of the cheapest online premiums along with knowing help is just a ‘phone call away. Along with this they provide information and FAQs regarding the product and the company so you are left in no doubt that you are in safe hands.
The biggest con to mortgage payment cover is buying it from the high street lender who charges up to 40% more for the cover than do British Insurance. The biggest pro of course is that there are still “good guys” like Simon who has the consumer’s best interest at heart.
