What to look for in mortgage protection insurance cover
- 24TH JULY 2007
Mortgage protection insurance cover is undoubtedly one of the main stories in the financial world at the moment as a result of yet another Bank of England interest rate rise. As the rate rose to 5.75% in early July, the mortgage repayments of many homeowners will put a barely manageable strain on their monthly finances.
As a result, more homeowners will find it difficult to keep up with their repayments should one of the household ever be unable to work owing to long term illness or unemployment, which is where mortgage protection insurance cover comes in. A good mortgage protection insurance cover could keep the roof over your head for up to twelve to twenty-four months by paying your mortgage and any related bills.
Although mortgage protection insurance cover has come under fire over the last two years owing to claims of high premiums and thus poor value, it serves a very real purpose for those that stand to lose their home.
Some providers, like the ethical British Insurance, do offer excellent value mortgage protection insurance cover. Their standalone mortgage protection insurance cover is based on the level of debt and is payable via monthly premium, thus making it more manageable and as cheap as possible. This policy could in fact save an individual hundreds of pounds when compared with what their mortgage provider may charge.
No homeowner can afford to be without mortgage protection insurance cover during this uncertain financial climate and the peace of mind that a homeowner is prepared for any eventuality.
