Mortgage Protection

To say that a mortgage is a big financial commitment is something of an understatement. It is also a non-negotiable debt – you can not avoid, under any circumstances, avoid repaying it.

But what do you do if circumstances, such as illness, death or loss of work, put a stop to your ability to meet your mortgage payments?

There are specialist insurance products available to take care of this and to give you peace of mind. Most, if not all, lenders will insist on you taking out life insurance to accompany your mortgage. This will pay off your remaining your mortgage debt should you die before the payment term has ended.

Critical illness policies will also repay your mortgage, but only if you fall ill with one of a limited number of serious illnesses.

There are other times, however, when you are prevented from making your mortgage payments by circumstances other than death or serious illness. Mortgage Payment Insurance now exists, and it fills the gaps left by the above. All policies will vary to some extent, but their common element is that they will cover all, or part, of your monthly mortgage instalments should you be unable to pay due to accident, illness or redundancy.

Mortgage protection policies are priced per £100 of cover, which makes it relatively easy to compare quotes from competing companies: a policy that costs £8 per £100 of cover should obviously have more benefits than a policy that costs £5 per £100.

For more information please click on the consideration you are interested in:

• Flexible Mortgages - Flexible repayment plan mortgages
• Current Account Mortgages - Mortgages linked to current accounts
• Cashback Mortgages - Cashback mortgage deals
• Free valuation or refund of fees/Legal costs - Additional mortgage incentives
• Mortgage Protection - Insurance for mortgages

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