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Do You Understand What Mortgage Protection Could For You?

Jun 28, 2008
Very often when you take on a mortgage you are asked if you want to protect the repayments. However depending on the lender very little information will be given other than the lender telling you it would cover your repayments in the event of a lost income. However mortgage protection is not as straightforward as it first looks and you might find that it is unsuitable for your circumstances. Finding out if a policy would be suitable for your needs is essential, and this is possible if you go with a specialist provider. Mortgage protection can be a very valuable asset but only when taken out correctly.

By choosing to get quotes from specialist providers you will also be able to make the biggest savings by comparing the premiums. While you could take the policy offered by the high street in the majority of cases this is not the best option as high street lenders are notorious for being expensive.

There are always conditions that have to be met in protection policies, however by shopping with an independent specialist in payment protection you will be able to get all the advice you need. You also have to check the conditions of a policy to find out how long your policy would pay and from when. Some providers offer protection from the 30th day of you being unable to work due to suffering sickness or an accident. Other providers will ask anything up to a 90 day waiting period before they would payout. Once the policy has started to provide you with an income it would then continue for between 12 and 24 months, again depending on the provider.

Mortgage protection can help you to be able to maintain your mortgage outgoings and stop you from getting into arrears when you lose your income. If you lose your income then you would still have to find the money along with keeping up with all your other outgoings. If you are considering falling back on any savings you have accumulated then these could soon dwindle away if you are incapacitated for many months. It could also take you several months to be able to find work that was suitable. While mortgage lenders are patient they are only patient to some extent and if you cannot show how you will be able to maintain your mortgage they will take repossession proceedings.

While you were recovering or looking for work you would not want to have to be struggling to find the money each month when the mortgage was due. You could consider applying for State benefits as a way of getting by and paying your mortgage. You would have to be eligible to claim and usually this means that you are getting income support. If you have a partner living with you in full time work then this could also mean that you cannot claim. Even if you were eligible for State benefits you would have to wait many months before you would see any money and even then State help for your mortgage is only given towards the interest part of the mortgage not the capitol. Neither options are a viable safety net; however providing you have checked to ensure that mortgage protection is suitable you would have something to fall back on.
About the Author
Simon Burgess is Managing Director of the award-winning British Insurance, a specialist provider of mortgage insurance .
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