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Consider Taking Out Mortgage Cover For Peace of Mind

Jun 28, 2008
Mortgage cover can give you enormous peace of mind if you find yourself without an income. A loss of income can come about through either unemployment or incapacity. Every day redundancies happen and you could be a victim and lose your income entirely. You could also suffer from an illness or an accident that would mean you had to take time from work and recovery could take many months. If you lost your income this could leave you struggling to find the money needed to pay your mortgage.

If you miss just one of the monthly mortgage repayments then you would have to catch up on it and the lender will want to know how you are going to do this. Being able to prove you can do this without having an income coming in would be extremely hard. If you were to carry on missing repayments then the lender will take steps to repossess your home and have you evicted. Of course with mortgage payment protection you would not have this worry hanging over your head.

You are able to take out mortgage cover to insure against the possibility that you might find yourself a victim of unemployment only. Or if you wish to cover the fact that you could possibly suffer an illness or an accident you can choose to cover just this too. If you want to take out full protection you can take a policy for all three. The cost of the insurance will take into account the level of protection you want to take out, your age and the amount you want to cover. As the protection is age based even first time home buyers who take on huge mortgages can afford to protect their home with mortgage insurance.

You do have to look around for the cheapest premiums as the cost of protection will depend on the provider. Buying your protection policy with a standalone specialist in payment protection is the cheapest way to take out the cover and again premiums vary. You not only have to compare the cost of the policy but also what is included in the policy. Some providers will add in more exclusions than others, however there are always some exclusions to be found and these have to be checked against your personal circumstances. You would of course have to be living and working in the UK, Isle of Man or the Channel Isles and have to be in full time work. You can also find out when your policy would start and when it would end in the terms and conditions.

Some providers will offer you mortgage cover that would provide you with an income each month for 12 months while some might offer 24 months protection. You would have to wait for so long before the cover would start and this is usually between 30 and 90 continuous days of being unemployed or of being incapacitated, depending on the level of protection you have taken. You should also check out the small print to see if the provider would backdate your protection to the first day of unemployment or incapacity.
About the Author
Simon Burgess is Managing Director of the award-winning British Insurance, a specialist provider of mortgage cover .
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