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Protect the Roof Over Your Head With Income Mortgage Protection

Jul 29, 2008
With income mortgage protection behind you there would be no worry of where to find your mortgage repayments if you lost your own income. A policy would be there for you to make a claim against once you have been unemployed through such as redundancy or if you are unable to work after suffering an accident or an illness.

Income mortgage protection would ensure that you would not get into arrears with your mortgage and so you would not be at risk of losing your home to the lender through repossession. You would be able to determine the amount that you insured against when taking out policy with a standalone provider and in some cases would be able to save on the cost of protecting the roof over your head by as much as 40%. If you choose a payment protection specialist that offers age based policies then the cost of the cover would also go on your age. This is excellent for first time home buyers who sometimes have pushed their outgoings to the limit by taking on huge borrowings to buy their home. Where once covering their mortgage repayments was impossible age based premiums make it possible.

Of course income protection would also allow you to keep up with other essential outgoings and one of the repayments you could continue making would be your loan repayments. If you want to keep out of debt and keep your credit rating in good form then taking out protection that would allow you to continue repaying is essential. You could maintain the payments and this would ensure that you would not earn a bad mark against your credit file. If you do get a bad credit rating through missed repayments then borrowing in the future could be almost impossible. Getting behind on loan repayments could also mean the lender could take you to court and in the worst case you would gain a County Court Judgement against you.

Your policy would also allow you to pay any other essential bills such as heating, lighting and food bills. You would not have to juggle money around or skip payments and hope that the red bill does not drop through the letter box.

Income mortgage protection would begin to payout after a certain period of time which differs depending on the provider. Some will begin to provide you with a tax-free income after 30 days and the protection could be backdated to the first date of unemployment or incapacity. Other providers might ask that you wait as long as the 90th day before putting in your claim. Providers could payout on the policy for 12 months while with others it could be extended to the 24th month. You do have to check the terms to find this information and also information relating to the exclusions which are always found in any policy. The amount of exclusions that exist in the cover would again depend on the provider. Some add in the basic few while others could add-in many and these need to be checked against your circumstances if you are to be sure you would be eligible to put in a claim.
About the Author
Simon Burgess is Managing Director of the award-winning British Insurance, a specialist provider of income mortgage protection .
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