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A Mortgage Protection Quote is Cheaper With a Standalone Provider

Sep 8, 2008
You can take out mortgage protection when you take on the borrowing. However you are able to get it cheaper if you choose to get your mortgage protection quote with a standalone provider. By doing so you can save a lot of money, and also be assured of getting the protection that is suitable for your needs. You can tailor cover for accident sickness and unemployment together; just take out cover for unemployment or you can choose to cover incapacity only. The premium will be based on this fact and also your age and the amount you want to insure against.

Mortgage protection will cover your monthly mortgage payment and this is what you would be given back if and when you claim on the policy. You do have to stand to a period before you are able to put in your claim but some providers will backdate to day one of your unemployment or incapacity. Usually you would have to stand to between 30 or the 90th day. Mortgage payment protection would provide the policyholder an income for a specific amount of time and then it ends. Providers will usually sell 12 months of protection or 24 and you have to check this before taking out the policy.

Having something to fall back on if you were to become unemployed or suffer an accident or illness that meant you lost your income. Lenders will usually have some compassion for those who have got behind on their mortgage. However without an income you would not be able to make an agreement to repay the arrears and also continue paying the mortgage repayments. There would then be a strong possibility of them taking you to court to seek repossession and this would mean that you could find yourself evicted from your home.

This year so far a startling 18,900 repossession have occurred, this is over 6,000 more than this time last year and many of these could perhaps have been avoided had the home owner taken out mortgage payment protection after obtaining a cheap mortgage protection quote. The Council of Mortgage Lenders have estimated around a total of 45,000 homeowners will have their homes repossessed by their lenders.

A cheap mortgage protection quote is a far better solution than risking being able to claim benefits from the State. State benefits would not payout for many months and it would only provide you with an income for the interest part of the mortgage not the capitol. You would have to be claiming income support and not have a partner living with you who is in full time work. You would also not be eligible to claim if you have managed to accumulate savings over a certain amount. This would mean if you had redundancy money of a sizable sum you would be expected to use this first. Relying on savings could also be futile as you might have to rely on them for several months if not longer and they could deplete before you found work or made a recovery.
About the Author
Simon Burgess is Managing Director of the award-winning British Insurance, a specialist provider of mortgage protection quote .
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