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Protect The Roof Over Your Head With Mortgage Cover - But Choose It Wisely

Nov 12, 2007
Mortgage cover can be a great asset to have in your corner to protect against coming out of work and losing your income. The protection can be taken out to guard against coming out of work after suffering from an illness, an accident or if you should become unemployed by way of involuntary redundancy. It can give you the money to continue servicing your mortgage repayments and so give peace of mind. But it does have to be chosen wisely and you do have to make sure that the exclusions don't mean you would be ineligible to make a claim.

Mortgage cover can begin to give you an income which would be tax free from anywhere between the 31st day of being out of work and the 90th depending on the policy and although the majority of policies continue paying out for up to 12 months some can pay up to 24 months. The amount of money you get is determined at the outset of taking out the cover and is based on your monthly mortgage repayments, the cost of the premiums are based on this and your age at the time of taking out the cover and it is best bought independently from a standalone specialist provider as opposed to being taken out alongside the mortgage.

Buying the cover alongside the mortgage can add hundreds more onto the cost than it could do if you had gone with a specialist provider. The specialist will always offer the cheapest premiums for the cover along with having the experience in selling the product which means that you get all the information you need to ensure that the product is suitable for you particular circumstances. There are exclusions in all polices which can stop you from making a claim, some of the most common to all policies include if you are only in part time work, are self-employed, retired, or if you have an ingoing illness at the time of taking out the policy.

Mortgage cover can give you an income each month with which to continue repaying your mortgage which can give great peace of mind and of course gives security that you would be at risk of getting behind on your mortgage repayments and so risk having your home repossessed but you have to buy it wisely.

An investigation into the payment protection sector began in 2005 when the Citizens Advice received a super complaint from the Office of Fair Trading which resulted in several firms receiving fines from the Financial Services Authority. Payment protection has been widely mis-sold through poor selling techniques and is still under review by the Competition Commission, they are conducting an in-depth review of the sector which will reach conclusion in February 2009, while still being under the watchful eye of the Financial Services Authority.

If you want a quality product with the cheapest premiums along with getting the essential advice needed to ensure that the product is right for your circumstances then stick with a standalone specialist if you want to protect the roof over your head with mortgage cover.
About the Author
Simon Burgess is Managing Director of the award-winning British Insurance, a specialist provider of mortgage cover, loan protection insurance and income protection insurance.
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