Mortgage Protection Mortgage Payment Protection

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  • Payment of your mortgage in full for up to 12 months
  • Payment of mortgage related premiums, such as endowments and household insurances for the same period
  • Tax free benefits are paid from the first day of your claim
  • Up to 25% additional cover available to cover household or other expenses

What would happen if suddenly you lost your job or were unable to work because you fell ill, had an accident or became a carer? How would you continue to pay your mortgage? Mortgage payment protection is, a simple, low-cost way to purchase long-term peace of mind for you and your family If you can’t work due to sickness, unemployment or an accident. When you are happy and healthy, paying out extra money to protect you against unwelcome and seemingly unlikely events can seem like a needless expense. So why bother?

Regardless of your relationship with the lender, if you fail to make payments for a length of time, you will be in danger of having your home repossessed. Unless you have sufficient savings to see you through any hard times, it is well worth considering the options that are available for helping you get through such circumstances.

One of the main reasons for purchasing any sort of protection product is the long-term trend of the reduction in state benefits. For instance, if you fall ill, suffer a serious injury, or become unemployed for any reason, you will not qualify for state help with your mortgage payments until nine months after you make a claim and then only if you qualify for income support.

Since October 1995, new mortgage borrowers will receive no state help for the first nine months of unemployment or disability. Existing mortgage borrowers receive nothing for the first two months, only 50% for the next four months and then full benefit for mortgages of up to £100,000 provided they qualify for Income Support. The Government themselves estimate that 70% of mortgage borrowers will not get Income Support due to savings, income, or a working spouse or partner. For more information or quotes on mortgage payment protection please contact us.