Finance Articles

Mortgage Protection Pays Your Monthly Mortgage Repayment

If you take out mortgage protection against accident, sickness and unemployment then it would pay you a monthly sum of money equivalent of the sum you insured against which would be your mortgage repayment for the month. This would ensure that you would not be at risk of losing your home to the lender by way of repossession. You would be able to concentrate on making a recovery or finding work again.

The number of repossession is a big worry and the Council of Mortgage Lenders predict that just in 2008 there will be around 45,000 homeowners losing their home to repossession. Up to June there had already been over 18,000 repossessions and many of these could perhaps have been stopped if the homeowners had taken out mortgage protection. A policy does not have to cost a lot if you take it with a specialist in payment protection as opposed to having it added onto the borrowing.

If you have mortgage payment protection added onto the borrowing then it can work out very costly. You could find that it would boost up the cost of the mortgage considerably as high street lenders charge huge premiums for the protection. In the majority of cases very little information is given regarding the policy and the exclusions and in some cases in the past this has led to consumers buying cover they could not possibly hope to claim against. In the past mis-selling has occurred and fines have been handed out. However when bought with the exclusions in mind mortgage cover does the job it is supposed to do and is very valuable protection.

If you just miss on repayment on the mortgage then the lender will want to know how you plan to catch up on the missed payments. Also you would have to be able to maintain the mortgage repayments. If you do not have an income coming in then it would be very hard to come to an agreement with the lender. If no agreement can be made then you are looking at the mortgage lender taking you to court and seeking possession of your home and have you evicted. With a policy behind you there would be no worry of this happening as you would be able to keep up with the repayments.

Mortgage protection pays out after a certain length of time of being unemployed or incapacitated. Normally this would be in the region of 30 to 90 days. Some providers will backdate the policy to the first day of your unemployment or incapacity but you have to check in the terms and conditions of the cover before taking it out. Once the policy has begun to provide you with an income it would then carry on doing do for the period set out in the terms and conditions.

Providers usually offer either 12 monthly payments or 24 and after this period of time the policy simply ceases. This is usually more than enough time to get back to work or in the case of unemployment to find work again.

Simon Burgess is Managing Director of the award-winning British Insurance, a specialist provider of mortgage protection.

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