Why you need Mortgage Payment Protection
No one needs reminding what a substantial investment a mortgage represents. And that's just in the financial sense, not even considering what your home means to your family and your future. Equally, we don't like to think about the possibility of a disabling injury meaning we cannot work for long periods.
Long-term unemployment can also put a huge strain on your ability to make mortgage repayments. We'd all like to think it won't be us affected, but statistics say that won't always be the case. Financial protection - specifically mortgage payment protection - kicks in if you find yourself unable to meet a series of repayments, as you could end up losing your home.
This is the reason the Council of Mortgage Lenders now encourage all mortgage borrowers to seriously consider using independent mortgage payment protection insurance (or MPPI) to safeguard their investment.
Keeping up with your payments
It is hard enough to think of all the challenges people face in the aftermath of a disabling injury. Physical and psychological hurdles are there, and you may have to make physical alterations to your home. No one likes to consider such an event too closely but the fact remains; if you cannot return to work for an extended period, mortgage payments become a huge issue.
With mortgage payment protection you enable a safety net which comes to your aid if serious misfortune does affect you. An agreed sum, for example £700 a month, would be paid out to cover your mortgage payments, so you can concentrate on your recovery, and getting yourself back on your feet.
In a climate where we are being advised to provide for our future more and more, financial protection can be a crucial factor in keeping your livelihood intact. It's an investment in itself.
Phone for quote: 012 345 678
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Price comparison
| Insurer | Premium |
|---|---|
| Columbus Direct | £36.00 |
| Abbey | £63.60 |
| Alliance & Leicester | £59.40 |
| Bradford & Bingley | £49.00 |
| Halifax | £59.40 |
| Nationwide | £58.90 |
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Source...
This research was commissioned by Columbus Direct and was conducted during the first week of March 2008 by Independent research group Aware. Monthly premiums quoted based on an individual aged between 21-30 taking cover for £1000 mortgage & bills - cover to include Accident, Sickness and Unemployment from day 1. Close |
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