Mortgage Payment Protection Insurance
Your mortgage is probably the largest financial commitment you'll make. With this in mind, you need to be certain that you will have enough funds available if you become unemployed or are unable to work due to an accident or sickness and cannot meet your monthly repayments.
Many people believe they are entitled to receive some financial help with their mortgage repayments, through the state benefit system. However there are a number of restrictions, for example:
- If your partner works for more than 16 hours per week or you and/or your partner have more than £8,000 in savings, you will not receive any help with your repayments.
- If you are taking out a new mortgage or re-mortgage, you are unlikely to receive any assistance with your mortgage repayments for the first 9 months of your claim.
- The payment of state benefits only applies to mortgage interest to a maximum of £100,000. It does not cover your capital repayments or any other related costs such as the premiums you pay on a life insurance policy.
- Any state benefits assistance you receive with your repayments is also limited.
(The above points are based on our understanding of the current state benefits system. For specific information about your entitlement you should contact your local benefits agency).
It makes sense to ensure you are adequately insured in the event of Accident, Sickness or Redundancy. Cover starts from as little as £2.00 per month. However the premium you pay is based on the amount of cover you need, the type of cover you select and whether you choose a waiting period. Contact our advisers for a quote now on 01524 405855 or fill out the form below and we'll call you back as soon as possible.
Send a message and we'll respond as soon as we can.
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