Mortgage Payment Protection Cover

By: Simon Burgess

Your monthly mortgage repayments will be the biggest outgoing that you have but have you ever given any thought as to how you would keep up the repayments if you were to come out of work due to accident, long term sickness or unemployment? Mortgage cover can be expensive but there is a way that you can protect the roof over your head and get cheap mortgage payment protection cover.

By taking out mortgage payment protection cover you will get a fixed monthly income which will allow you to make sure you can keep up with your mortgage repayments. The cover will usually pay out for up to 12-24 months after you have been out of work for a specified amount of time - this will usually be around 30 days or more depending on the policy.

Mortgage payment protection cover can be costly, it all depends where you go for your quote. If you go with the protection offered by the high street lenders without first researching your options, then you will probably pay way over the odds for your cover. Shopping around and going with an independent provider is the only way to ensure that you get the cheapest premiums while getting an excellent product.

There has recently been a lot of bad press surrounding the mortgage payment protection sector and it is currently under investigation by the Government body, the Competition Commission. The main fault that has come about as a result of the investigation is that some providers - and in particular the high street banks and lenders - are raking in huge profits through selling over priced policies. Along with this, some lenders have been found to have mis-sold policies which has left those unfortunate enough not being able to claim on them when they have needed too. As a result of this there is expected to be a shake up of the way that mortgage payment protection insurance is sold.

Without a doubt, if you want cheap mortgage payment protection then it is essential that you shop around and go with a standalone provider for your policy.

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