You have bought your dream home and have been granted a mortgage to finance the purchase; things are going well in work so the repayments won’t be too much of a problem, besides you got a great deal thanks to a mortgage broker. Have you ever wondered what it would be like if things suddenly took a turn for the worst? It is impossible to predict the future, no-one is invincible and no-one is 100% guarded against redundancy. If you suffer an accident or fall ill which leaves you unable to work, income support is very unlikely to be as much as your wage. If you are made redundant, unless you find a new job which does not happen overnight, you will only be earning job seekers allowance. How will you pay your mortgage repayments is any of the unfortunate incidents above happen?
There is a way you can protect yourself against mortgage payments if you are unable to work due to injury, illness or redundancy. The mortgage payment insurance will pay the monthly instalments on your behalf for a specific period of time. Taking out a mortgage payment insurance policy will help with preventing serious debt, bad credit rating and general stress or worry. You can take out mortgage payment insurance either with your mortgage company, or separately from one of the numerous financial companies who offer the service. It is highly advisable to shop around for the best deal and a mortgage payment insurance policy which will fit your needs perfectly. Most people think that it’s always the case that mortgage payment insurance policies are expensive, whilst this is true in some cases, there are some great deals to be had, and it’s all about finding them.
Mortgage payment insurance can also be known as mortgage payment protection insurance or MPPI. They can be complicated to apply for and seem unnecessary, but there is no harm in asking for help with understanding all the aspects of MPPI’s. For people who don’t bother with mortgage payment insurance, they are at high risk of getting into bad debt if they lose their job for some reason and cannot afford the mortgage repayments. Even if they only lose their job for a short period of time, it can seriously affect one’s finances. Mortgage payment insurance policies are available from high street banks, specialist finance firms and online financial companies.
Enhanced Wealth offer an award winning mortgage payment insurance policy from British Insurance. Full details are avaialable here http://enhancedwealth.co.uk/asu/mppi/index.htm