Mortgage Cover UK | mortgageprotectioninsurance's Blog

Mortgage cover UK can be bought for much cheaper premiums if you get a quote with a standalone provider. While you might think that taking out the policy would be easier and cheaper if you simply allow the mortgage lender to add it into the loan, it is certainly not the cheapest way to protect your borrowings.
In fact lenders on the high street often add in the protection over the entire loan and then you pay interest on top of this. This can boost up the cost of the borrowing considerably and goes towards the lender making £4 billion in profits on the protection each year. A standalone policy of the other hand can be taken out for a premium which is paid each month. The premium is based on the amount you wish to protect, level of the cover needed and some providers offer age based protection.

You would have to decide what level of protection you wanted for the repayments. You could take out a policy to protect against the possibility that you might lose your income to unemployment by such as redundancy. You can also choose to protect against accident and sickness only. Alternatively you could take out protection to safeguard against the possibility of accident sickness and unemployment together.

Mortgage cover UK specialist British Insurance offer an age based policy which means that young first time home buyers who stretch their outgoings to the limit can afford to protect their repayments. As much as 40% can be saved on premiums by taking a quote from British Insurance. You do have to read the terms of any policy you are considering taking on as different providers will give different starting and end dates. Some providers of mortgage cover UK would ask you are unemployed or unable to work for at least 30 continuous days. Others might ask a wait of 90 days before you are able to make a claim. Some such as ethical British Insurance would also backdate the cover to the first day of you falling ill, suffering an accident or when you became unemployed.

Mortgage cover UK should be at the top of the list of all insurance policies you are considering. After all it is no good taking out home insurance to protect the contents and shell of the home if you cannot maintain your mortgage and the lender takes you to court to repossess your home. A policy can ensure that you have a tax-free sum of money coming into the home to be used solely to pay your mortgage when it is due and this gives peace of mind and security for the policies term.