There can be no worse feeling than staring at the prospect of losing your home directly in the face. This is the reality faced by many individuals in the UK every day, and yet it is easily preventable with cheap mortgage insurance. Far less people protect their mortgages with cheap mortgage insurance when they are initially approved for their mortgage because they perceive mortgage payment protection insurance is redundant. However, it is the “what ifs” in life that can cause us the most problems.
If the main wage earner in a household is suddenly struck down by a severe or long-term illness or is made involuntarily redundant then the likelihood is that the household would be unable to make mortgage repayments, let alone pay related bills, for a period of time. This could ultimately result in an individual or family losing the home that they had invested everything in up until that point.
However, cheap mortgage insurance would cover mortgage repayments and pay related bills for a period of up to twelve-twenty-four months and thus remove the financial stress out of an overwhelming situation.
Mortgage payment protection has been tarred with a bad reputation in recent months as a result of an ongoing investigation into payment protection insurance by the Financial Services Authority and the subsequent referral to the Competition Commission. This may have put first-time buyers off purchasing the protection.
However, the simple fact that mortgage cover can give a homeowner such peace of mind should not be ignored, especially when standalone providers can offer cheap mortgage insurance that does the same job as high street provider mortgage cover.
Cheap mortgage insurance can offer an affordable monthly premium that will not harm a household’s incomings and outgoings but will help to prevent panic and stress if the worst does happen. We always hope that everything will go smoothly, but cheap mortgage insurance can help to reduce the level of stress if it does.