Mortgage Protection Insurance

Mortgage Protection Insurance

A mortgage is a long term financial commitment to fund the purchase of your home and is likely to be the largest debt you will ever take on.

The cost of the mortgage is spread over many years into smaller, regular payments. It is of course very important that you keep up with your mortgage repayments as if you are not able to repay the debt, the mortgage lender will have the right to take back the property.

In this situation you will lose your home and you will also likely damage your credit rating. Imagine then, that you suddenly find yourself out of work and without a regular income. Would you be able to keep up with your mortgage payments without any financial assistance?

Mortgage  Protection Insurance provides you with a way of paying those repayments so that you can cover your monthly mortgage repayments and not lose any sleep.

How Does Mortgage Protection Insurance Work?

When you take out a mortgage you are obliged to meet monthly payments to your lender. Should you then find yourself out of work due to illness a mortgage protection insurance policy will provide you a regular monthly tax-free income to enable you to meet your mortgage repayments.

This means that you don’t have to worry about missing a payment and risking the lose of your home and damaging your credit rating; a mortgage protection policy that can be arranged online will ensure that your Mortgage Provider is kept happy.