UK Mortgage Protection

Rather than asking yourself if you can afford to take out UK mortgage protection insurance, you really need to be asking yourself if you can afford not to. Without the cover you would have to rely on savings or State benefits to continue meeting the demands of your mortgage and both of these could be a huge let down. Not only could they let you down, but also you are risking losing the roof over your head.

Getting behind by one or two months would have the lender starting repossession proceedings. UK mortgage protection cover allows you to service your mortgage if you came out of work through unemployment, accident or illness. A policy would begin to pay the sum of money you insured against when taking out the cover after a pre-defined time. This would be the total amount of the repayment for the mortgage each month.

The waiting period would depend on the provider and is usually between the 30th and 90th day. The same would apply when receiving payments; the majority of UK mortgage protection insurance policies would payout either 12 monthly payments or 24 monthly repayments. This can be checked in the terms of the cover along with exclusions which reside in your protection policy.