Protecting Your Mortgage Payments
For most of us our single biggest monthly outgoing is the mortgage payment, and because it’s secured against your home it makes good sense to make sure that it’s going to get paid whatever life throws at you.
Our Mortgage Payment Protection Insurance can take this worry away –
For single applications:
- If you’re off work due to illness for more than 30 days we will pay thefor every month you’re off, or part of your repayment for every day you’re off, for up to 12 months.
- If you’re unemployed (including redundancy) for more than 30 days, we’ll pay the mortgage for up to 12 months.
For joint applications:
- we’ll cover the monthly mortgage repayment but there is a split applied. This means that if Customer one earns £30,000 and Customer two earns £5,000 then if customer one is off work there will be a larger impact on the household income. Therefore using 100% you can split the difference as necessary (e.g. 70%-30%).
The main features of our policy are:
- Cover is available to new and existing mortgage borrowers
- Covers both employed and self-employed applicants
- Immediate unemployment cover (for new home borrowers)
- Policy pays out for up to twelve months in the event of a claim
- ‘Back to Day One’ cover is available for maximum protection
- Benefit payments start after a thirty or sixty day qualification period
- Monthly premiums are collected by Direct Debit
- Cover can be transferred from one mortgage lender to another
- The main features of our policy
- How the Mortgage Payment Premium Insurance works
- When can I make a claim under the policy?