Protection: Mortgage Payment Insurance
Mortgage Payment Protection Insurance (MPPI) is designed to cover your mortage payments if you're unable to work due to accident, sickness or unemployment. In exchange for a monthly premium, MPPI pays you a set amount each month, usually for a period of 12 or 24 months.
As it only pays out for a limited period, it may not be the best form of mortgage protection for you.
When you take out an MPPI policy, you choose how much you would want it to pay out each month. Some policies let you also cover other monthly bills as well as your mortgage.
Most MPPI providers let you have a maximum benefit of between £1,500 and £3,000.You may only be able to get up to, say, 75% of your gross monthly salary though, or up to 150% of your monthly mortgage payment. In addition, some mortgage protection policies don't let you take the policy with you if you switch mortgage.
We are independent and can discuss the best options for you.
Your home may be repossessed if you do not keep up repayments on your mortgage.
Think carefully before securing other debts against your home. Your home may be repossessed if you do not keep up repayments on your mortgage.
Speak to our expert protection advisers today on 01244 904 410