Tips For Protecting Your Mortgage Against Accident, Sickness And Unemployment
When you buy a home and take on a mortgage, you expect to be able to make the payments. Times are uncertain though, and many unexpected events can occur knock you off track.
If you fall ill or are unable to work because of an injury, you may be unable to make your mortgage payments. If you are made redundant at work, you could face losing your home because you can’t keep up with your mortgage repayments. That’s why many mortgage companies suggest that you buy mortgage payment protection insurance. It works like any other insurance – you pay an annual premium, and if you are unable to make your home loan payments for any covered reason, the insurance policy will meet payments (for you for up to 12 months with most policies).
PPI and MPPI – payment protection insurance and Mortgage Payment Protection Insurance – have come under increasing fire here in the UK. Last year, the FSA asked the Competition Commission to look into the market for PPI and make recommendations regarding the market for mortgage protection and other payment protection insurance. The...
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