What is Mortgage Protection Insurance?
Securing a mortgage is a dream for many people. Setting up your finances in a way that secures a mortgage on a property where repayments are manageable and within your means is vital and must be carefully considered prior to any agreement.
There are dreadful circumstances beyond out control however, that could mean we are unable to make those important mortgage repayments. What happens then? With mortgage protection insurance, you have that peace of mind that in the worst-case scenario, your mortgage is covered and you don’t have to worry about you and your family losing the home.
The first area where mortgage protection insurance is important is should you have suffered an accident. Whether an accident at work, a road traffic accident or other type of accident, an injury can lead to a long-term change in lifestyle, home modifications and inability to work in some cases. The same stands for long-term illness and sickness, with those suffering from terminal illness wishing to keep up with mortgage repayments despite being unable to work and requiring intensive treatment.
Mortgage protection insurance is also a safety net where unemployment is concerned. If you have gone through a redundancy process you may struggle to make ends meet and have the means to pay bills in the short-term. This cover enables you to keep your home safe whilst you look for new work.
For more information regarding mortgage protection insurance contact the Central Mortgages team on 01277 630 183 and we’ll be happy to discuss your specific situation and other financial service that could assist you at this time.