Mortgage Payment Protection Insurance
Protect your monthly mortgage payment against unemployment, sickness, accident and disability.

If you were unexpectedly made redundant, injured or diagnosed with an illness that keeps you off work for months, would you be able to rely on your savings to meet your monthly mortgage repayments?

The benefits provided by the government have been reduced. Most people who have a full time working partner or savings totaling over £8,000 do not receive assistance from the government. Those eligible for government support will not get help on capital repayments. They will receive assistance with the interest payments only of up to £100,000. However, this not is available for the first nine months for those who took out their mortgage after October 1995.

So, what does Mortgage Payment Protection Insurance Cover?
Your mortgage outgoings during enforced unemployment. It is not designed to protect your repayments over the course of your entire mortgage. Most polices last for a maximum of one year but a small minority of polices pay out for two years. Homeowners can choose the level of monthly cover they require. Capital and interest repayments can be covered as well as other mortgage-related outgoings such as premiums for endowment policies and household insurance.

Older homeowners, smokers or those with pre-existing medical conditions are not penalised by higher premiums. All policyholders pay the same pro-rata premium.