Mortgage insurance is most definitely recommended for experienced homeowners and those looking to get on the property ladder for the first time alike because of what every individual policy offers. Mortgage insurance can protect your repayments, usually for up to a year, if you were to ever lose your job via redundancy or contract a long-term illness that will prevent you from working for a time.
Any individual has three options when it comes to mortgage insurance the standalone policy, the add on policy and the high street provider policy. All three have integral differences that begin with the nature of the mortgage insurance on offer.
A specialist insurance company, rather than those that count lending amongst their business, will offer a standalone mortgage insurance policy designed to protect consumers. There are a select few of these around at the moment purely and simply because the high street banks and lenders actively dominate the payment protection industry. As a result of this though, standalone mortgage insurance providers tend to offer a product with a cheaper monthly premium.
The majority of individuals that take out mortgage insurance get...
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