There can be no worse feeling than staring the prospect of losing your home directly in the face. This is the reality faced by many individuals in the UK every day, and yet it is easily preventable with cheap mortgage insurance. Far less people protect their mortgages with cheap mortgage insurance when they are initially approved for their mortgage because they perceive mortgage payment protection insurance as redundant. However, it is the what ifs in life that can cause us the most problems.
If the main wage earner in a household is suddenly struck down by a severe or long-term illness or is made involuntarily redundant then the likelihood is that the household would be unable to make mortgage repayments, let alone pay related bills, for a period of time. This could ultimately result in an individual or family losing the home that they had invested everything in up until that point.
However, cheap mortgage insurance would cover mortgage repayments and pay related bills for a period of up to twelve-twenty-four months and thus remove the financial stress out of an overwhelming situation.
Mortgage payment protection has been tarred with a bad reputation in...
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