Getting a mortgage is bad enough what with terms like fixed rate, discount, variable etc so mention mortgage insurance and naturally your eyes will start to glaze over.
However, mortgage insurance is an extremely important insurance to have in fact, it can the difference between keeping a roof over your head or ending up having your home repossessed.
If you recently took out a mortgage, you may remember the lender asking you whether you wanted mortgage payment protection insurance. It probably sounded expensive and unnecessary. And while, in some cases, there are companies who like to charge you too much for the product, it doesnt have to be that way.
As for it being unnecessary get the right policy and at the right price and it will be an invaluable safety net for you. So, what is mortgage insurance? It is a product whereby should you be unable to meet your mortgage repayments due to being made involuntarily redundant or due to being able to work because of sickness or maybe an accident then it will cover your mortgage repayments.
Your mortgage repayments (and sometimes other mortgage related outgoings too) will be covered for up to a set...
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