Mortgage Payment Protection Cover Still Being Branded A “Rip-Off” Unnecessarily

Mortgage Payment Protection Cover Still Being Branded A “Rip-Off” Unnecessarily

With the investigation into payment protection insurance sector still ongoing and the Chief Executive of a mortgage firm being the most recent to receive not only a fine but also a personal fine, mortgage payment protection cover is still being branded a rip-off. However while there are problems within the sector it is essential to realize that the actual product itself will do the job it was designed to do if it is sold correctly.

Providing the consumer is aware of the terms and conditions along with the exclusions in a policy which could stop you from making a claim, a policy would work for you. Some common exclusions include being self-employed, suffering an ongoing illness, being retired or only working in a part time position, others can be added on by the provider.

The exclusions are found in the small print and if you buy mortgage payment protection cover alongside your mortgage you could be given very little information regarding the exclusions. This lack of information is what led to the majority of policies being mis-sold and the Financial Services...