UK Mortgage Insurance Can Work If You Take Advice From A Standalone Provider
Mortgage insurance can be a safety net on which to land if you should suddenly find yourself out of work after suffering from an illness, accident or if your should become unemployed due to no fault of your own. It can give you an income with which to continue meeting your mortgage repayments. However, as with any insurance, UK mortgage insurance has to be bought with understanding.
There are reasons why it might not be suitable for your circumstances and you have to ensure that it is right for yours. You need to ensure that you are eligible to claim, so check out the exclusions in the small print of a policy. Typically they include if you are only in part time work, you suffer from a pre-existing medical condition or you are of retirement age. Of course there can be others so you have to ensure you know the terms and conditions.
If a policy is right for your circumstances then it would provide an income once you have been out of work for a defined period of time which can be between the 31st day and 90th day of being out of work, depending on the provider. The cover would then...
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