Mortgage Payment Protection

The Need for Mortgage Payment Protection

B. Portwood & Co Ltd offer mortgage Payment protection on your own home to offer you as a UK resident cover against accident, sickness or unemployment.. 

• With many people becoming unemployed or facing redundancy their is a need for protection. It is sensible for you to ensure that there is mortgage Payment protection in place so you don't lose your home.
• Your home is your most valuable asset. Payment is also needed in case you have an accident or become sick and cannot work. In this case there is a need for mortgage Payment protection to provide cover for your payments.
• The Payment may be just mortgage but we can extend protection to cover other monthly bills - the  protection company can provide substantially more protection.
• The Payment limits are set by your salary. Mortgage Payment limits are usually mortgage payments + 25%. Amount above this can be protected using income protection.
• The Payment will be restricted in the length of payments, but you can protect against accident and sickness, unemployment or both accident sickness and unemployment.

• If you happen to be self employed protection for mortgage is difficult because many companies do not cover this sort of occupation. We do.
• The mortgage Payment  protection may not be offered if you are in a family firm protection companies do not wish to insure people who have control over their employment for mortgage Payment - nevertheless we can advise that we can. Unemployment is defined as 'cessation of trade'.
• There are greater risks attached to mortgage Payment insurance for some occupations
  • Accident and sickness cover is usually offered at the same rate no matter what occupation you are in.
  • Mortgage Payment insurance rates are higher with some companies for high-risk occupations (It, Financial Services, Tourism and the like)
  • We have difficulties if you are behind in your payments.

Companies providing mortgage Payment protection, will normally only do under certain restrictions.

• If you want mortgage Payment protection you must not be expecting to become redundant/ unemployed.
• There are age restrictions - you must be over 18 and under 61 - but the cover may last till you are 65
• You must be in full-time employment (16+ hours). You may be self employed but unemployment cover is then 'cessation of trade'

• Cover will be restricted - for the first 90 days unemployment will be excluded.
• Benefits will be paid for 12 months as a maximum
• To continue cover you must pay the premium when you are unemployed.

End of information on mortgage Payment Protection insurance: please call 01388 607105 for any queries