In the event of losing your regular income, the most pressing concern for many households is ensuring that the monthly mortgage repayments are covered. Mortgage Payment Protection gives you that peace of mind by making these payments for you for up to a year, should you become unable to make them yourself. Also known as ‘Accident, Sickness and Unemployment’ cover (ASU), Mortgage Protection insurance would typically start to make your mortgage repayments a month after your regular income stops, and continue to make the payments for 12 months.
Mortgage lenders may require you to take out mortgage protection insurance, to protect their payments if you should have to stop working for any reason. However, you are under no obligation to get the cover from your mortgage or loan provider, so make sure that you look around for the best deals available. To speak to a qualified advisor about the different mortgage protection deals in the market, please click here to fill out our short form.