Mortgage Repayment Insurance
Why Use Our Mortgage Protection Service
Special features of what we offer include:
- Whole of market service - We Compare major UK insurers to help you get the best deal
- Fast turnaround - speak to us today if you need to move quickly
- We have access to life insurance companies who will take into account existing medical conditions
- We can proviide advice on your mortgage cover
- Friendly no obligation service
To investigate your mortgage protection options call our mortgage broker team on 0117 313 7780 or fill in our call back form.
Mortgage Repayment Insurance, may refer to mortgage payment protection insurance (MPPI) which is a kind of insurance intended to cover an individual’s mortgage payments if they are unable to work due to reasons such as; redundancy, accident or sickness.
About mortgage payment protection insurance
If an individual cannot work or loses their job and hence loses their main source of income then mortgage payment protection cover may be able to help pay towards the mortgage payments due to the lender.
Different policies will have different maximum periods of time for which they will make payments these are typically between 12 and 24 months. They will also have varying lengths of ‘deferral period’ which is the amount of time an individual has to wait for the insurer to make the first payment following them making a claim.
Insurers tend to payout directly to the mortgage lender, on behalf of the policy-holder however some policies may include an option to go back to the individual and some may have the option to include cover for the cost of additional bills.
If you decide that MPPI is the right choice for you then it is a good idea to shop around to try and find the product that you feel is best, different policies will have different stipulations, such as instances where the policy provider will not payout.
Generally speaking cheaper products tend to come at the cost of longer deferral periods.
Before taking out a policy
Before an individual takes out MPPI is may be beneficial to first consider how necessary it is for their personal needs, for example someone who already has comprehensive income protection insurance, or substantial sick pay and redundancy packages from their employer may deem MPPI unnecessary for their personal requirements.
An individual may also not feel they need it if they have savings of a sum that is greater than the maximum amount an MPPI policy would pay out over its full duration.
If an individual already has an existing policy to cover similar circumstances for example health insurance, they may wish to consider taking out a mortgage payment protection insurance policy which only covers redundancy, as their existing health insurance policy may already cover them for loss of income due to sickness or accident.
If you are interested in MPPI, Fair Mortgages offers a whole-of-market service which can compare insurers and offer you advice on mortgage cover; you can fill in our online contact form, or contact directly on: 0117 313 7780