the biggest financial commitments in a person’s life. Mortgage Payment Protection is a sensible option for anyone who wants to protect their home from advent of unfortunate circumstances. When you choose Mortgage Payment Protection you can pay your monthly mortgage repayments even if you are off work due to illness or you are unemployed. Mortgage Payment Protection from some companies also cover building insurance.

These policies require a Qualifying Period of around 28 days, which is a minimum number of days before you can claim against the policy. Once you qualify the company you have applied with will pay you until you get a job or reach the maximum number of months that the company will pay out (which is generally for a year with exception of few companies which will pay for two years).

You might feel that Mortgage Payment Protection with your mortgage lender is the logical step. However most mortgage lenders charge heavily. In such cases Mortgage Payment Protection from specialist providers is the cost effective option. The borrower needs to research and weigh the pros and cons of the policy before applying for it.

Are you eligible for Mortgage Payment Protection Insurance?

You are eligible for Mortgage Payment Protection if:

•You are over 18 years of age and under 65 years of age
•You have already availed a mortgage or will be taking out a nationwide mortgage
•You are employed and have been employed for the last 6 months. However you need not be employed for 6 months if you are taking a new mortgage or a further advance
•You will be living in United Kingdom permanently

However there are a few exclusions when Mortgage Payment Protection will not pay out. For instance when you voluntarily leave your job because of misconduct or dishonest behavior or if you suffer from long term financial problems which dont display any realistic chance of recovery. Most homeowners who have a full time working partner or savings to the tune of £8,000 will not be able to claim Mortgage Payment Protection Insurance.

Life is full of uncertainties. It is difficult to imagine how you would cope with unemployment, accidents and many other unfortunate circumstances. But you can ensure that you sail through trying financial times with Mortgage Payment Protection Insurance. Protect your home and yourself with Mortgage Payment Protection Insurance.

Article Source: Articles Beyond Better

Reethi R,Expert writer on your mortgages. Log onto Mortgage UK for more information and help.

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