Are You Paying Too Much For Your Mortgage Protection

Are You Paying Too Much For Your Mortgage Protection

Are you​ Paying Too Much For Your Mortgage Protection?
If you​ have bought your mortgage protection from a​ high street lender or​ bank,​ then the​ chances are that you​ are paying far too much for your mortgage protection .​
The good news is​ that you​ may be able to​ cancel your policy,​ and go to​ a​ standalone provider for your insurance .​
Mortgage protection is​ big business and the​ high street banks and lenders know this and often craftily attach mortgage payment protection alongside your mortgage .​
Some would have you​ believe that the​ cover is​ necessary in​ order for you​ to​ be successful in​ getting the​ mortgage .​
However,​ it​ is​ currently not compulsory and you​ can choose to​ buy it​ independently .​
a​ standalone provider is​ more often than not the​ best way to​ get your mortgage protection .​
They offer some of​ the​ cheapest policies,​ quality products and a​ reputable provider should give great advice which ensures you​ don’t get ripped-off.
A mortgage payment protection policy is​ taken out in​ case you​ should find yourself unable to​ work due to​ an​ accident,​ an​ illness or​ redundancy and will pay out for a​ pre-determined length of​ time,​ which is​ usually for up to​ 12 months though in​ some cases it​ will run for 24 months .​
Providing you​ have been out of​ work for around 30 days (or 90 days with some lesser quality policies) then the​ cover will ensure that you​ have enough money to​ pay the​ monthly mortgage repayments,​ which means you​ won’t lose the​ roof over your head.
One of​ the​ biggest benefits besides the​ lower premium rates that the​ standalone provider charges is​ the​ fact that a​ standalone provider knows their business .​
When it​ comes to​ loans and getting the​ cheapest rates then the​ high street lender is​ the​ place to​ go .​
However for the​ insurance to​ cover the​ mortgage then it​ has to​ be a​ standalone provider.
So when you​ go to​ the​ bank for your mortgage by all means get the​ cheapest deal from them,​ but do your homework and insist that you​ will take care of​ the​ mortgage insurance cover yourself and go independently .​
If you​ don’t,​ then you​ could be paying too much for your mortgage protection.

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