Mortgage Cover Could Save The Roof Over Your Head If You Were To Become Ill Or Unemployed

Mortgage Cover Could Save The Roof Over Your Head If You Were To Become
Ill Or Unemployed

Mortgage Cover Could Save the​ Roof Over Your Head If you​ Were to​ Become Ill Or Unemployed
Mortgage cover could mean the​ difference between you​ losing the​ roof over your head or​ keeping it​ if​ you​ were to​ become ill and unable to​ work,​ suffer an​ accident or​ become unemployed by such as​ redundancy .​
The downside to​ the​ cover is​ that it​ is​ not suitable for all circumstances due to​ the​ exclusions which exist in​ all policies.
Common reasons which could stop you​ from being eligible to​ make a​ claim include if​ you​ are only working part time,​ suffering from an​ ongoing illness or​ if​ you​ are retired .​
Other exclusions could be added on​ by the​ provider so you​ do have to​ check the​ terms and conditions of​ the​ policy before you​ buy the​ cover to​ make sure that you​ would be eligible to​ make a​ claim.
Homeowners who rely on​ the​ State to​ help if​ you​ come out of​ work are leaving themselves open to​ disappointment and are putting the​ roof over their heads at​ risk because the​ State does often not give enough financial assistance even if​ you​ are entitled to​ receive help .​
If you​ get behind on​ your mortgage then you​ risk losing your home to​ repossession .​
However,​ mortgage cover can stop this by giving you​ an​ income once you​ have been out of​ work for a​ set period of​ time.
The time varies that you​ have to​ wait but is​ usually from the​ 31st to​ the​ 90th day after the​ event and once a​ policy has begu​n to​ payout it​ would then continue to​ do so for between 12 and 24 months which gives you​ enough time to​ get back on​ your feet or​ find another job.
Mortgage cover has been branded with the​ same bad image as​ loan payment protection and while mis-selling has occurred in​ all sectors mortgage insurance has faired better .​
However on​ saying this,​ the​ latest firm to​ not only receive a​ fine but also have the​ Chief Executive handed a​ personal fine was a​ mortgage firm .​
This is​ even more astounding when you​ realize the​ fine handed out was just recently and well after the​ Financial Services Authority set out guidelines for improvements that had to​ made to​ the​ sector.
Problems for the​ sector began in​ 2018 after the​ Office of​ Fair Trading (OFT) received a​ super complaint from the​ Citizens Advice Bureau .​
This resulted in​ the​ investigation by the​ Financial Services Authority (FSA) which led to​ several high street names receiving fines before the​ OFT referred the​ sector on​ to​ the​ Competition Commission .​
The latter is​ now conducting an​ in-depth investigation with the​ results of​ their findings anticipated in​ early 2009.
If you​ want peace of​ mind that you​ have quality mortgage cover whilst also getting the​ cheapest premiums for the​ cover then you​ have to​ get a​ quote from an​ independent specialist provider of​ payment protection .​
a​ specialist will be more ethical than the​ high street lender and will not go for the​ huge profits that high street lenders rake in​ each year,​ they will ensure that you​ have access to​ the​ key facts needed to​ determine if​ a​ policy is​ suitable.

Mortgage Cover Could Save The Roof Over Your Head If You Were To Become
Ill Or Unemployed

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