Uk Mortgage Insurance Can Work If You Take Advice From A Standalone Provider

UK Mortgage Insurance Can Work If you​ Take Advice From a​ Standalone Provider
Mortgage insurance can be a​ safety net on​ which to​ land if​ you​ should suddenly find yourself out of​ work after suffering from an​ illness,​ accident or​ if​ your should become unemployed due to​ no fault of​ your own .​
It can give you​ an​ income with which to​ continue meeting your mortgage repayments .​
However,​ as​ with any insurance,​ UK mortgage insurance has to​ be bought with understanding.
There are reasons why it​ might not be suitable for your circumstances and you​ have to​ ensure that it​ is​ right for yours .​
You need to​ ensure that you​ are eligible to​ claim,​ so check out the​ exclusions in​ the​ small print of​ a​ policy .​
Typically they include if​ you​ are only in​ part time work,​ you​ suffer from a​ pre-existing medical condition or​ you​ are of​ retirement age .​
Of course there can be others so you​ have to​ ensure you​ know the​ terms and conditions.
If a​ policy is​ right for your circumstances then it​ would provide an​ income once you​ have been out of​ work for a​ defined period of​ time which can be between the​ 31st day and 90th day of​ being out of​ work,​ depending on​ the​ provider .​
The cover would then continue to​ provide you​ with the​ tax free sum for between 12 and 24 months so that you​ can continue to​ repay your mortgage each month without worry of​ where you​ would get the​ money; this gives great peace of​ mind and takes the​ stress away while you​ get back on​ your feet.
UK mortgage insurance has come under the​ spotlight with the​ rest of​ the​ suite of​ payment protection policies when it​ was found in​ 2018 that there has been wide spread mis-selling of​ policies .​
The Financial Services Authority began an​ investigation into the​ sector after a​ super complaint was lodged with the​ Office of​ Fair Trading and several fines were handed out to​ major high street names .​
The latest firm to​ receive a​ fine since the​ investigation into the​ sector began is​ a​ typical example - a​ mortgage firm who failed to​ have the​ consumer’s best interest at​ heart at​ the​ time of​ selling policies.
A lack of​ information was one of​ the​ many problems associated with the​ mis-selling of​ mortgage payment protection insurance.
Exclusions weren’t mentioned which led to​ many people being sold a​ policy they couldn’t possibly hope to​ claim against .​
In March 2008 the​ Financial Services Authority are going to​ introduce comparison tables with the​ hope that these will make policies easier to​ understand and ensure the​ consumer gets the​ right product for their needs .​
The table will ask a​ series of​ questions which will lead to​ the​ suggestion of​ the​ right policy for an​ individual’s needs including how much in​ total the​ cover will cost,​ the​ exclusions that exist in​ the​ policy and options for buying.
UK mortgage insurance can be a​ great asset to​ have in​ your corner if​ you​ should come out of​ work,​ but do check out the​ small print carefully before signing on​ the​ dotted line

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