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Protecting your biggest financial commitment

Do you need mortgage payment protection?

Mortgage Payment Protection Insurance (MPPI) is designed to ensure that you are able to continue to make your mortgage (and other related expenditure) payments in the event of accident, sickness or unemployment. It is often referred to as Accident, Sickness and Unemployment cover or ASU. For many homeowners in the UK, the mortgage is the biggest monthly outgoing, so you just need to ask yourself “if I’m unable to work due to illness or redundancy can I continue to make my repayments?” If the answer is no, it may be sensible to take out protection to specifically cover mortgage payments, or take out general income protection insurance, which is another area Charles Derby Mortgage Bureau specialise in.

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How does it work?

These plans usually pay benefits for up to two years, however, if you are seeking a plan that pays for a longer period, then Income Protection Insurance is generally more suitable. It’s worth noting that there is currently no legal requirement to have such cover and potential mis-selling of these products has generated much interest from the media and the industry regulator in recent years. However, this doesn't mean that they are not right for some people and can provide valuable protection in the right circumstances. The price you pay will depend on your employment contract as insurers will use it to classify your risk level, and if you’ve experienced health problems within the last year, this is also likely to affect your ability to get mortgage protection insurance.

Protecting your biggest financial commitment: Speak to Charles Derby Mortgage Bureau today

It’s very important to understand that MPPI is not the same as PPI. Mortgage payment protection insurance covers payments made directly to you, whilst PPI covers unsecured finance and payments made to the lender. If you’re unsure whether MPPI is right for you, or require some expert advise to consider the most suitable options for your individual circumstances, we can help. Whether you’d like to sit down with us in person over a cup of coffee or talk through protection plans over the phone, we can arrange an appointment at a time that’s right for you.

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