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What is Mortgage Payment Protection Insurance?
Mortgage Payment Protection Insurance Plans provide you with a opportunity of continuing your mortgage payments in the event of unemployment or sickness/illness or an accident/disability.
Most people are mistaken, if you fall ill or become redundant that the state will financially look after your interests. Did you know ?
The government will not pay interest on your mortgage:
If you have savings over £8,000.00.
If your partner is working full time, and you are not working.
The government will not help with mortgages taken out since October 1995. Capital payments will not be made on your behalf, even if you have a Capital & Interest mortgage.
Interest payment on mortgages over £100,000.00 will not be made, even so if you have a mortgage over £100,000 which is very common considering an average house in the UK costs circa £175,000.
Interest payments for the first nine months will not be paid, even if you satisfy state benefits for mortgages taken after October 2005. Do you have enough savings to meet your mortgage payments if the worst happened ?
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