Mortgage insurance has been known to be expensive and can add thousands onto the cost of the loan when bought alongside the mortgage from the high street lender. Luckily there affordable smoke products are other options when it comes to taking out cheap mortgage insurance and the cheapest quotes can be found when you choose to go independently to a specialist for your cheap mortgage cover.
Not only will you get cheap mortgage insurance when you go independently but you will also get sound advice when it comes to the key facts and exclusions within a mortgage payment protection insurance policy. When taken out correctly cheap mortgage insurance can give you peace of mind that if you should find yourself out of work after suffering an accident, sickness or through unemployment such as redundancy, then you would still be able to pay your mortgage repayments.
Providing you fit the bill for the requirements of a policy then the cover would begin to provide you with a tax free income each month to ensure that you keep the roof over your head. The policy would begin payout after you had been out of work for 30 days or more and continue paying out for up to 12 months and with some providers up to 24 months.
Taking out cheap mortgage insurance cover can be confusing as there are exclusions in the policy that could mean you would be ineligible to claim, but by going to a specialist and getting good advice, you stand a much better chance of getting a quality product for a low premium.