Why sell your home when you can protect it?
The Royal Institution of Chartered Surveyors has reported that the concerns about post election cuts is now so great that homeowners are rushing to get their houses on the market and sold before the anticipated job cuts and taxes bite.
In that instance the home that you now have could potentially become a millstone around your neck.
Of course you could be one of the lucky ones either because you have sensibly put away savings that will help you continue with your mortgage payments were you to lose your salary, or your job is secure enough not to be subject to redundancy.
If however you do not fall into either bracket and you do not want to sell your home at what will inevitably be a loss in a buyers market, then Mortgage protection insurance will give you peace of mind.
Mortgage Protection Insurance is an insurance product designed to pay you a monthly sum, being a percentage of your salary, for the duration of your unemployment not exceeding 12 months.
Like all insurance policies however Mortgage Protection Insurance does have the provision that you must not be aware of your impending unemployment either before or during a set time after you purchase the policy; so it is important to think about buying Mortgage Protection Insurance whilst you are still employed. It is no use thinking about it when you become unemployed, it will be too late.
Shopping around for an independent provider is by far the cheapest option. A search on the internet for Mortgage Protection Insurance will bring up several independent providers with highly competitive rates.
It is important however to read the Terms and Conditions; however daunting this may be. The purpose of buying Mortgage Protection Insurance is to ensure that it pays out should you need it; failing to read the small print at the beginning could jeopardise that so print out the Terms and Conditions and ensure you read and understand that you are eligible and the requirements for claiming. If you are in any doubt then contact the Customer Services Centre and speak to an advisor for clarification.
Or alternatively you could go straight round to the estate agents and put your house on the market; but don’t hold your breath anytime soon for a quick sale!
