27th February 2008

Protecting your Mortgage

In 2007 lenders in the UK repossessed 27,100 properties, an increase of 21% compared to 2006 where repossessions were 22,400. In 2003 repossessions were reported at 8,500. Forecasts for 2008 are in excess of 70,000.*

The reason for this dramatic increase will be a culmination of factors; sub-prime deals coming to the end of their product period and having to revert to un-affordable standard variable rate, employers restructuring and making redundancies and also individuals losing their income due to illness or accident.

In the event you lose your income whether through ill health or redundancy have you considered how you will pay for all those financial commitments whilst you find alternative employment or recuperate?

Currently only 20% of mortgage holders have insurance in place to cover their mortgage payments.

Mortgage Payment Protection Insurance is designed to provide a monthly benefit amount to allow you to pay your mortgage and or insurance payment for up to 12 months if you are unable to work due to accident, sickness or involuntary unemployment.

Accident, sickness and unemployment policies can start from as little as £2.73 per hundred pounds of benefit. A typical policy paying a monthly benefit of £600pm could cost £16.38pm - often with the first 3 months being FREE!!!

There are various options available when setting up this type of cover:

• Accident, sickness and unemployment cover
• Accident and sickness cover
• Unemployment cover

To discuss your protection requirements further or for a free, no obligation quote - please call FREE on 0800 881 8885, request a callback using the form on the left of this page, or complete the online enquiry form.

* source Daily Mail February 2008