Mortgage Insurance Quotes
If you take out a mortgage you have committed to making regular payments. However, in the unfortunate circumstance where the regular source of income is lost, making such payments becomes a major burden for the whole family. Therefore, it is often advisable to have a Mortgage Insurance that covers these costs in such a situation.
We make it easy to find the best mortgage insurance quote because we have access to all the policies available right now in the UK. Because we are not tied to one particular insurance company we can help you find the best deal for your particular requirements whilst saving you money.
What is Mortgage Insurance?
Mortgage Insurance is a simple concept. It is an established norm of the banking sector that the repayment of a home loan through monthly installments has to be timely and regularized. Failure in doing so may often lead to eviction from home, or even the repossession of the property in question. To evade the possibility of this occurring, one can avail the benefits of Mortgage Insurance Policies. Such Insurance plans promise to cover one’s monthly loan repayments in the incidence of loss of one’s income due to injury, illness or unemployment, also referred to as forced redundancy.
The terms and conditions for various Mortgage Insurance plans vary in nature. However, usually, the insurance is set for terms or 6, 12 or 24 months. While the policy provides benefits to a policyholder when they fail to generate income, these funds are meted out only till the term lasts, or the person begins to earn a regular salary again. Also, certain Mortgage Insurance schemes not only assure 100% cover for the mortgage repayment, but also provide some extra funds for meeting part of the regular household expenses, such as the council tax or utility bills.
Alternatives to Mortgage Insurance
There are no particular alternatives to Mortgage Insurance. At best, there are several Insurance Schemes that will provide benefits to policyholders if their salary is stalled abruptly for various reasons. Funds from these plans can also help one pay their monthly installments of loan repayment.
Main Benefit of Mortgage Insurance
The chief advantage in availing the benefits of Mortgage Insurance is that one is secure from the possibility of eviction of property repossession in the situation of loss of income in the future. Such assurances release part of the financial burden in such difficult times.
Main Draw-Back of Mortgage Insurance
The main draw-backs of Mortgage Insurance schemes are that they do not provide mortgage cover for a limitless period. The funds are ceased when the policy term exhausts or the individual begins to get a regular income again, whichever may happen first. Moreover, the initial costs for subscribing to such Insurance are not particularly inexpensive, though they are not overly steep either.
Mortgage Insurance Reviews
If you take out mortgage insurance you want to know the company will not only be around in the future to pay out but that they also offer excellent customer service. We work with only the best mortgage protection companies who on the whole are well regarded. If you use websites like reviewcentre.co.uk you can look up company reviews. If you have used one of these companies in the past please make sure that you leave a review to help other customers.
Save 40% on Mortgage Insurance
If you don't find the best value mortgage insurance deal now, over the lifetime of the policy this will cost you £1000's. Unlike other comparison sites we specialise in mortgage insurance only. We make it easy to search over 400 policies so you can compare the best deals and quickly find the best quote. Complete our form to get started.