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Mortgage Repayment Insurance

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Mortgage Repayment Insurance

When one is liable to pay off their loan through monthly installments, a regular income is a must. However, in certain situations, a person is unable to generate income, and thus needs a Mortgage Repayment Insurance to secure the payment of the installments to avoid the repossession of their properties.

What is Mortgage Repayment Insurance?

Mortgage Repayment Insurance is a policy plan that protects one against the possibility of income loss which hinders the repayment of impending loans. By subscribing to such an insurance plan, one is assured that their monthly loan installments continue to be paid if they temporarily lose their income due to forced redundancy, i.e., unemployment, or illness and accident.

Most plans have greatly differing terms and conditions. Most Mortgage Repayment Insurance policies promise to cover one’s loan costs for a period of either 12 or 24 month at maximum. Moreover, the benefits are withdrawn; the day one resumes their job and begins getting regular income again.

Certain Mortgage Repayment Insurance plans also extend their scheme to the extent of covering some household costs other than loan repayments such as utility bills and council tax. However, they usually cover only 25% or less, of these costs. The benefits that are given under such Mortgage Repayment Insurance policies are tax free, thereby ensuring a lucrative package for those making use of it. The bottom line is, Mortgage Repayment Insurance secures the payment of one’s loan installments in certain situations where their income is stalled.

Alternatives to Mortgage Repayment Insurance

There are several alternatives to having Mortgage Repayment Insurance. The most common substitute is the Income Insurance which supplies one with a certain percentage of their regular salary if one fails to generate any due to an unprecedented illness or accident. Similarly, the Critical Illness Insurance promises the policyholder a certain amount of lump sum cash payment if and when they are diagnosed with either of a number of select diseases.

Main Benefits of Mortgage Repayment Insurance

The main benefits of having a Mortgage Repayment Insurance is that it ensures the repayment of one’s loan installments in the circumstance of abrupt income loss, thus evading repossession of property. Moreover, Mortgage Repayment Insurance provides benefits, even for forced redundancy, which most other plans do not cater for.

Main Drawbacks of Mortgage Repayment Insurance

The primary drawback of the Mortgage Repayment Insurance scheme is that it does not provide benefits for a situation of voluntary redundancy or quitting of job. Also, the benefits are not offered for an indefinite time, but for a limited period, depending upon the terms and conditions of one’s plan.

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