mortgage payment protection

linda.b_4

Could anyone tell me how much this costs on a £66000 mortgage? Also is it worth having and do you have to get it from your mortgage provider or can you shop around. (getting a bit worried about this bird flu thing!) Thanks.

herbiesjp

It may be difficult for anyone to give you figures without knowing more about your situation, and what benefits you would want, and how long you would want them paying out for.

Most mortgage providers will offer a scheme, but I think you will be better off shopping around to get better and cheaper policies.

Not sure if the bird flu should be your only consideration for taking out this type of policy, as a comprehensive policy would cover mortgage payments (and extra) if you were unable to work because of an accident, sickness or made unemployed.

The benefit would be paid monthly.

biblejohn

As the other poster says, you are usually better off shoping around. There are so many different forms of mortgage protection. You can get just basic mortgage protection, you can get income protection, you can get sickness cover, unemployement cover, etc... etc.. Most also only will apply after 3 or 6 months of you taking out the policy, also very often should you loose your job they will not start paying you for X number of weeks.

I currently pay 15quid a month for 750quid a month protection. That will cover my mortgage and most of my bills should I loose my job. I only started the policy up the other year as prior to that I figured that if i loose my job id be able to get other work easily enough! - and i did when i was made reduntant a few years back. Anyone can get work manual work for 50->80quid a day unless you are too ill to work.

So it depends on how likely you are to use it. A lot of my friends just make sure they have a "buffer" amount of cash in a bank account in case of emergancies. i.e. enough for 6 months worth of mortgage payments/bills. They figure that within 6 months of loosing their job they should certainly have found something else!