I pay half my parent's mortgage - Income Protection?

Hanco

Hi there

I'm confused. I've read a lot of posts here and I think my situation is not unheard of but not that commonplace?

My parents sold up a few years ago and moved into a new place, I share the mortage with Dad, but I don't live there (I'm enjoying another property at the expense of someone else :j)

I used to pay to a Mortgage Protection insurance policy to cover me for the risk of unemployment, but I checked it out this week because I don't live with my parents now. My policy is now invalid, because they say I have to live there. So I've cancelled but need to find an alternative product...

Has anyone heard of similar situations or is anyone here in the same situation themself? Where did you find income payment protection to cover this?

Of course it's now a concern that I end up waiting 90, 120 or more days whilst the "cannot claim" period at the start completes... Just what I need whilst the economy gets rocky :rolleyes:

Help!

Hank

dunstonh

You need payment protection rather than mortgage payment protection.

You can buy this online or through any independent mortgage adviser or IFA.

Hanco

Good grief they don't make it easy do they?

Tried MoneySupermarket... entered all the numbers (Mortgage, Personal Loans etc...) it then displays the results and ALL the "Top 15 best providers" are listed as offering only the Mortgage value as the monthly benefit.

Yet I am named on the parents home mortgage but pay them my piece of it each month and they settle up with the lender, I also pay a personal loan off, my life assurance and car insurance etc... I want to cover my income (at least 40% of it) with ASU.

Anyone done this before and found a simple on line application that doesn't assume you only want to cover a mortgage? Makes me think that if I apply online for any of those 15 they will then show me Ts & Cs that say I have to live at the address..........

keith1950

Hi, have you had a look at www.paymentcare.co.uk

dunstonh

Good grief they don't make it easy do they?

They were designed to be sold through advice channels. DIY is fine for those that know what they want and what things mean but it can be messy for those that dont.

Tried MoneySupermarket

You are only going to get a limited selection of providers and products if you use the internet portal sites.

I want to cover my income (at least 40% of it) with ASU.

Which is no problem (providing you dont have employer sickness benefits). However, you need PPI and not MPPI.

Anyone done this before and found a simple on line application that doesn't assume you only want to cover a mortgage?

Yes. Anyone that uses an IFA or independent mortgage adviser will have access to these.