Mortgage Payment Protection

tododo

Hi

Please help......I am trying to figure out the best comapny to go for for mortgage payment protection for me and my partner. We have recently had an offer accepted on a FTB house and are in the process of returning the mortgage application to Britannia..... What I would like to do is now figure out the best MPPI to go for. The mortage is a fixed rate for 3 years and comes to £610 per month between us.

I have been on help u pay but I can only see a single cover option. I am now looking at payment care and pinnacle. (around £27 per month for £700 cover.... as joint applicants)

Also as I am probably more likely to lose my job would the insurance company pay my half of the mortage??? Dont really understand this side of it to be honest

I realise the policy wording are VERY VERY crafty but I think we need to have this cover

Any advise is appreciated

Thanks

Astaroth

I dont know about the pinnacle cover but with ourselves (we dont sell PPI to people with credit from other banks etc) single person cover would pay it in full if that 1 person was eligible to claim irrespective of the other person. On joint cover 50% of it is paid irrespective of who is the bigger earner.

I know when I went for a loan and was offered PPI it only really made sense for me to get single cover as my salary being lost and only having the other halfs to pay off a loan (or mortgage) would not be sufficient even if the insurance was paying 1/2

Look at the policies carefully - there a lot out there which are heavily in the favour of the lender but I have seen more than a fair few which were so badly worded that it was 100% in the favour of the policyholder - to the extent that if a person could get a loan in the first place being on perminant sick leave that the day the loan was taken they could claim on the insurance and have the whole thing paid off as long as their doctor confirmed that they would be unfit to return to work during the lifespan of the debt. We no longer use that policy now though

MortgageMamma

Paymentshield is a good policy and will give you six months for free as you are a first time buyer. I have a copy of the key facts that I can email to you in the morning if you want, so you can compare to your others options. You can go to paymentshield direct via the phone, or through an advisor.

roswell

another optin depending on the morgage you get is over payments and payment holidays ... just a thought if its viable for you.

basicaly self insurance with the benifit of reducing the amount of interest you will pay on the term of the morgage. 2 birds 1 stone

tododo

Thanks for the advice everyone......I was also looking at payment shield but cant really compare as no online facility

Mortgagemama, if you could email that to me that would be great

We are also planning on overpaying the mortgage somewhat but dont think payment holidays are included.....like the idea though

MortgageMamma

Ho Tododo

I will do you a paymentshield quote so you can compare if you like tommorow when i get back in office

Lisa