Mortgage Payment Protection Insurance for Shared Ownership

reverend

Hi,

I own a New Build Homebuy Shared ownership flat.. I own 30% of the property and rent the other 70% from a Housing Association. In terms of monthly outgoings, my mortgage costs me about £500 per month and my rent is also about £500 per month.

I am having difficulty finding an insurer that can sell me MPPI to cover both the mortgage and the rent elements of my monthly accomodation costs. All those that I have contacted bar one have told me that they can only cover the mortgage element. The one that did say they would insure both rejected my application (iProtect).

Does anyone know an insurer that will cover both the mortage and the rent elements?

Thanks as ever.

/rev

OshayAway

What reason was given by iprotect for the rejection of your application?

WombleSW20_2

It does sound odd that they rejected you but it's probably that they don't have a process in place to deal with cases like your if you were to make a claim. This is the problem with internet providers - they don't really cover niche scenarios such as yours. I suggest you call a few IFA's and ask them to source you an appropriiate product but do explain your situation clearly and demand that you get something in writing that shows you are covered.

Alternatively I suggest you apply for a short term income protection / PPI policy if you need cover. This will insure a fixed amount of monthly benefit per month and is not linked to a mortgage.

benjaminM

Hi, LV have a product called mortgage and lifestyle protect and I think it works slightly different to the usual mppi. Don't quote me on this but I think it can cover you for both rent and mortgage payments and maybe even bills.

reverend

Thanks so much to you all for your advice !

benjaminM - Thanks very much. I have an interview with LV scheduled for tomorrow. They do indeed have that product

WombleSW20 and OshayAway - iProtect do not give a reason. There are other posts on this forum about that

cheers

danyul