Mortgage Protection

clarky_cat

I applied for Mortgage Protection with i-protect recently but was rejected probably because the company I work for are about to be taken over (which was the main reason I wanted it). I'm guessing they run a check of the company you work for before giving you a decision?

Does anyone have experience of getting mortgage protection in similar circumstances and any recommendations of cheap(ish) companies? I haven't tried my lender (HSBC) yet but would expect them to be expensive.

ACG

Have you been notified of potential redundancies?
If not then it shouldnt be an issue getting unemployment cover (which is what i presume your after?)

clarky_cat

I haven't presonally been notified but other people have been put at risk. There will definitely be redundancies but no idea of numbers yet. I'm wondering if they did a search of the company and saw news of the takeover.

Yes its unemployment cover I'm after, i-protect were very cheap (£15 a month) so wanted to go with them. Might try another company then.

One other question, does being rejected have any impact on credit rating?

Dave_Ham

No - it does nt affect credit rating.

Am I missing something here?

You are at threat of losing your position and you are looking for the cheapest cover?? I would be looking for the best...

I do not sell loads of this type of cover so not my speciality subject, although my guess is that they check the company - hell yes.

You do not get cheap critical illness cover after having a heart attack nor do you get cheap buildings cover if 3 houses in your street have had subsidence..

£15 per month to cover you for x per month - think they would check eh...

clarky_cat

Looking for the best and cheapest, someone who will cover my mortgage from day 1 if I lost my job. I-protect is the one recommended on this website for anyone under 45.

I'm not at risk as things stand but I do not know what will happen in the next 12 months. Yes I've no doubt they check the company. So do you think I could still get cover but maybe at a higher premium? It would be nice to have that peace of mind should the worst happen.

Dave_Ham

You will get cover, but inevitably it will be above standard rates as you have above standard risk of losing your job..

Good luck