Mortgage Protection Cover - When do you tell the mortgagfe lender?

Josie2018

Partner made redundant this week, I work but his salary covers half the mortgage and all the bills, so I am worried, it will be a struggle but with some jiggling long term it might be ok.


The company he works for has said he will get a redundancy payment we shall wait and see. We do have a small bit of savings that will see us through maybe till the end of the year.


We do have mortgage protection insurance for redundancy but when do you tell the mortgage lender that the main breadwinner has been made redundant?. Do you wait until the pot is empty? I am hopeful the other half will get another job but who knows at this point?.


Anyone who has previous experience with this I would greatly appreciate feedback. Thanks

MovingForwards

Read the t&cs of the policy to see when it kicks in as the policy may state a month, six months etc before they start paying out.

eamon

You probably need to be claiming JSA (your partner must claim and do very soon) to activate the insurance, that was the case when I needed to claim some years ago. Don't forget to check all other policies that you may have, may be a small windfall in there.