Mortgage Payment Protection

Quite often you hear ‘it could never happen to me’ or ‘I’ll sort it out later’. Well the old maxim of “failing to plan is planning to fail” is no better suited to the ignoring of crucial decisions on protection.

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What is it?

A Mortgage Payment Protection plan is designed to ensure that you are able to continue to make your mortgage (and other related expenditure) payments in the event of accident, sickness or unemployment. It is often referred to as Accident, Sickness and Unemployment cover or ASU. These plans usually pay benefits for up to two years however, if you are seeking a plan that pays for a longer period, then Income Protection Insurance is generally more suitable.

It’s worth noting that there is currently no legal requirement to have such cover and potential mis-selling of these products has generated much interest from the media and the industry regulator in recent years. However, this doesn’t mean that they are not right for some people and can provide valuable protection in the right circumstances.

 

Who is it for?

This type of plan is designed for those who are worried about being able to continue their mortgage payments in the event of losing income due to accident, sickness or unemployment.

It is extremely important that you take Professional and Experienced financial advice before taking out this type of plan as they are not always the best nor cheapest option.

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Your home or property may be repossessed if you do not keep up repayments on your mortgage or any other debt secured on it

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Alpha Independent Mortgages LLP is a Limited Liability Partnership. Registered office address 25 Le Marchant Road, Frimley, Camberley, Surrey. GU16 8RN. Registered in England Company Registration no OC309806

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The guidance and/or advice contained within the website is subject to the UK regulatory regime and is therefore restricted to consumers based in the UK