If you take out a
mortgage for more than 75% of the value of your home , the
lender will normally ask you to provide additional
security to cover their potential loss should you default
on the loan. The most common method of providing this
additional security is for the lender to effect an
insurance policy (the premiums for which will be pay for
by you). The lender uses the money received from the
insurance policy to cover the costs they suffer involved
in the repossession and resale of the property.
Please note that after any claim the insurer will normally
look to recover, from you, any payments they make to the
lender. The amount they will try to recover would include
any legal fees they have suffered during the process.
What about protecting my mortgage
payments?
There are now
very limited state resources for meeting mortgage
payments. It is sensible to look at insurance policies
that pay out if you lose your job or are unable to work
because of illness. Mortgage protection insurance policies
generally pay out up to 12 months' mortgage payments. They
are frequently combined with other insurances such as
critical illness or permanent health insurance
Whatever Your Circumstances..... We Can Help. Apply Today, why delay?
Your home is at risk if you do not keep up repayments on a mortgage or
other loans secured on it. Written quotations available on request
subject to status.
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