Mortgage Protection Cover

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This is a monthly benefit policy geared around ensuring your mortgage payment is covered by insurance should you be out of work due to Accident, Sickness or Unemployment.

When you arrange your mortgage and collect the keys to your new home, whether you’re a seasoned veteran of property purchase or a first time buyer, mortgage payment protection insurance (MPPI) is an easy oversight. As you rush to move in, plan the redecorating or a lavish housewarming, failure to insure one of the most expensive purchases that you ever make could see your dream home turn into a nightmare.

‘Mortgage Payment Protection Insurance’ is an inclusive, flexible and easy way to ensure that your home is safe no matter what your circumstances. The financial obligations tied up in a mortgage have the ultimate reward of providing you with a home for life, however failure to protect this could prove very costly.

Mortgage payment protection insurance – peace of mind for your family

As the economic climate continues to remain challenging more and more homeowners are opting for ‘Mortgage Payment Protection Insurance,’ to provide piece of mind should their financial circumstances change. Mortgage Payment Protection Insurance is designed to protect you against the repossession of your home, the ultimate consequence of failing to keep up with your mortgage repayments. It does this by making the monthly repayments on your mortgage should you find that you are unable to work whether that is as a result of sickness, accident or unemployment. Unlike government schemes, which cover only the interest on your mortgage and impose various eligibility criteria on homeowners to qualify, Mortgage Payment Protection Insurance is much more inclusive and offers a much higher level of protection. Mortgage Protection Insurance also usually covers you if you are self-employed, if your business is forced to cease trading, which provides piece of mind. MPPI is one of the main types of mortgage protection.

The types of mortgage payment protection insurance

‘Mortgage Payment Protection Insurance’ can vary slightly dependent on who you insure with but whoever you choose you can rest assured that there are a range of features and benefits to help you. Generally this form of mortgage protection plan will cover you for up to twelve months ensuring that you can concentrate on recuperating or finding a new job, safe in the knowledge that your home is secure. The insurance is usually paid out quickly, within a month or two of you being out of work, and the payments are usually backdated so you do not have to worry about falling into arrears with any of your mortgage payments.

There are usually, dependent on the policy and provider, different prices for the insurance dependent on your age ensuring that you can choose the package that fits you. You could also choose one or more elements of the cover offered, for instance you may be confident that if you were made redundant you would receive a generous payment package and therefore you may only wish to take out the sickness and accident element of Mortgage Payment Insurance. It is this element of flexibility that makes it perfect for today’s housing market and you can be assured of the longevity of your policy because Mortgage Repayment Protection Insurance is covered under the government supported ‘Financial Services Compensation Scheme.’ This means that whatever might happen to the economy, your mortgage insurance is safe.

If you would like free initial advice about the different mortgage protection and / or life insurance options available please contact Ascot Mortgages – we are will be happy to explain things in a clear, unbiased and helpful way.

Other types of mortgage protection insurance

If you would like to arrange a free consultation to help you understand which mortgage protection product will be right for your situation, including mortgage payment protection insurance, mortgage life insurance, income protection insurance and critical illness insurance cover, and any other options available please contact Ascot Mortgages – we are will be happy to explain things in a clear, unbiased and helpful way.

There are other providers of Payment Protection Insurance [Short-Term Income Protection] and other products designed to protect you against loss of income. This will typically cost £3 per month for every £100 of benefit. For impartial information about insurance, please visit the website at www.moneymadeclear.org.uk

Buy to let early repayment charges (redemption penalties)

Early repayment charges (redemption penalties) are usually the amount that a lender charges when the mortgage is repaid early, before the term which was initially arranged. It usually is highest the earlier that the mortgage is paid off. They are usually calculated by:

  • The percentage of the original loan value
  • The percentage of the balance still owing on the mortgage
  • The percentage of the amount already repaid
  • The number of months’ interest

A more flexible buy to let mortgage

Buy to Let Mortgages can be costly if you need to unexpectedly end them early, perhaps if you need to sell the property or you see a great investment elsewhere. A buy to let mortgage with no early repayment charges (redemption penalties) gives buyers an extra layer of reassurance should they not be 100% certain the property will be a long term investment. Being able to sell the property at any time without penalty could put the buyer at a great advantage financially. As this type of mortgage tips the balance in favour of the investor, not the lender. Whether you are looking for your first time buy to let mortgage, or you are a property portfolio owner, using a specialist buy to let mortgage broker highly experienced in the BTL sector we will be able to quickly and precisely find you the best value mortgage to match your requirements.

Other benefits with BTL mortgages without early repayment charges

Along with the potential saving of up to 4 percent of the loan value, as with a typical buy to let mortgage, there is the added selling value of a tenanted BTL property. Should the owner be able to sell the property with a tenant in place, potential investors are likely to be encouraged by the prospect of taking on a property which has an established tenant – which saves the cost and hassle of finding a new tenant and vetting them, but it also means that they immediately receive a return on their investment.

As a product, buy to let mortgages with no redemption fee is relatively new on the market, so it is essential that you seek professional advice before taking out this kind of mortgage. Here at Ascot Mortgages we believe in giving you impartial advice, whatever your situation. If you are a buy to let investor we can use our knowledge and excellent reputation in the market to find you a bespoke mortgage offer, for the best price and quickly. We would encourage you to call and speak to one of our trained, friendly advisors who can discuss your requirements with you. Our guide, on buy to let mortgages with no early repayment charges (redemption penalties), is a good place to start.

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