Do you already have it?
If you already have mortgage payment protection, are you sure you have the correct cover? In the past many policies were sold with the brokers best interests at heart and not the consumers.
There has been a large scale mis selling of mortgage payment protection, so much so that lump sum policies have now been outlawed. If you have one then you could be due compensation.
Below is a brief outline of how mortgage payment protection should work:
Becoming unemployed can cause many problems, not least the fact that there simply may not be any money to pay the bills. Most people will agree that their home is their most important material possession, yet if mortgage payments cannot be made, the security of a home can be taken away.
You cannot rely on state help to cover your mortgage payments if you cannot work. There is no help for the first nine months of unemployment or disability for mortgages taken since October 1995. Existing borrowers only qualify for benefit if they qualify for Income Support.
You can buy cover to protect your mortgage payments if you have an accident or become ill and cannot work, if you become unemployed, or to provide full cover for accidents, sickness and unemployment. The terms and conditions under which you can claim differ with every policy, so you should always check them very carefully.
The Benefit period is the length of time you can claim monthly payments for, and these vary for each policy. You can select the time period you want to be covered (1 year, 2 years etc) but the longer you want the cover for, the more expensive the premiums will be.
There is also an Exclusion Period, sometimes known as an Excess period. This is the time you have to wait to start receiving benefits from the policy after you have become ill, had an accident or become unemployed. Again, this can vary from having no exclusion period to 30, 60 or 90 days. In some instances, this can be even longer.
Most providers will cover your mortgage payment and a little extra for mortgage related bills, such as pensions, insurances etc. They usually offer an extra 5, 10 or even 25% but may have conditions on what this money can be used for.
If you think you have been mis-sold you mortgage payment protection policy then please visit www.gravitaslaw.co.uk or telephone 0800 612 7014