Mortgage Protection has Become Essential Cover

April 13th, 2009 by writer | No Comments | Filed in General News

As the ranks of the unemployed swell to almost double digits throughout the United Kingdom, a large percentage of homeowners are reexamining the need for mortgage protection. Mortgage protection or cover as some call it is a special policy of insurance that will pay your mortgage for you should you become ill or made redundant. The common thread being that in either case if you are unable to work mortgage payments may be difficult to stay timely with. As most illness or unemployment can be resolved within the short term, mortgage protection is usually set for a term of one year. In the case of losing one’s position that is usually enough time to find other work. What is somewhat amazing about this is that so many people with older established loans are adding a policy for mortgage cover.

Mortgage protection varies from standard credit life, as it is not a policy to pay off a house mortgage in the event of death. It is strictly a short-term solution with the hope that the problems it addresses are equally short term. As noted in personal finance Internet resource Credit Choices, many of the newest customers for mortgage protection are people who upon using the free remortgage calculator on the Credit Choices website opted to purchase this cover as a protection for the remainder of their home equity. Credit Choices is well noted for their friendly informative approach to personal finance advice and news.

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Is Mortgage Rationing Set to be The Norm in 2009?

February 12th, 2009 by admin | No Comments | Filed in Press Releases

Without government intervention, the UK mortgage industry could be set for a tough year.
The director general of the Council of Mortgage Lenders, Michael Coogan, has stated that there are presently fewer active lenders, with less money, than in the year just passed.
Mr. Coogan also stated that a situation whereby small institutions spend up to 1/3rd of their profits covering the bigger banks bail out is likely.
These comments were made at the CML’s yearly conference, on Tuesday 2nd December.
UK house prices are said to have fallen 10 to 15 percent so far in 2008, and mortgage approvals are 74 percent lower than a year ago.
Mr. Coogan said he welcomed the mortgage industries’ decision to delay the repossession process for borrowers that hit financial problems, but he expressed his wish for more governmental support, and proposed a kind of ‘backstop scheme’ allowing struggling borrowers to sell their property back to their lender, who would in turn rent the home back to the borrower.
This, Mr Coogan hopes, would negate the need for court cases, and would underpin the property prices, whilst also allowing people to stay in their own homes.
Perhaps one effect of the current economic crisis will be an increase in borrowers that opt for Mortgage Protection Cover, in the hope that losing their job may not mean also losing their home.

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Mortgage Protection Cover?

January 21st, 2009 by admin | No Comments | Filed in Press Releases

In uncertain times it is always advisable to use whatever security is available to mitigate the tribulations that life throws at us. In some ways it’s unimportant what the ‘credit market’ is doing as we still need to buy food, pay the mortgage or buy your first house. So what do the changes to the global credit system mean for us? Although it will undoubtedly be more difficult to obtain credit or a mortgage, the financial institutions that specialise in credit will have to keep lending or close up shop. This suggests that they will be avoiding high risk ventures and looking for more security. You can tip the scales in your favour by aiming to be one of the customers the lenders are looking for. Step one would be get your facts and figures straight before you make contact.

Compare the market using a comparison site like Creditchoices.co.uk work out which products you are interested in or can afford, use their mortgage calculator to do the sums and their database to check for the most up-to-date products. Once you have selected the realistic options consider Mortgage Protection Cover so in the unlikely event of unforeseen circumstances your home isn’t at risk.
 
 
 
 
 
 
 
 
 
 
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Mortgage Protection Cover – What is it All About, And do I Need it?…

January 5th, 2009 by admin | No Comments | Filed in Press Releases

mortgage protection cover explained
 
The idea of a ‘job for life’ has for seen as a thing of the past for many years now, but due to the current credit crunch job security is at an all time low. This tends to cause people to fear the effects of unemployment, especially if they have a mortgage. The ultimate fear being an inability to pay the monthly installments and the threat of repossession.

 

What happens if I Can’t Make The Payments, Will Government Benefits help?

 
If you do find yourself one of the millions of unemployed UK citizens, then benefits are often available to cover your mortgage payments (or usually at least part of them). HOWEVER, normally you will have to be out of work for 9 months before you can make a claim for this help, by which time your household finances could be seriously in the red.
 
The government is reportably putting pressure on lenders to avoid repossesions wherever possible, and to arrange alternatives, this can only go so far.
 
One way that you can act pre-emtively is to investigate Mortgage Protection Cover…
 

Mortage Protection Cover – What is is?


 
Mortgage Protection Cover is a kind of protection policy designed to take effect if you are either made redundant, or fall sick (the actual terms may of course vary from policy to policy, be sure to compare your options) – Whilst most policies tend to only pay out for a 12 month period, policies are available that cover 24 months, but these may cost you more.
 

How to Take Our Mortgage Protection Cover, do I Have to Use my Mortgage Provider


 
It is a common misconception that you need to take out mortage protection cover with your mortgage provider, in fact, in November of last year (2008) the competition commision ruled that mortgage protection cover could not be sold with a mortgage anymore.
 
Your best bet would be to compare your options using a comparison site, such as creditchoices.co.uk. On this site, you will be able to read lots more about mortgage protection cover, and guage what option is best for you.
 
 
 
 
 
 

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Mortgage Protection Cover

November 21st, 2008 by admin | No Comments | Filed in Press Releases

In uncertain times it is always advisable to use whatever security is available to mitigate the tribulations that life throws at us. In some ways it’s unimportant what the ‘credit market’ is doing as we still need to buy food, pay the mortgage or buy your first house. So what do the changes to the global credit system mean for us? Although it will undoubtably be more difficult to obtain credit or a mortgage, the financial institutions that specialise in credtit will have to keep lending or close up shop. This suggests that they will be avoiding high risk ventures and looking for more security. You can tip the scales in your favour by aiming to be one of the customers the lenders are looking for. Step one would be get your facts and figures straight before you make contact. Compare the market using a comparison site likeCreditchoices.co.uk work out which products you are interested in or can afford, use their mortgage calculator to do the sums and their database to check for the most up-to-date products. Once you have selected the realistic options consider Mortgage Protection Cover so in the unlikely event of unforseen circumstances your home isn’t at risk.
 
 
 
 
 
 
 
 
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