Mortgage insurance is known to be expensive, and when bought from a high street lender along with the mortgage, it can add thousands to the cost of the loan. There are other ways to get cheap mortgage insurance, and the cheapest quotes can be found when you go to a specialist on your own.
When you buy mortgage insurance on your own, you will not only save money, but you will also get good advice about the important facts and the things that aren't covered by your policy. When taken out correctly, cheap mortgage insurance can give you peace of mind that you will still be able to pay your mortgage payments if you lose your job due to an accident, illness, or other reason like being laid off.
As long as you meet the requirements of a policy, the cover would start giving you a tax-free income every month to make sure you can keep a roof over your head. If you had been out of work for 30 days or more, the policy would start paying out. It would keep paying out for up to 12 months, and with some providers, it could keep paying out for up to 24 months.
Getting cheap mortgage insurance can be confusing because some policies have exclusions that mean you might not be able to make a claim. However, if you go to a specialist and get good advice, you have a much better chance of getting a good product for a low premium.
If you want the safety net that cheap mortgage insurance protection can give you, you have to go to a standalone specialist for cheap mortgage cover and make sure you understand the product and what it covers.
