There is only one way to get the best deal on UK mortgage insurance, and that is to do your research, shop around, and choose a separate payment protection provider. Most of the time, a standalone provider will be able to give you the cheapest quote on your mortgage insurance while also giving you a good product that fits your needs.
UK mortgage insurance, also called mortgage payment protection insurance (MPPI), is taken out in case you lose your job due to an accident, illness, or being laid off. Most policies will pay out for up to 12 to 24 months after you have been out of work for a certain amount of time. Even though payment protection insurance has recently been in the news for all the wrong reasons, with the focus being on how products were mis-sold and how premiums were too high, it is still a financial lifeline.
Your mortgage payments are probably the biggest expense you have each month. Most of us don't like to think about the worst case scenario, but it can and does happen. Protecting yourself with a cheap but good quality UK mortgage insurance policy is something you should think about. The best way to get this protection is to shop around and go with a standalone provider.
Don't let a high street lender trick you into getting insurance along with your mortgage. You can get insurance anywhere, and you don't have to buy it from the lender who gives you the mortgage, no matter how convincing they are. If you want the safety net that UK mortgage insurance can give you, you should get it on your own. Not only will you save a lot of money on the premium, but you will also get advice from an expert. If your money and peace of mind are at stake, nothing else will do.
Make sure you always read the fine print of a policy so you know what it covers and what it doesn't. There can be a lot of exclusions in a policy, so check before you sign.
