Cheap mortgage payment protection insurance is an add-on that most first-time buyers don't think about until the subject comes up during the mortgage interview. This is not surprising, since they have never applied for a mortgage before and probably have a lot of information going through their heads. But cheap mortgage payment protection insurance is something that no homeowner should ignore without first giving it some serious thought.
Often viewed as an unnecessary expense, the cheap mortgage payment protection insurance premiums that individuals pay on a monthly basis do not eat into the disposable income that remains after all bills are paid and yet can provide massive peace of mind should a homeowner lose his or her job as a result of redundancy or be unable to work as a result of long term illness.
Because of how the housing market is right now, it is especially important for first-time buyers to look for cheap mortgage payment protection insurance. Since home prices are still going up, people are having to get bigger mortgages to pay for their homes. This means that if they can't pay their mortgage, they stand to lose more. First-time buyers also tend to have less money saved up that they could use if they ran into trouble.
There is a real chance that someone could lose their first home if they were out of work for a long time. However, cheap mortgage payment protection insurance may cover payments for up to twelve to twenty-four months, depending on the policy terms and conditions. In fact, cheap mortgage payment protection insurance may also cover other costs, saving a homeowner a lot of trouble and stress.
