Blog: Mortgage Payment Protection - always worth checking


Andrew Clothier reminds that many with mortgage payment protection products are over insured or not insured at all.

Those with variable or tracker rate mortgages have seen a dramatic reduction in their monthly mortgage payments since the UK bank rate was slashed to 0.50%. But that also means that many are paying for an insurance protection which may not fully pay out if they are unable to work through accident, illness or redundancy. It is essential to check the terms of the policy because insurers will often only pay a benefit equivalent to a borrowers current mortgage payment, plus a little extra towards some other household bills. Borrowers shouldn't assume that if their monthly mortgage paym...

To continue reading this article...

Join Professional Adviser for free

  • Unlimited access to real-time news, industry insights and market intelligence
  • Stay ahead of the curve with spotlights on emerging trends and technologies
  • Receive breaking news stories straight to your inbox in the daily newsletters
  • Make smart business decisions with the latest developments in regulation, investing retirement and protection
  • Members-only access to the editor’s weekly Friday commentary
  • Be the first to hear about our events and awards programmes



Already a Professional Adviser member?


More on MPPI

Assurant Intermediary launches new ASU policies

Assurant Intermediary has launched new Accident Sickness and Unemployment (ASU) products it said are an antidote to problems plaguing payment protection insurance (PPI) in recent years.

clock 12 January 2011 •

IFAs warned on soaring PI premiums

IFAs are set to be hit with a hike in professional indemnity insurance (PII) premiums as increasingly selective insurers respond to a sharp rise in claim values, warns Tenet.

clock 03 August 2010 •

Cardif Pinnacle to supply MPPI for Yorkshire BS

Cardif Pinnacle has signed a five year contract to supply Mortgage Payment Protection Insurance (MPPI) to mortgage borrowers at Yorkshire Building Society.

clock 09 February 2010 •