Blog: Mortgage Payment Protection - always worth checking

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...