February 11, 2009
Mortgage cover
Story link: Mortgage cover
There are many protection schemes that do actually cover mortgage payments. The payment protection scheme is one of these schemes, which can cover your mortgage if you have difficulty paying repayments due to lack of work etc.
There are some exclusions as to who can purchase the payment cover and most policies wont allow a claim within three months of the policy being taken out.
Robert Clifford of broker Mortgageforce replies: You were probably offered mortgage payment protection insurance when you took out your loan. You can still buy this cover, but often you cannot make a claim within the first three months.
With such insurance you must look closely at exclusions. Some insurers reject claims unless you have been continually employed for more than six months.