In a recent industry survey before the credit crunch bit in 2008, three out
of four homeowners said meeting mortgage repayments
would be their biggest financial worry if they lost
their jobs.
Even if you are entitled to receive state aid it
will not cover the capital part of the mortgage payments
or the premiums on an endowment policy. At best it
may now cover a capped limit on interest only policies.
Act Now! - In the past, the only time you could
buy mortgage insurance was when you were taking out
a mortgage or re-mortgaging; now mortgage insurance
can be purchased at any time during the mortgage term and covers you on an ongoing mothly basis.
With thousands of jobs at risk due to the collapse
in the UK housing market, the strangulation of the
supply of credit and it's knock on effects across
the whole of the British economy, there has never
been a more important time to protect your wealth
and mortgage with mortgage payment protection insurance
Buying Mortgage Insurance through a Broker or Independent
Financial Advisor such as are available on this website,
instead of a lender or a bank, could save you thousands
of pounds in premiums over the course of your mortgage
- Act Now!.
This film follows an ITN newscrew from the Trevor McDonald
Tonight programme as they interview Simon Burgess of
British Insurance who explains why banks and building
societies are overcharging their customers for mortgage
and loan protection policies.
Mr Burgess said: “There is no need for borrowers to
buy this cover from their lenders. They are often paying
the price of ignorance that they can shop around.”
The average cost of Mortgage Insurance from the UK’s
top-10 banks and mortgage lenders is £5.78 per £100
of mortgage insurance combined accident sickness and
unemployment cover.
This amounts to £37.57 per month for a mortgage
of £650.
In comparison, it is possible to purchase comparative
mortgage insurance from a multitude of websites on the
internet inlcuding this site from £2.15 for every £100,
or £13.98 to cover a mortgage payment of £650 a month
combined accident sickness and unemployment cover.
Looked at over the 25 year lifecycle for the average
mortgage of £650 per month this amounts to an
overpayment of £7,077 with no
better cover than is available cheaper elsewhere.
Mr Burgess said: “Lenders are clearly profiteering
at the expense of their borrowers. All mortgage insurance
is obtained from the same source. The only difference
is that lenders take more commission, sometimes in excess
of 90% of monthly premiums.”
Easy to change policies - risk free
The view is also confirmed by Mike Williams, chief
executive of BIBA - the British Insurance Brokers Association.
He said: “Brokers and Independent Financial Advisors
provide mortgage insurance policies that are better
in price, cover and service than those offered by lenders
and they are able to dovetail their Mortgage Insurance
into existing insurance arrangements to avoid duplication
and unnecessary additional cost.”
Clearly, shopping around or seeking the advise of an independent
broker or Independent Financial Advisor is not only worth while, it also could
save clients thousands of pounds over the lifetime of their mortgage.
Cheap Mortgage
Insurance at significantly reduced premiums compared to your
lender...
With age related premiums
from just 7.2 pence per day or £2.15 per month
(per £100 of monthly benefit)
and back-to-day-one
benefits - no excess periods (more...)
Plus FREE
COVER for all policyholders (including those who
transfer from another provider)
