Providing mortgage cover is suitable for your individual circumstances then it could be a financial lifeline if you were to lose your income. If you were to become out of work after suffering an accident, an illness or were to become unemployed by way of involuntary redundancy, then you could be left struggling financially. In the worst case scenario you could lose your home to repossession but it does not have to be this way if you have considered taking out protection in the form of cheap mortgage cover.



Cheap mortgage cover would give you a tax free income once you had been out of work continually for between 31 and 90 days. A policy could then continue providing you with a tax free income for between 12 and 24 months depending on the provider. The income would allow you to continue repaying your mortgage without worry and so you would not be at risk of losing the roof over your head through no fault of your own.

However, as with all insurance policies, you do have to check the terms and conditions. Some exclusions which are common to all types of payment protection insurance policies include if you are self-employed, retired, have an ongoing illness when taking out the policy or if you only work in a part time position. These are just the most common and there can be others so it is imperative that you do check the key facts and small print of the cover. Luckily standalone specialist providers will give you access to this information so you are able to make an informed decision regarding suitability to your circumstances.

It is the lack of information surrounding cheap mortgage cover that has given this invaluable protection such a bad name and which has left many homeowners without protection after faith in the product dwindled. While the cover has been mis-sold it is important to realize that the products themselves are not at fault but those who sell them without the necessary training. Poor selling techniques have left people with policies they cannot claim on and the majority have been sold alongside a mortgage with the high street lender.

It is essential to realize that the cover does not have to be taken out with the mortgage and it can be bought independently. While buying mortgage protection alongside your mortgage might seem like the easiest option it can also be the dearest option. High street lenders charge high premiums for the protection which can boost up the cost of the mortgage considerably, the high street lender earns around ?4 billion a year in profits from payment protection cover sold alongside loans and mortgages.

An ethical standalone specialist in payment protection insurance will always put the consumer ahead of huge profits and sell affordable, quality mortgage cover along with making sure the individual is aware of the exclusions. Along with providing among the cheapest cover they will also have information and offer advice on the policies they sell which means you have less chance of becoming another victim of the mis-selling scandal.