Individuals who rely on State support if they lose their income could be at risk of losing the roof over their heads. While some help towards the interest part of the mortgage can be available, you do have to qualify and having more than ?8,000 in the bank or a working partner could mean you lose out. Mortgage protection can take over where the State fails, providing you choose the correct policy that will pay out in your circumstances.



While you do have to qualify for mortgage cover it does give far better protection for those who lose their income. The main exclusions include being of retirement age, suffering from a pre-existing medical condition, only working part time or being self-employed. The provider can also include other exclusions so you have to read the terms and conditions thoroughly before taking out the cover. However, suffering from a pre-existing medical condition does not necessarily stop you from claiming. Providing the illness has not bothered you during the last two years you could still be eligible.

Once you have decided that a payment protection policy is suitable you then have to find the cheapest possible quotes. Taking a policy that is offered alongside the borrowing is usually the most expensive option. The cheapest quotes will usually be found with standalone providers and along with this they also offer all the information needed to be able to decide if protection is right for your circumstances. The very best providers can help you to save as much as 40% when compared to the high street lender. Quotes that providers give are based on the amount you wish to cover each month and age when applying, and you usually pay for the policy through monthly premiums.

After finding the cheapest quote and comparing the terms and conditions you can sign up for a policy. The policy would start to pay out once the individual had been out of work for between 30 to 90 days. The policy would then carry on giving the payout for as long as 24 months with some providers, but it can be only 12 months with others. Again, the terms have to be checked.

While a specialist is the best way to get information regarding mortgage protection, in March 2008 comparison tables will introduced in order to help consumers understand policy details. It is hoped that with the introduction of these tables all payment protection products will be easier to compare and choose. They will tell the consumer how much a policy would cost in total and make them aware that certain exclusions exist. They will take the consumer through a series and questions and answers, to ensure they choose the right type of cover for their needs. Mortgage cover is just one type of payment protection policy and income protection might be more suitable. There is also loan payment protection and all three policies will pay out if you should become unable to work. It is just a matter of deciding which policy is the most suitable for your particular circumstances before buying.