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Mortgage Payment Protection Insurance is an insurance product that has been designed to protect mortgage payers in the event that they are unable to make their contractual mortgage payments in the event of job loss, or incapacity to work due to an accident or illness.
Below we take a more detailed look at Mortgage Payment Protection Insurance (MPPI) and how we can help arrange this cover to protect your mortgage payments!
Table of Contents:
So, Mortgage Payment Protection Insurance (or MPPI as it is often referred to as) is a policy that is designed to provide you with a regular tax-free benefit for a period of between 12 and 24 months to help protect your mortgage payments in the event that you become unemployed, or are too ill to work as a result of accident or illness.
Regrettably, many consumers incorrectly think that the State will look after them if they are unable to work. Consequently they fail to protect themselves against the potential loss of income. Fact of the matter is that little or no help is available from the State during the first 39 weeks of loss of income, and when benefits do become payable, they are unlikely to match anywhere near the sustained loss.
There are several policies that cover essentially the same risks as MPPI, and it can become somewhat confusing as to precisely the type of protection that a consumer requires. Many distributors of insurances have decided to leave the selection purely to their customers, and offer no advice or recommendation as to the most appropriate cover that a borrower may require. Not so at Shire Direct!
We are authorised and regulated by the Financial Services Authority (FSA) to advise on and arrange as intermediaries, not only mortgage products, but also on non-investment insurance contracts. This means that we will assess your present arrangements together with your circumstances, requirements, demands and needs, and then provide you with appropriate advice and a recommendation on the most suitable protection arrangements.
By doing so, you can rest assured that you should be provided with insurance cover that actually protects your needs, rather than having policies that you cannot claim on, or on the other hand that may be excessive for your requirements. We will also point out the main structure of the policy, and what you are covered for, as well as the terms, conditions, limitations and exclusions of your policy.
As well as Mortgage Payment Protection Insurance (MPPI), other similar product descriptions include:
Further confusion arises where other similar, but more comprehensive and longer-term protection insurances are mentioned, such as:
As previously stated, there are likely to be circumstances where a policy may not cover you. Typically, Mortgage Payment Protection Insurance (MPPI) policies will usually exclude claims relating to the following circumstances:
Yes! We certainly can.
Our Mortgage specialists are not only CeMAP qualified to advise on your mortgage requirements, but are also CeRGI qualified to advise on non-investment regulated insurance products.
Protection against the unforeseen is very important.
Appropriate advice and carefully considered recommendations are crucial to ensure you are suitably covered. So we will ensure your present arrangements are checked, and that your circumstances, demands and needs are thoroughly addressed.
Our qualified mortgage advisors are available to discuss your mortgage payment protection insurance requirements and the options open to you. Naturally we'll carefully assess all your circumstances, needs, requirements and aspirations and come up with the most appropriate solution for you.
You'll find a warm welcome awaits you, and our service to be friendly, yet professional, helpful and unstuffy. So please don't hesitate to Contact Us if you would like to discuss your requirements, naturally without obligation! Our mortgage advisors are available on Freephone 08000 282 281 from 8am until 10pm, seven days a week, or enquire online at any time, and we will naturally be delighted to provide you with an in-principle decision - whatever your circumstances!
Hopefully, we've been able to provide a clear explanation of Mortgage Payment Protection Insurance and how vital it is to ensure your mortgage payments are protected in the event of job loss, or an incapacity to work through illness or an accident. Don't forget there is a wealth of other mortgage related information throughout our website and that we're only ever a free telephone call, or couple of mouse clicks away if you feel we can be of assistance.
The overall cost for comparison is 9.8% APR.
The actual rate available will depend upon your circumstances. Ask for a personalised illustration. APR variable and based on a usual case. Most customers are likely to receive a lower rate or the same rate as our overall cost for comparison rate - learn more about APR.
There are no upfront broker fees.
However, a fee may be charged on successful completion. An indication is that on conforming cases (straightforward applications with no or minimal adverse credit) a fee may be charged of up to 1% of the amount advanced, typically £795 and will depend on your circumstances.
For non-conforming cases (where case research and processing may be more complex due to adverse credit or unusual circumstances), a fee may be charged of up to 3% of the amount advanced, typically £1,995.
THINK CAREFULLY BEFORE
SECURING OTHER DEBTS AGAINST YOUR HOME.
YOUR HOME MAY BE REPOSSESSED
IF YOU DO NOT KEEP UP REPAYMENTS ON A MORTGAGE OR ANY OTHER DEBT SECURED ON IT.
Adding existing debt to your mortgage will increase the repayment term and overall cost.
Are you worried and becoming stressed because you are having problems getting a mortgage or remortgage? Worry and stress no more! Here at Shire Direct we provide tailor made mortgage solutions to suit you, and can usually help with all kinds of circumstances including...
Remember, we're here to help, and would love to hear from you!
Over £2,000 worth of Argos Vouchers to be won in the Shire Direct Grand Prize Draw 2008! Terms and conditions apply - please read article for full details.
Claim £100 worth of Argos Vouchers upon completion of your transaction throughout 2008. Terms and conditions apply - see our Vouchers Special Offer page for full details.
Shire Direct and Shire Direct Mortgages are trading styles of Shire Processing Centre Limited which is
Authorised and regulated by the Financial Services Authority in respect of regulated mortgage products and general insurances.
Registered No: 302389. Commercial funding and Secured Loans are not regulated by the FSA.
Licensed Credit Brokers. Consumer Credit Licence Number: 349999.
Shire Processing Centre Limited is registered under the provisions of the Data Protection Act by the Information Commissioners Office: Registration No: Z6795249. Registered in England & Wales. Company number: 2732202. Telephone calls may be recorded for training, monitoring and security purposes. All applicants must be aged 18-years or over.
