Mortgage Payment Protection Insurance Guide

Why have Mortgage Payment Protection?

'I’ve got insurance for my home, my car, even my cat, but what about my mortgage? It would be great to know that I could always pay it, no matter what is around the corner.’

There’s no need to worry. We understand that you don’t want to dwell on whether the worst might happen. And if it did, you certainly don’t want to have to think about your mortgage payments. So, it’s best to be prepared. And with our Mortgage Payment Protection Insurance we can help. We offer policies underwritten by St Andrew’s plc to help you meet your monthly mortgage payments, should you be unable to work through accident, sickness or unemployment.

Term of cover.

This is a monthly renewable policy. Regular monthly payments are required to maintain this policy. You must continue to pay your monthly premium while you are claiming benefit.

If you are applying for a mortgage, you will be given an individual quote during the mortgage interview. If you are not applying for a mortgage, we can still arrange cover for you. Visit one of our branches where you can arrange to see a mortgage adviser for a mortgage protection review.

Pricing

Accident, Sickness and Unemployment cover costs just £4.90 for every £100 of benefit per month. So, let’s say you want to have cover for £300 a month, it’ll cost you only £14.70 a month. And Unemployment cover is just £2.99 per £100 of benefit per month.

These rates include Insurance Premium Tax, which can vary at the Government’s discretion.

Eligibility

You are eligible for cover if:

• You are over 18 and under 65.
• You live in the UK.
• You are working when you apply, and have been in employment or self-employment and paying the appropriate class of National Insurance contributions for a continuous period of at least 6 months.
• You are either applying for a residential mortgage or you have a residential mortgage which is not in arrears.

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