Cheap Mortgage Cover Will Be Easier To Buy From March 2008
Below is a MRR and PLR article in category Finance -> subcategory Wealth Building.
Affordable Mortgage Protection Available from March 2008
Overview
Understanding mortgage cover and other payment protection policies can be challenging, and finding affordable options adds another layer of difficulty. Many people aren't aware that they can shop for mortgage cover independently through standalone providers. However, starting in March 2008, purchasing and comprehending affordable mortgage cover will become simpler thanks to new comparative tables introduced by the Financial Services Authority.
Key Developments
The introduction of comparative tables by the Financial Services Authority aims to simplify the process of selecting suitable mortgage protection policies. These tables will help consumers make informed decisions by presenting options tailored to individual needs. Key features, exclusions, and costs will be clearly outlined, streamlining the decision-making process.
The existing confusion and lack of information about payment protection led to significant scrutiny of the sector. In 2005, a super complaint by Citizens Advice prompted the Office of Fair Trading to investigate. This resulted in penalties for several companies and led to a Competition Commission review, scheduled to conclude in February 2009.
Benefits of Affordable Mortgage Cover
Affordable mortgage cover can be crucial in preventing home repossession by providing a monthly income to cover your mortgage payments if you're unable to work. Specialists often offer the most cost-effective policies, potentially saving you hundreds compared to high street lenders. A knowledgeable specialist will ensure that you choose a policy that fits your needs.
Typically, most policies start providing a tax-free income after 30 days of unemployment and can continue for up to 12 months. Some policies might have longer waiting periods but offer coverage for up to 24 months. Thus, consulting a specialist to find the best policy is advisable.
Important Considerations
Before committing to any cheap mortgage cover, it's vital to check the fine print for exclusions. Common exclusions include part-time employment, retirement age, self-employment, or pre-existing illnesses. Exclusion clauses can vary, so reviewing the key facts is essential.
Until the comparative tables are launched in March, it's recommended to rely on specialist providers to find affordable mortgage cover options tailored to your circumstances.
You can find the original non-AI version of this article here: Cheap Mortgage Cover Will Be Easier To Buy From March 2008.
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