A mortgage loan is a loan that is availed on a property, generally a house which has to be paid after a certain span of time. This is similar to any other loan but it is taken to buy or build the house generally and needs to be paid periodically along with a specific interest. Since a lot of expenses have to borne at the time of building a house or any other property which can be hefty, a mortgage comes in handy to help you get through the process financially.
A mortgage loan is a wise option for a person with a steady income for the process of building or buying a house or any other property in this regard. But in case of any upheaval if the person is unable to work for instance due to an accident or sickness then the person is under pressure to pay up the loans without any actual income. Else the financial body which may be a bank or any other firm will resort to repossession of the property and put the property out on auction to claim back the loan lent. In this scenario, mortgage payment protection insurance comes to one's aid against any misfortunate event that may occur disrupting the normal payment plan.
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Mortgage payment protection insurance plan is devised so as to secure the house or the property of person who has exercised the plan in the event of unfortunate circumstances. With the help of the mortgage payment protection insurance plan, a person can pay up for the mortgage loan even when he is unemployed or cannot work because of accident or illness. Usually after a period of 28 days (or lesser in some cases) the person who bought the plan is qualified to claim the insurance from the insurance company. The insurance company where the plan is bought pays the loan for the person until the person gets back to work or as long as the period that is valid for the insurance. This is a very valuable accessory in uncertain economic times.
The qualification criteria for buying a mortgage payment protection are as follows:
? The person should be over 18 years of age and under 65 years of age
? He should have already availed a mortgage or will be receiving a nationwide mortgage
? He should be employed at the time of purchase of the insurance and should have been employed for the last 6 months. If a new mortgage or a further advance is availed then this criteria is relaxed.
? He should be a resident of United Kingdom permanently.
Although, the insurance company does not pay up if the person has resigned the job voluntarily or has a working partner who earns or has a savings of £ 8,000 or more. This policy does not take charge if the recovery of the property is practically impossible because of long financial problems faced by the policy holder.
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