GDPR Cookie Consent by SimpleServe Privacy Script Mortgage protection - AAD Consumer Forum

Announcement

Collapse
No announcement yet.

Mortgage protection

Collapse
X
Collapse
 
  • Page of 2
  • Filter
  • Time
  • Show
Clear All
new posts
Previous 1 2 template Next
  • #1

    Mortgage protection



    Im looking for general suggestions, providers and the underlying policy for mortgage protection.

    Im open to suggestions as i know there are many flavours/levels of cover.

    It would be for myself and my Girlfriend although i am not on the mortgage.

    Thanks

    SA
    When Gold isn't enough, there is SA Gold! New to the forum and find the UE route a bit scary? Take a look at my diary here and judge for yourself. I am now saving the money each month that was making little difference to the balance and not a bit of difference to my credit file as a result of finding AAD.


    I'm an official AAD Moderator and also a volunteer, here to help make the forum run smoothly. Any views or opinions are mine and not the official line of AAD. Similarly, any advice I have offered you is done so on an informal basis, without prejudice or liability. If in doubt seek advice from a qualified insured professional - Find a Solicitor or go to the National Probono Centre.

    If you spot an abusive or libellous post then please report it by Clicking Here. If you need to contact me, for instance if I've issued you a warning, moved, edited or deleted your post, please send me a message by clicking my username.
    Tags: action, aviva, bank, benefits, brokerage, children, civil, claim, claims, con, contract, criteria, date, dwp, free, fun, gold, government, help, hmrc, insurance, interest, interest payments, job, jsa, justice, labour, legal, life, money, mortgage, pay, payments, policy, power, protection, rac, rate, rules, size, state, support, tax, tps, trustees, websites, work
  • #2
    Re: Mortgage protection

    Originally posted by SA Gold View Post
    It would be for myself and my Girlfriend although i am not on the mortgage.
    This is not my area of knowledge because I've always been self-employed or on contract. But common sense says you can't have cover if you're not on the mortgage so not liable to pay it if you can't work.

    Which? are against MPPI and they give their reasons in this link. They also suggest alternatives which may suit you better. One thing to consider is the negative impact on state benefits in the event of a claim. This could mean your girlfriend wouldn't get the DWP to pay the interest on her mortgage (or any other associated benefits) if the policy pay-out is seen as income

    http://www.which.co.uk/money/insuran...nt-protection/

    Comment

    • #3
      Re: Mortgage protection

      Hi PlanB,

      Thanks for posting.

      Originally posted by planB View Post
      This is not my area of knowledge because I've always been self-employed or on contract. But common sense says you can't have cover if you're not on the mortgage so not liable to pay it if you can't work.
      Good point. Even if i were to get some type of cover; it may bugger the other one up whilst in this position.

      Originally posted by planB View Post
      Which? are against MPPI and they give their reasons in this link. They also suggest alternatives which may suit you better. One thing to consider is the negative impact on state benefits in the event of a claim. This could mean your girlfriend wouldn't get the DWP to pay the interest on her mortgage (or any other associated benefits) if the policy pay-out is seen as income

      http://www.which.co.uk/money/insuran...nt-protection/
      That's interesting. I've just taken a read. I think i will have a nose around the various providers websites to get an idea of what they cover, and at what cost.
      I never knew the state would pay the interest on a mortgage - i just assumed there was help for privately rented accomodation.
      When Gold isn't enough, there is SA Gold! New to the forum and find the UE route a bit scary? Take a look at my diary here and judge for yourself. I am now saving the money each month that was making little difference to the balance and not a bit of difference to my credit file as a result of finding AAD.


      I'm an official AAD Moderator and also a volunteer, here to help make the forum run smoothly. Any views or opinions are mine and not the official line of AAD. Similarly, any advice I have offered you is done so on an informal basis, without prejudice or liability. If in doubt seek advice from a qualified insured professional - Find a Solicitor or go to the National Probono Centre.

      If you spot an abusive or libellous post then please report it by Clicking Here. If you need to contact me, for instance if I've issued you a warning, moved, edited or deleted your post, please send me a message by clicking my username.

      Comment

      • #4
        Re: Mortgage protection

        Originally posted by SA Gold View Post

        I never knew the state would pay the interest on a mortgage - i just assumed there was help for privately rented accomodation.
        They do indeed help towards mortgage interest payments but make you wait for approx. 9 months (unless it's changed recently) before it kicks in. Payments are based upon a standard interest rate, which may be the same, more or less than what you're paying at the time..... so, it would be advisable for your gf to look into protecting herself for the first 9 months at least, should she lose her job.
        Remember the mantra:
        NEVER communicate by 'phone.
        Send EVERYTHING by Recorded/Special Delivery
        Keep a copy of EVERYTHING sent
        Keep hold of EVERYTHING received
        PriorityOne & CPUTR 2008 (ex P1 CAG CPUTR 2008)

        I'm an official AAD Moderator and also a volunteer, here to help make the forum run smoothly. Any views or opinions are mine and not the official line of AAD. Similarly, any advice I have offered you is done so on an informal basis, without prejudice or liability. If in doubt seek advice from a qualified insured professional - Find a Solicitor or go to the National Probono Centre.

        If you spot an abusive or libellous post then please report it by Clicking Here. If you need to contact me, for instance if I've issued you a warning, moved, edited or deleted your post, please send me a message by clicking my username.

        Comment

        • #5
          Re: Mortgage protection

          Originally posted by PriorityOne View Post
          They do indeed help towards mortgage interest payments but make you wait for approx. 9 months (unless it's changed recently) before it kicks in. Payments are based upon a standard interest rate, which may be the same, more or less than what you're paying at the time..... so, it would be advisable for your gf to look into protecting herself for the first 9 months at least, should she lose her job.

          SMI (Support for Mortgage Interest) is paid after 13 weeks. It runs for a maximum of two years if you're on JSA, but it's indefinite for other benefits.

          https://www.gov.uk/support-for-mortg...what-youll-get

          Comment

          • #6
            Re: Mortgage protection

            Originally posted by SA Gold View Post
            I think i will have a nose around the various providers websites to get an idea of what they cover, and at what cost .
            Why not do your research on a comparison website. You never know you might win a free meerkat


            Comment

            • #7
              Re: Mortgage protection

              Originally posted by planB View Post
              Why not do your research on a comparison website. You never know you might win a free meerkat
              I would love a free meerkat, but not so keen on the follow-up menacing calls from using such places! I was thinking of surfing to the places like Axa, Legal and General, Aviva etc to get a ball-park figure of what is what.

              Kind regards,

              SA
              When Gold isn't enough, there is SA Gold! New to the forum and find the UE route a bit scary? Take a look at my diary here and judge for yourself. I am now saving the money each month that was making little difference to the balance and not a bit of difference to my credit file as a result of finding AAD.


              I'm an official AAD Moderator and also a volunteer, here to help make the forum run smoothly. Any views or opinions are mine and not the official line of AAD. Similarly, any advice I have offered you is done so on an informal basis, without prejudice or liability. If in doubt seek advice from a qualified insured professional - Find a Solicitor or go to the National Probono Centre.

              If you spot an abusive or libellous post then please report it by Clicking Here. If you need to contact me, for instance if I've issued you a warning, moved, edited or deleted your post, please send me a message by clicking my username.

              Comment

              • #8
                Re: Mortgage protection

                Originally posted by planB View Post
                SMI (Support for Mortgage Interest) is paid after 13 weeks. It runs for a maximum of two years if you're on JSA, but it's indefinite for other benefits.

                https://www.gov.uk/support-for-mortg...what-youll-get
                It changed from 13 weeks to 9 months some time ago, 'coz I was on Benefits when it changed. As they were already paying my mortgage interest though, it didn't effect me; it was only for new claimants. This was some time ago though, so I can only assume that the Gov. have done a u-turn on it.

                **Edit** It changed back in 2009. Before that, it was a 39 week wait....

                Blimey.. does this mean the Government care?!
                Remember the mantra:
                NEVER communicate by 'phone.
                Send EVERYTHING by Recorded/Special Delivery
                Keep a copy of EVERYTHING sent
                Keep hold of EVERYTHING received
                PriorityOne & CPUTR 2008 (ex P1 CAG CPUTR 2008)

                I'm an official AAD Moderator and also a volunteer, here to help make the forum run smoothly. Any views or opinions are mine and not the official line of AAD. Similarly, any advice I have offered you is done so on an informal basis, without prejudice or liability. If in doubt seek advice from a qualified insured professional - Find a Solicitor or go to the National Probono Centre.

                If you spot an abusive or libellous post then please report it by Clicking Here. If you need to contact me, for instance if I've issued you a warning, moved, edited or deleted your post, please send me a message by clicking my username.

                Comment

                • #9
                  Re: Mortgage protection

                  Originally posted by PriorityOne View Post
                  **Edit** It changed back in 2009. Before that, it was a 39 week wait....

                  Blimey.. does this mean the Government care?!
                  Sadly not. It was the Labour Party in power in 2009 when the decision was reversed.

                  Comment

                  • #10
                    Re: Mortgage protection

                    Originally posted by planB View Post
                    Sadly not. It was the Labour Party in power in 2009 when the decision was reversed.
                    Yes, I know it was. They also brought it in. Stupid B*ggers that they all are....
                    Remember the mantra:
                    NEVER communicate by 'phone.
                    Send EVERYTHING by Recorded/Special Delivery
                    Keep a copy of EVERYTHING sent
                    Keep hold of EVERYTHING received
                    PriorityOne & CPUTR 2008 (ex P1 CAG CPUTR 2008)

                    I'm an official AAD Moderator and also a volunteer, here to help make the forum run smoothly. Any views or opinions are mine and not the official line of AAD. Similarly, any advice I have offered you is done so on an informal basis, without prejudice or liability. If in doubt seek advice from a qualified insured professional - Find a Solicitor or go to the National Probono Centre.

                    If you spot an abusive or libellous post then please report it by Clicking Here. If you need to contact me, for instance if I've issued you a warning, moved, edited or deleted your post, please send me a message by clicking my username.

                    Comment

                    • #11
                      Re: Mortgage protection

                      Originally posted by SA Gold View Post
                      I never knew the state would pay the interest on a mortgage.
                      Then you also probably didn't know that under Pre-Action Protocol for Possession Claims 6.1 (a) a lender must consider not starting a possession claim where the borrower has submitted a claim to the DWP for SMI (or a claim under a MPPI policy). There are loads of other things a lender has to consider before seeking possession. They're listed here:

                      http://www.justice.gov.uk/courts/pro...t_mha#IDA2F0HC

                      Comment

                      • #12
                        Re: Mortgage protection

                        Originally posted by PriorityOne View Post
                        Yes, I know it was. They also ....
                        The Last Person to Post Wins

                        Comment

                        • #13
                          Re: Mortgage protection

                          Originally posted by planB View Post
                          Then you also probably didn't know that under Pre-Action Protocol for Possession Claims 6.1 (a) a lender must consider not starting a possession claim where the borrower has submitted a claim to the DWP for SMI (or a claim under a MPPI policy). There are loads of other things a lender has to consider before seeking possession. They're listed here:

                          http://www.justice.gov.uk/courts/pro...t_mha#IDA2F0HC
                          Thanks PlanB. I guess its something everyone hopes never happens to them, although worth knowing. I will take a read of the link now.

                          Kind regards,
                          SA
                          When Gold isn't enough, there is SA Gold! New to the forum and find the UE route a bit scary? Take a look at my diary here and judge for yourself. I am now saving the money each month that was making little difference to the balance and not a bit of difference to my credit file as a result of finding AAD.


                          I'm an official AAD Moderator and also a volunteer, here to help make the forum run smoothly. Any views or opinions are mine and not the official line of AAD. Similarly, any advice I have offered you is done so on an informal basis, without prejudice or liability. If in doubt seek advice from a qualified insured professional - Find a Solicitor or go to the National Probono Centre.

                          If you spot an abusive or libellous post then please report it by Clicking Here. If you need to contact me, for instance if I've issued you a warning, moved, edited or deleted your post, please send me a message by clicking my username.

                          Comment

                          • #14
                            Re: Mortgage protection

                            Originally posted by planB View Post
                            The Last Person to Post Wins

                            Remember the mantra:
                            NEVER communicate by 'phone.
                            Send EVERYTHING by Recorded/Special Delivery
                            Keep a copy of EVERYTHING sent
                            Keep hold of EVERYTHING received
                            PriorityOne & CPUTR 2008 (ex P1 CAG CPUTR 2008)

                            I'm an official AAD Moderator and also a volunteer, here to help make the forum run smoothly. Any views or opinions are mine and not the official line of AAD. Similarly, any advice I have offered you is done so on an informal basis, without prejudice or liability. If in doubt seek advice from a qualified insured professional - Find a Solicitor or go to the National Probono Centre.

                            If you spot an abusive or libellous post then please report it by Clicking Here. If you need to contact me, for instance if I've issued you a warning, moved, edited or deleted your post, please send me a message by clicking my username.

                            Comment

                            • #15
                              Re: Mortgage protection

                              Originally posted by SA Gold View Post
                              Im open to suggestions as i know there are many flavours/levels of cover.
                              He's an overview of MPPI from a brokerage. Two things interested me.

                              Firstly that you can add on cover for home and life insurance to the basic mortgage payment cover (they're expenses which won't get paid by the DWP obviously). Secondly you can select an excess (the initial period for which the insurer doesn't pay out) which keeps the premiums down. If you were confident that you would be entitled to SMI then you could delay the date by which the cover kicks in for up to 180 days safe in the knowledge that the DWP would pay the mortgage interest element up until that point (from week 13 onwards). I haven't read all of it but conversely you may be able to get cover for only the first 180 days (or more/less) and then claim SMI from the DWP after that.

                              http://www.britishinsurance.com/inco...insurance.aspx

                              Comment

                              Previous 1 2 template Next
                              Working...
                              X