[kde-edu]: Mark Tiernan, How Cheap Mortgage Payment Protection Insurance Can Help First Time Buyers

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Mark Tiernan, How Cheap Mortgage Payment Protection Insurance Can Help First
Time Buyers




Cheap mortgage payment protection insurance is a mortgage extra that very
few first time buyers actually consider before the subject comes up in a
mortgage interview. This is not surprising given the fact that they are new
to the process of applying for a mortgage and probably have all sorts of
information spinning around their mind. However, cheap mortgage payment
protection insurance is most definitely something that no homeowner should
dismiss without first seriously considering.

Often viewed as an unnecessary expense, the cheap mortgage payment
protection insurance premiums that individuals pay on a monthly basis do not
eat into the disposable income that remains after all bills are paid and yet
can provide massive peace of mind should a homeowner lose his or her job as
a result of redundancy or be unable to work as a result of long term
illness.

It is especially important for first time buyers to seek cheap mortgage
payment protection insurance because of the nature of the housing market at
this time. With house prices still on the rise, homeowners are having to
take out bigger mortgages in order to pay for a home and thus stand to lose
more if they are unable to make the mortgage repayments. First time buyers
are also likely to have less put aside in the form of savings that they
could fall back on if need be.

The risk of having their first home repossessed is very real if an
individual found him or herself unable to work for an extended period of
time, but cheap mortgage payment protection insurance may cover repayments
for a period of up to twelve to twenty-four months, although that time frame
all depends on the individual policy terms and conditions. In fact, cheap
mortgage payment protection insurance may also cover associated bills as
well, thus serving to save a homeowner an awful lot of heartache.

 Simon Burgess is Managing Director of the award-winning British Insurance
(), a specialist provider of low cost income payment protection insurance
(PPI), mortgage payment protection insurance (MPPI) and loan payment
protection insurance.
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