Mortgage Protection

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Read the small print carefully and ask the right questions

Mortgage protection also known as payment protection ensures that no matter what bad luck you encounter, you won't miss a mortgage payment. However, it's important to ask a lot of questions and read the small print carefully to make sure it covers every eventuality.

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When you apply for a mortgage, the lender will usually try and persuade you to take out mortgage protection too. This is a form of mortgage insurance that protects you against bad luck, such as redundancy or serious illness. In those circumstances, the last thing you should be worrying about is whether you can meet the mortgage payments.

Mortgage protection schemes tend to include a lot of small print, and it's important to read it carefully. Some things aren't covered for example, the lender won't usually pay up if you quit your job and things can get complicated if you're self-employed rather than a full time employee. It's particularly complicated in the case of joint applications where one applicant has a job and one is self-employed, so make sure that the mortgage protection scheme still applies.

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