Presented by Daniel Toriola
Learn the terms involved in mortgage lending before applying. Learn about the types of mortgage as well as
any abbreviations that are commonly used. The more you know, then the less likely you are to sign something
that will cost you extra money.
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Cover the Repayments of Your Mortgage With Mortgage Protection
By Simon Burgess
Just as you can cover your life with life insurance and your car with car insurance then you can
cover the repayments of your mortgage with mortgage protection. This is a valuable form of insurance
that would allow you to ensure you would not get behind on your mortgage repayments and so not be
at risk of losing your home through repossession.
When you take into account the fact that you will be repaying your mortgage over many years the
chances of you not falling ill and having to take some time from work are very slim. All being well it
would be in the short term and would not a problem. However you also have to take into account that
you could be unable to work for many months or you could suffer an accident that meant you were
unable to work. You also have to give some thought to the possibility that you might become
unemployed through such as redundancy while repaying your mortgage.
By taking out a policy you will receive an income which is the sum you insured for when taking out the
policy. This will go towards setting the amount for the premium that you pay each month along with age
and which type of policy you want to take out. The younger generation who are buying a home for the
first time very often take on a huge mortgage which leaves them with very little money to pay the high
cost of some premiums to cover their mortgage. An age based mortgage policy is affordable and it can
stop you losing your home.
Whi