Joint Mortgage Protection
Home is one of the largest and most important investments of people and since the world’s economy has become unstable coupled by natural disasters and unemployment, a dilemma of losing one’s home too pops out.
This is where Mortgage Protectioncomes in, keeping your home and property protected in the event of job loss or death of the family head or any other responsible for mortgage payment.
Joint Mortgage Protection is developed due to the increasing demand for joint policies between partners to cover potential liability because nowadays they are both commonly involved in obtaining home loans. If the income of one partner stops it will generally create a large financial burden because the partner does not have the income to pay their share and the remainder of the monthly mortgage loan payments will have to be paid solely by the other partner or supplemented out of savings. Naturally, this leads to the development of mortgage arrears and possibly home repossession.
Cheapest Joint Mortgage Protection
There are two forms of joint mortgage protection namely Joint Mortgage Payment Protection and Joint Mortgage Life Insurance. To protect your monthly mortgage repayments against short-term illness, injury or unemployment it is joint mortgage payment protection while to pay off your mortgage should you pass away it is joint mortgage life insurance.
There are other several types of mortgage protection insurance such as mortgage life insurance, mortgage unemployment insurance and mortgage disability insurance.
Benefits of Joint Mortgage Protection
- The main benefit is in fact a relief in misery and gives a satisfaction mentally keeping the family away from tension knowing that they are protected even if a tragic situation comes.
- It is affordable compared to individual insurance policies andnot that costly as usually thought.
- It can also be tailored to the worth of the home or the monetary state of affair of the family.
- It is good for retired people who can enjoy peaceful living and their retirement period having the benefits of the mortgage insurance they have.
- No large interest and debt is charged in the event of late mortgage because of any personal problem.
- Mortgage protection is useful not only for the individual who buys it but also for the nation as a whole because it works as an insurance policy for the economy.
- Obtaining joint tax relief on the mortgage repayments.
Disadvantages of Joint Mortgage Protection
- If one person fails to do his share it is the responsibility for the others named to make up the shortfall because everyone named on the joint ownership mortgage is liable for the repayments.
- You will need legal documents such as wills made in order to protect your investment. This can add to the costs of property buying.
- It is important that a record is kept of all payments because joint ownership at times can be very bureaucratic.
- Life insurance and mortgage protection must also be taken out.
- If one person wants to move and sell you might find yourself having to make other arrangements to pay the bills such as taking a tenant.
How can we save you up to 40%
If you don't find the best joint mortgage protection deal now, over the lifetime of the policy this will cost you £1000's. Unlike other comparison sites we only specialise in joint mortgage protection. Easily search over 400 policies and find your best quote. Complete our short form to get started.