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We have developed a finder which only takes a few minutes to use, after which you receive a comparison table ordered by lowest monthly premium. The results table also displays the exclusion and benefit periods for each scheme. You are then able to go onto the 'Details' page and view the full details of the policy, including its general conditions and exclusions. It is then possible to fill out an application and apply for the policy online.
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Becoming unemployed can cause many problems, not least the fact that there
simply may not be any money to pay the bills. Most people will agree that their
home is their most important material possession, yet if mortgage payments
cannot be made, the security of a home can be taken away.
You cannot rely on state help to cover your mortgage payments if you cannot work. There is no help for the first nine months of unemployment or disability for mortgages taken since October 1995. Existing borrowers only qualify for benefit if they qualify for Income Support.
You can buy cover to protect your mortgage payments if you have an accident or become ill and cannot work, if you become unemployed, or to provide full cover for accidents, sickness and unemployment. The terms and conditions under which you can claim differ with every policy, so you should always check them very carefully.
The Benefit period is the length of time you can claim monthly payments for, and these vary for each policy. You can select the time period you want to be covered (1 year, 2 years etc) but the longer you want the cover for, the more expensive the premiums will be.
There is always an Initial Exclusion period at the start of the contract, during which time no claim can be made. This normally applies to unemployment only and is 30, 60 days or longer.
Most policies also have an excess period, for each & every claim. An amount of days 30, 60 or more which are excluded from the claims payment. For example with a 60-day excess, and a claim for 65 days, 5 days are paid.
Alternatively some have a waiting period after which time the claim is paid in full. With a 30 day waiting period, on the 31st day of unemployment or disability the claim is back dated to day 1 & paid in full.
Most providers will cover your mortgage payment and a little extra for mortgage related bills, such as pensions, insurances etc. They usually offer an extra 5, 10 or even 25% but may have conditions on what this money can be used for.
Only a quarter of homeowners are thought to have a mortgage insurance (or ASU) policy in place. Mortgage insurance cover can be taken out at anytime during the term of a mortgage provided you qualify under that particular provider's conditions.
Main page for poor or bad credit history mortgages
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