What is mortgage protection?
Mortgage protection insurance is a type of protection that provides cover for your mortgage payments in case you are made involuntarily redundant, find yourself unable to work due to accident, illness or death. This guarantees peace of mind for your loved ones knowing they will be able to pay off the remaining balance of your mortgage.
How does it work?
Mortgage protection covers your remaining mortgage repayment balance if you are deemed unable to provide it due to redundancy, illness or death. The amount of mortgage protection you need and the length of time that you should be protected for depends on the amount and duration of your mortgage.
As you pay off the mortgage, your life/mortgage protection insurance cover reduces in line with the reducing amount you owe on your mortgage.
Why is it important?
If you were to die prematurely during your mortgage term and your family would struggle to keep up the monthly mortgage payments, mortgage protection could be for you.
Give your family peace of mind and protect them against losing any more of the important things in their life.
About Citywide Financial
We are qualified financial advisers with over 30 years combined experience in financial planning, with expertise in Life Assurance, Mortgage Assistance, Pensions, Group Schemes, Income Protection and Business Protection.
We provide honest advice without the jargon in order for you to make the right choice no matter what your stage of life you are at.
How to get mortgage protection
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WARNING: You may have to pay charges if you pay off a fixed-rate loan early