Articles:
Other sites:
Legal:
More mortgage insurance tips from Michael Challiner
• Most MPPI policies say that you must be off work for a minimum period before you can claim. The longest period you'll find is 60 days but many policies reduce this to 30 days. Some will ( insurance ) then backdate the payment to the first day you were off work. Look out for the details which you'll find in the policy's Terms and Conditions. Always check these out before you buy - and remember to compare like with like when you're comparing prices.
- Interest Only Home Loans
- An introduction to the workings of an interest only mortgage.
- ReMortgaging is it still worthwhile
- Rate Tart is the name coined by the mortgage industry for borrowers who switch mortgage lenders chasing lower interest rates. Call them Rate Tarts if must, but they'll be the richer for it!
- Mortgages. Regulations tighten on interest only mortgages.
- Interest only mortgages have been very popular, especially amongst first time buyers. But the FSA has now introduced restrictions. This article explains.
- Mortgages. Watch out for add-on charges.
- Mortgage lenders use headline interest rates to attract borrowers. But behind the scenes they're introducing a whole raft of add on charges. This article explains.
- Mortgaging for funds
- A new study has found that pensioners are concerned that they will have to sell their homes or take in lodgers to make ends meet.
- HIP's – the full story
- Ready, steady, go! With just three months to sell your home using the forthcoming and compulsory information pack, you need to get your act together. Here we face the facts.
• Don't confuse Mortgage Indemnity Insurance (MIG) with Mortgage Payment Protection Insurance. MIG p rovides insurance cover for a lender for any losses they might suffer as a result of a property on which they provided a mortgage, being sold for less than the value of the outstanding mortgage. All payments under a MIG policy go to the lender, not you!
• If you have Permanent Health Insurance your may not need MPPI. Check ( online car insurance ) out the terms of you PHI policy and then make your mind up whether MPPI is adding anything extra.
• If you already have Critical Illness Insurance be aware that there is a level of ( mortgage quotations ) duplication with MPPI. MPPI will pay an income during the insured period for any illness that prevents you from working. Critical illness Insurance pays out a lump sum if you have any of the chronic illnesses listed on the critical illness policy (other conditions apply). So if you have a valid claim under your critical illness policy, you will probably also have a valid claim under your MPPI policy. However, if the illness that's keeping you off work is not listed on the chronic list, then only your MPPI policy will payout.
• Do shop around. You'll find that the Internet is the cheapest place to shop for ( car insurance policy ) MPPI and many web sites enable you to arrange cover immediately online.
The good bit - if you claim, the income is totally tax-free!
Your home may be repossessed if you do not keep up your repayments on a mortgage or any debt secured on it. Security by way of a charge on your home may be required.