Is Mortgage Payment Protection Insurance the same as a Mortgage Insurance Guarantee?
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No. Mortgage Payment Protection Insurance is completely different to a Mortgage Insurance Guarantee.
Please do not mix up Mortgage Payment Protection Insurance with a Mortgage Insurance Guarantee because they are totally different!
Mortgage Payment Protection Insurance covers your monthly mortgage repayments if you are off work because of sickness, accident, or unemployment.
Mortgage Insurance Guarantee (MIG) is an insurance that pays your mortgage lender the shortfall if your house is sold and the sale proceeds were insufficient to fully repay the mortgage. So the proceeds of a claim under a Mortgage Insurance Guarantee go straight to your lender - not you!
Please be aware that a payment to your lender from a Mortgage Insurance
Guarantee does not remove your liability to repay the shortfall in the
sale proceeds. Your mortgage lender will still pursue you for the outstanding
money.