Why do I need Mortgage Payment Protection Insurance?

Mortgage Payment Protection Insurance is a good idea because if you can't keep up with your mortgage payments for any reason, your home will be at risk of repossession.

When you arrange a mortgage you are committing yourself to paying back the capital and interest over a set period of time. The most common term for a mortgage is between 20 and 25 years, and during that time there are bound to be changes in your financial circumstances.

What would happen if you can't work due to illness or accident, or you are made unexpectedly redundant? How would you pay your mortgage? If you don't have any safety measures in place then your home could be at risk.

For financial peace of mind, you should seriously consider buying Mortgage Payment Protection Insurance. It might not seem likely at the moment, perhaps you are well settled in your job and in full health, but your situation could change overnight.

Consider the following: -

• 28 % of people have been off work for more than a month due to illness or accident in the last five years.
• 9 % of people have been off work for more than 3 months due to illness or accident in the last five years.
• 33% of people aged 25-34 have experienced unemployment for more than a month.
• Every day 500 people in the UK become unemployed
• 60% of unemployed men and 45% of unemployed women will be unemployed for over six months.
• Around 80 homes are repossessed every day - largely due to unemployment.