Featured Keywords

UK Mortgage Protection Insurance Does Not Have To Be A “Rip-Off”

  • 未分類

UK Mortgage Protection Insurance Does Not Have To Be A “Rip-Off”

Depending on where you choose to buy the cover, UK mortgage protection insurance does not have to be a big “rip-off”. Buying the cover alongside your mortgage with the high street lender is the worst choice you can make when thinking of taking out protection. Choosing to go independently for the cover can save you an enormous amount of the money and an independent specialist provider will give you the advice needed to be able to make an informed decision. Problems began for the sector in 2005 when the Office of Fair Trading received a super complaint from the Citizens Advice regarding mis-selling of payment protection. Fines were handed out by the Financial Services Authority and the sector was referred to the Competition Commission. Recently the Financial Services Authority revealed that despite them setting out recommendations for selling the cover they have investigated over 4,000 cases of mis-sold protection policies in 2007. Along with this the Competition Commission said that banks are raking in high profits by as much as 80% on selling UK mortgage protection insurance cover and loan protection alongside mortgages, loans and credit cards. However they are not admitting they make around 4 billion a year from the sales and the Competition Commission will be exercising their legal rights to take a peek at the books. While there are many faults with selling the cover it has to be remembered that it is not the cover which is to blame but those who use poor selling techniques. An independent specialist provider will always offer cheaper quotes for the premiums and give the essential advice needed to ensure the individual can make a more informed decision regarding the exclusions. There can be many exclusions and you have to check the small print in a policy. Common exclusions include being in part time employment, if you are retired, self-employed or if you have a pre-existing medical condition. All ethical providers will make sure you have access to the key facts which contain all you need to know. A good quality payment protection insurance policy would have the least exclusions and begin payment from between the 31st and 90th day and would then continue to provide you with a tax free income for between 12 and 24 months, depending on who you bought the cover from. The premium you are charged for the cover will depend on the amount your mortgage repayments are each month and your age when applying for the protection. UK mortgage protection insurance can be a “rip-off” but you have to shop around for it if you are to get the information needed to be able to determine if you would be eligible to make a claim. Providing you have done this and know a policy is in your best interests then shopping with an independent specialist provider means that you can have peace of mind at an affordable cost. If in doubt always check with the providers FAQ page and take the free advice that they give by way of reviews and articles. UK Mortgage Protection Insurance Does Not Have To Be A “Rip-Off”

Posted Articles Title : UK Mortgage Protection Insurance Does Not Have To Be A “Rip-Off”

Posted by : Real Estate Building Global Articles WebSite.WS | GVMG - Global Viral Marketing Group

Last update date : 19-01-2022

■Link To This Post (HTML code) : UK Mortgage Protection Insurance Does Not Have To Be A “Rip-Off”

CTL+C=Copy / CTL+V=Paste

■Trackback URL : UK Mortgage Protection Insurance Does Not Have To Be A “Rip-Off”

CTL+C=Copy / CTL+V=Paste

Check out the latest Real Estate Building News.
>Real Estate Building News Comprehensive Information Site

Real Estate Building News Comprehensive Information Site

Deliver World Real Estate Building News, Columns, and Topics in Articles to everyone around the world. World Wide Web「Real Estate Building Global Article WebSite.WS」It is International Real Estate Building Articles are buzzed and spread all over the world. Let's Share with everyone on social networks.

Hope Real Estate Building News Article are useful to you. Share this international Real Estate Building Article and Real Estate Building comprehensive news summary site worldwide with people all over the world. I wish your happiness. Thank you.

International Real Estate Building Article Curation Website.
GVMG - Global Viral Marketing Group