Avoid the financial stress of job loss with MPPI

Tue, 11 Mar 2008

Homeowners who don’t believe they are at risk of falling behind with their mortgage are being urged against complacency says payment protection adviser Paymentcare.co.uk.

Sudden increases in mortgage repayments as cheap deals come to an end can leave a big hole in borrowers' monthly budgets. Redundancy, accident or illness can hit homeowners' ability to keep up their repayments if they have no alternative source.

"For example, if your employer offers adequate sick pay should you be off work for some time your mortgage should not be in jeopardy. But if that's not the case, you could be facing serious hardship quite quickly," says Shane Craig, MD of Paymentcare.co.uk

Mortgage payment protection insurance (MPPI) can help those in danger of falling into financial arrears and may help prevent people from losing their homeowner status.

Craig said: "Those who reckon their finances are watertight and can stand the pressure of reduced borrowing options and rising food and energy prices should beware of the unforeseen hazards that can result in unexpected loss of income ."
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