Cheap mortgage payment protection insurance is a mortgage extra that very few first time buyers actually consider before the subject comes up in a mortgage interview. This is not surprising given the fact that they are new to the process of applying for a mortgage and probably have all sorts of information spinning around their mind. However, cheap mortgage payment protection insurance is most definitely something that no homeowner should dismiss without first seriously considering.
Often viewed as an unnecessary expense, the cheap mortgage payment protection insurance premiums that individuals pay on a monthly basis do not eat into the disposable income that remains after all bills are paid and yet can provide massive peace of mind should a homeowner lose his or her job as a result of redundancy or be unable to work as a result of long term illness.
It is especially important for first time buyers to seek cheap mortgage payment protection insurance because of the nature of the housing market at this time. With house prices still on the rise, homeowners are having to take out bigger mortgages in order to pay for a home and thus stand to lose more if they are unable to make the mortgage repayments. First time buyers are also likely to have less put aside in the form of savings that they could fall back on if need be.
The risk of having their first home repossessed is very real if an individual found him or herself unable to work for an extended period of time, but cheap mortgage payment protection insurance may cover repayments for a period of up to twelve to twenty-four months, although that time frame all depends on the individual policy terms and conditions. In fact, cheap mortgage payment protection insurance may also cover associated bills as well, thus serving to save a homeowner an awful lot of heartache.