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UK Insurance Directory-Payment Insurance Magazine-Mortgage Protection Directory  - Article Details

Home owners need for mortgage payment protection insurance

Date Added: August 18, 2008 10:28:52 PM
Category: Mortgage payment protection insurance uk
A building society or bank can repossess your home without having to take legal proceedings or approaching the courts. A considerable number of cases have occurred in the eviction of the home owner for non-payment of the mortgage.
Possible cause of repossessions is:
·         Unemployment.
·         Accident.
·         Sickness.
·         Death.
·         Increases in interest rates.
Those with mortgages taken before 1st October 1995 can claim half of the allowable interest for the after 8 weeks and the full interest after 18 weeks. Those with mortgage after 2nd October 1995 will have wait nine months before interest is compensated.
If the case is dismissed by the courts the banks may still charge you a few thousand pounds of costs and if you miss three payments they may charge you fifty pounds for administration costs.
Article reference 107.

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