Redundancy and mortgage protection

[Joe Public]

Currently dont hav any mortgage protection but pretty sure one or both of us will be made redundant before this financial crisis shite is over.

Anyone know how it works? If one of us gets paid off, do you still get your mortgage paid? Does it have to be compulsory redundancy?

[peachbum]

You can choose how many months you want to wait before you want the protection to kick in. So if you could afford to pay for your mortgage for three or six months, then have the policy pay on month 7 the premium would be much lower than if you wanted the policy to pay your mortgage from month 1. Don't know if the redundancy can be from choice or not, you'd have to check that out. I'm not sure how long the policies pay out for. I had one for a while, that wouldn't have paid the mortgage until month 3 iirc, and then would have paid the mortgage for 12 months. I think the premium was £4 a month per hundred pounds of mortgage, so £600 mortgage would cost £24 (delayed start).
Edit: probably cost double if you want both of you covered.

[Heeeed the Ball]

You can cover for as much as you want, I have mine for 1500 a month, kicks in after working for 6 months and pay month one your off, but you must not volunteer, if you do you will not be covered.

They write to your employer to check how you left

PM if you need any further advice mate

[Joe Public]

Originally Posted by Heeeed the Ball

You can cover for as much as you want, I have mine for 1500 a month, kicks in after working for 6 months and pay month one your off, but you must not volunteer, if you do you will not be covered.

They write to your employer to check how you left

PM if you need any further advice mate

It's a joint mortgage, so if she takes voluntary, and I get compulsory, would we still get it?

[Heeeed the Ball]

Originally Posted by Joe Public

It's a joint mortgage, so if she takes voluntary, and I get compulsory, would we still get it?

Yes, I think, but ring your selected company nd ask the questions before signing up

If they know your going to be made redundant they wont take you on, dont tell them

[sandymackem]

If you took one out now it would need to be running for about six months before they would pay out . If the worst did happen and one or both of you got paid off your best bet is to see the company you have your mortgage with and get some payments deferred for a few months. I did this when the same happened to us ,seen the manager of the bank straight away and they helped loads. The last thing they want is to take your house off you, hope this helps.

http://www.helpucover.co.uk/product/...25fbcb444ff2ac

[Parkmaverick]

Originally Posted by Joe Public

It's a joint mortgage, so if she takes voluntary, and I get compulsory, would we still get it?

There's different rules for voluntary and compulsory, wasn't worth us doing it as we would be made Voluntary with better terms, well that was then .

[Joe Public]

Originally Posted by Parkmaverick

There's different rules for voluntary and compulsory, wasn't worth us doing it as we would be made Voluntary with better terms, well that was then .

Do you still get 3 months severance, or does it have to be 3 months worked notice?

[Wayne The Punk]

Originally Posted by Joe Public

It's a joint mortgage, so if she takes voluntary, and I get compulsory, would we still get it?

My mate got caught out with the joint mortgage, was 1986 so things may have changed

[Parkmaverick]

Originally Posted by Joe Public

Do you still get 3 months severance, or does it have to be 3 months worked notice?

Your redundancy will depend on the company you work for!