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What is mortgage protection insurance?

Mortgage protection insurance is a type of insurance that helps protect homeowners in the event that they can no longer make mortgage payments due to illness, injury, or death. This type of insurance can help ensure that homeowners are able to continue making mortgage payments and avoid losing their home.

Why do you need mortgage protection insurance?

Mortgage protection insurance can help provide homeowners with some peace of mind in knowing that they will still be able to make their mortgage payments even if they are unable to work due to an illness or injury. 

It will also ensure that your family is safe and secure in the event of your death. Mortgage protection insurance will allow your family to keep up with the mortgage repayments, and avoid losing the house.

Buying a house is one of the most important decisions you will make, and mortgage repayments are most likely to be the biggest bill you will face in your lifetime. Keep your assets safe and protected with mortgage protection insurance.

How does mortgage protection work?

Once you have purchased a policy:

  • You will pay fixed premiums for the length of the policy terms
  • As you pay off your mortgage, the amount of insurance you need decreases in line with it
  • A lump sum payment is then made to your family if you fall terminally ill or die during the policy term

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Why choose Stanhope for your mortgage protection insurance?

Stanhope, a subsidiary of Stanhope Cooper, is completely independent and compares price and cover from leading insurers such as Aviva, AIG, Vitality and Royal London. Whether you are a first time buyer or looking to switch policies, our aim is to provide you with the right policy at the right price. 

Mortgage Protection Insurance FAQs

What is the difference between mortgage insurance and life insurance?

Essentially mortgage insurance is just designed to cover the costs of your mortgage whereas a life insurance policy can be used to cover the costs of anything your family needs.

What happens if I change my mortgage?

You’ll be pleased to hear you can change your cover whenever you like and you are not tied into the cover for the life of your mortgage. Just remember that if you change the amount of your mortgage, up or down, then you need to change the amount of your life cover.

Can I get Joint Mortgage Insurance?

Yes you can! This is a good idea as it is likely your finances will suffer if either you or your partner passed away