Mortgage Payment Protection Plan from Shepherds

Mon, 07 Apr 2008

A modified version of the conventional mortgage payment protection plan has been developed by Shepherds Friendly .

It is aimed at people with fixed term mortgage deals, which have been very popular in recent years, with many lenders offering deals to fix or reduce costs for a known period, ideally one to five years. After the initial 30 day waiting period, the back to day one plan can therefore be written for a one to five year payment period.

Unlike the traditional MPPI plans, the insurer can’t change the terms or price at very short notice (which can be as little as 30 days) which will mean that customers get better protection for their mortgage .

The plan will be available to British residents aged 18-60, but must be taken out within 30 days of taking out a mortgage. Homeowners who already have a mortgage will not be able to apply for the plan unless they are changing the terms of their mortgage.
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