Millions of Britons think the government will pay their mortgage if they are unable to, new research on mortgage payment protection reveals.
According to figures from Lincoln Financial Group, some 3.85 million UK residents believe the government will help them out with mortgage payments if they become unemployed. But mortgage relief was, in fact, ended some eleven years ago.
Millions of people are living with a false sense of security believing that the government will bail them out if they cannot earn. That is not the case unfortunately. The government is not going to pay for your mortgage if you lose your job, or are unable to work after an accident or illness
Too few people have a mortgage payment protection plan in place.
Homeowners with a mortgage should make it their responsibility to ensure their families and homes are protected. Many have been discouraged from buying insurance by the high prices that banks and building societies charge for the cover. There are an increasing number of cheaper insurance policies from independent suppliers.
Many people wrongly believe that they must buy the bank or building society policy. Unless the mortgage and cover are intertwined, there is usually nothing to stop you cancelling the expensive bank cover and buying your own.
There are a large number of insurance policies available that will cover mortgage payments if you are prevented from working.
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