Best Mortgage Protection company

    As an employee of a well known bank that is potentially going to be part of a merger very soon as you can imagine I've feeling a bit 'squeeky bum' over my employment in the future.

    As I have not been informed that redundancy is inevitable (and indeed I don't think it will for the forseeable future) I need to try and get some mortgage payment protection in place incase the worst happens.

    Does anybody know who offers the best cover and at a competitive rate? I'm only looking to cover £700 a month payment after lumping down a decent deposit and obviously I don't want to lose my investment if I can get some decent cover in place first.

    Thanks everyone for any suggestions.


    Here's info from ]MSE which gives you places to get quotes.
    I took mine out recently with Hitachi Finance and saved £20 per month from my previous, bear in mind that most policies have an initial period (60 days in my case) from start date until you can claim

    A lot of us are mate...

    Times has just published an article about it if youre interested (title - HBOS merger with LLoyds TSB may cost UK 40k jobs)

    However I think the gvmnt will as a condition require Lloyds to mitigate the numbers. Theyve just confirmed that they will override competition bodies so minimal job losses may well be a possibility...

    Original Poster

    Thank you both for your quick replies, I'm definitely looking at it tonight. That Times report tipped me over the edge.

    40k seems seems over the top imho

    it would be more something along the lines of 5-10k if that. G Brown is directly involved so he would want assurances from Lloyds that job losses would be kept to a minimum

    Keep your chin up mate. I know how you feel having seen good friends at LB lose their life savings over a w-e. Fear is driving the market atm

    Abbey do one for £4.31 for £100 for redundancy (with free carers cover), so for £700 it'd be £30.17 per month (the policy pays for itself in the event of a claim). as before, there is a 60 day exclusion period at the start of the policy.

    are you HBOS or A&L staff?

    Scouser - one thing to look out for as they will most def use this against you to decline payment

    Most if not all policies require you to represent that you were NOT aware of any situation which may give rise to a loss of employment

    Keep this in mind as they may take your premiums for 3-4 months and then - should you lose your employment decline to pay saying that you should have been aware of the possibility of you losing your job

    Is there anything available through your mortgage comapny? I know that we used to offer payment protection alongside all mortgages and additional borrowing, if the customer wanted it, and if the customer needed to make a claim, as it was arranged through us (we took the payment at the same time as the mortgage payment and forwarded to the insurance company) when a customer had to make a claim, they just had to call us and we sorted it all out for them.

    Think a few people found it a little less stressful as they weren't having to deal with the claim company and the mortgage company and trying to get them to talk to each other. However, if your lender does offer it, they might operate the whole process in a completely different manner so worth asking them who does what in the event of a claim.

    And as you haven't been told anything about any redundancy, you should be fine, just check to see if the policy you take has a minimum number of months it has to be up and running for before you can claim. With this whole credit crunch situation, as long as you've not been told anything officially, you can just say you're being sensible and cautious :thumbsup:

    Original Poster

    Thanks all. I managed to apply for a policy for £11.31 a month. Just waiting for confirmation back. I've read the small print and it reads that as long as I have nothing official I'm okay to apply for it. I'm a HBOS employee and there's been no mention of redundancy yet so I'm just acting cautious.

    Hopefully I'll never have to use it, but at the minute it's just peace of mind during an extremely distressing time for me and the family.

    Hopefully with the PM being involved then redundancy will be kept at a minimum. If not I have the PM to thank for me being on the scrap head during a difficult period. Something I would not understand.


    the merger has been confirmed, admin staff will be made redundant first…stm

    i've got accounts with both banks, going to be crazy sorting out those account numbers.


    I am also an HBOS employee and I am now kicking myself for not doing this 6 months ago, when I first thought about it. Anyway, can you tell me what company your purchased your policy from?
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