If you're behind on your mortgage payments, you may be charged administrative and legal fees. You may be considering payment protection, but are unsure of the terminology or the type you need? Our guide will help you understand the differences and similarities between the different types of protection available, such as PPI and MPPI. Mortgage Payment Protection Insurance (MPPI) is a form of payment protection insurance that ensures your mortgage is paid in the event of illness or unemployment. It is classified as a standalone product under the PPI umbrella, but it is not the same as PPI.
The main difference between MPPI and PPI is that PPI is paid directly to the person who borrowed from you, while MPPI is paid directly to the policyholder.
Trinity Financial
mortgage brokers have been negotiating with Birmingham Midshires (now BM Solutions) for more than ten years. They have access to product transfer mortgages designed to reduce the monthly payments of current borrowers. Trinity Financial can submit requests for product transfers from purchase to rent from Birmingham Midshires up to 60 days before the end date of the existing product.Most mortgage lenders charge between 5 and 7 pounds a month to cover every 100 pounds of monthly mortgage payments against accidents, illnesses and unemployment. Some of the best rates offered by lenders are only available to their mortgage customers. The Annual Equivalent Rate (AER) illustrates what your interest rate would be if interest were paid and capitalized every year and allows you to easily compare different offers. The vast majority (75%) buy directly from mortgage lenders, while the rest buy through mortgage or insurance brokers.
Payment protection insurance ensures that these expenses continue to be paid so that both you and your lender are protected until things return to normal. According to new figures from the Council of Mortgage Lenders (CML) and the Association of British Insurers, around 21% of all mortgage holders now have MPPI, with around 2.35 million policies in force. Your information is confidential and is maintained in accordance with applicable data protection requirements. Birmingham Midshires has a limited selection of fixed-rate mortgages available to current customers who want to refinance with a better deal when their rate is due.
A wide range of buy-to-rent lenders offer the cheapest purchase-to-rent rates ever to a wide range of landlords, and many of them have flexible acceptance criteria. Lee Cross reduced his mortgage and home insurance costs by hundreds of pounds when he changed them earlier this year. Birmingham Midshires made the decision to stop dealing directly with customers when they wanted to re-mortgage or change the rate years ago. In addition, if you have certain low-cost mortgages with Chorley District construction companies & or Skipton, it may already be tied to your insurance.
After fixed rates, both mortgages return to The Mortgage Works' standard variable rate of 4.74% and both rates have early repayment fees.
