Hi (I'm mostly on BT and not much there these days so I apologise for jumping in with a Q but I wonder if anyone can help me?)
We have an offset mortgage and are only
required to pay the interest but obviously the capital needs to
be repaid somehow so we were given the repayment figure needed. We
actually overpay each month, (I think about £120
more than the repayment amount needed)
My husband works for one of the large accountancy companies (inthe facilities dept) and with
things as they are I think we should get some form of income insurance/mortgage payment protection. I do not work.
If he took out a policy and if he was made
redundant 3 months after starting a policy they would pay the amount we currently pay a month
to the mortgagefor12months? ? Or would it be less as we ovepay? Or
would it be only half of it as the mortgage is in joint names? (I have
some recollection of trying to be sold mortgage insurance with my ex
but was told despite the huge monthly fee it would only pay 50% of the
interest if 1 of us ws made redundant)
I'm sorry this is so waffly, I'm really confused and ra bt scared. Our
motgage is fixed for 10 yrs and with the overpayments should be cleared
by then so tbh the only thing that could really harm our future
security is if he lost his job.
