Mortgage Protection Insurance (MPPI)

How can I top up my Mortgage Protection Insurance?

To arrive at a protection insurance figure, add your monthly payments to your mortgage related costs. Taking protection for that amount is permitted provided it does not exceed £1500 per month and does not exceed 75% of your net monthly income. To calculate your maximum mortgage protection amount, take your gross salary and extract only your tax and national insurance and the figure remaining is the maximum mortgage insurance amount you may take per month.

Should you wish to top up your mortgage protection insurance and you already hold your policy with us, there is no need for you to re-apply. Simply send us an email detailing the amount you wish to top up to and we will make the arrangements for you by issuing you with a new mortgage protection insurance policy and issuing a fresh direct debit request to your bank. Please first obtain a mortgage protection quick quote to ensure you are happy with the insurance premium you will pay.

If you have included accident and sickness in your mortgage protection cover, you are covered for the full amount as soon as your new insurance policy has been written. However if you make an unemployment claim within the first 90 days the new mortgage protection policy, your claim is restricted to the monthly amount covered by your previous policy. For example your mortgage protection amount is £500 per month but you decide to top it up to £600 per month and a new insurance policy is written covering you for £600 per month. If you claim for unemployment within the first 90 days from the start date of your new policy.