We are unique among our European neighbours in our desire to own property. Most of our friends across the continent prefer to rent. It seems that buying your own house is very much a British characteristic. Perhaps our continental friends favour the flexibility and impermanence of paying rent, preferring not to be shackled to the huge commitment that comes with owning the bricks and mortar in which you live. Whatever the reason, home ownership seems to be something that is deeply rooted in our psyche. It’s all about the roots it would seem; we want to feel that we have a place in the world that is ours. A place where we can plant those roots that will give us, and our families, a secure foundation from which to set off out into the world and a place to retreat back into at the end of the day, a place of warmth and security.
The financial climate of the last few years has made getting on the property ladder extremely difficult. Once you are the proud owner of your own home it becomes, for the majority, the most valuable of your possessions and your most prized asset. Paying the mortgage is often a household’s biggest monthly outgoing. The thought of not being able to meet those payments is the stuff of nightmare. That’s where Mortgage Payment Protection Insurance comes in. In the event that you are left unable to work due to accident, sickness or unemployment, Mortgage Protection will cover the cost of your mortgage payments over a fixed period (usually one or two years).
When you consider that a mortgage represents not just a financial investment but part of the fabric of your life it becomes vital to ensure that it is safe from misfortune. Let’s face it, we often stretch ourselves a little to be able to get the house in the first place, trusting that our situation will stay the same. If something then happens to make meeting mortgage payments hard or even impossible, the risk of losing your home is horrifying, actually losing it a fundamental blow.
Our home is the centre of our world. It’s where all the important things happen – the big decisions, the little squabbles, and the essential-to-our-wellbeing moments of laying on the sofa in front of the television or daydreaming while gazing out of the kitchen window. There is the mark halfway up the stairs where you misjudged the size of the box carrying it in on moving day. There are the scuffs along the skirting board from exuberantly playing children. The spot where the Christmas tree goes, the place you were standing when you got the call to say you’d got the job. All these things along with a whole lot of cleaning, sprucing up and DIY make up the home you love and are proud of.
Of course at the end of the day a home is not a person. If you needed to you could move on and start again but it’s worth investigating how investing in a Mortgage Protection Plan could work for you. The job market seems more volatile than ever and unfortunately accidents and sickness can strike unexpectedly. In an ideal world we’d have savings to fall back on but in the current financial climate many of us simply don’t have enough put away. So if you’ve got a few DIY jobs on the to-do list this weekend consider adding researching your insurance coverage to the rest of the home improvements.
After all, there’s really no place like home.