Finance Point

Unemployment insurance can be a godsend to those whose circumstances mean they would be eligible. The key point to bear in mind when choosing a policy is to check the terms and conditions and, in particular, the exclusions. Frequent exclusions include being of retirement age, only working part time, being self-employed or suffering an ongoing illness. Providers can put in other exclusion as well, so the terms and conditions of any policies you are considering must be compared along with quotes.

If you go with a specialist provider for quotes then you will get access to some of the cheapest premiums to be found. Certainly by choosing to buy your cover independently as opposed to taking a policy alongside the borrowing you can save a great deal. Along with making savings you will be able to find the right policy to suit your circumstances. An ethical provider will give you the information needed, cutting out the technical jargon to make payment protection more transparent.

Getting a quote online is quick and easy. First you have to decide which type of protection insurance you need. If you have mortgage repayments to meet each month then consider taking out mortgage payment protection. Loan payment protection will safeguard any loan or credit card repayments, and income protection will cover your monthly income. Once you have chosen the policy you simply supply the amount you wish to cover each month and your age.

All protection policies provide you with unemployment cover in case you should be made redundant sometime in the future. For an extra fee they can also protect against you becoming unable to work if you should have an accident or suffer from an illness. The majority of policies would begin to payout a tax-free income from between day 30 to 90 of being continuously incapacitated. You would then continue to receive a payout for between 12 to 24 months.

Some homeowners think that the state would help with such outgoings as monthly mortgage repayments, but many could find themselves at risk of losing their home by relying on this state support. In order to qualify for state help you have to meet certain terms and conditions. For example, if you have savings of over £8,000 or have a partner in full-time work you would not be eligible to claim any help. Those who are fortunate enough to qualify would only get help with the interest part of their mortgage. Even then, if you have taken your mortgage after October 1995 you would have to wait nine months for any benefit to begin.

Getting behind on your mortgage repayments could in the worst case lead to you losing your home and would cause a great deal of anxiety during the time you were looking for work. Payment protection products that safeguard against the cost implications of unemployment are worthwhile considering, as long as your circumstances meet those defined by the provider.

There has been much confusion surrounding unemployment insurance products and faith in them has been lost since the Office of Fair Trading began investigating in 2005. It is worthwhile remembering that it is the poor selling techniques of high street banks and lenders and ignorance of what a policy can and cannot do that has caused the bad reputation of policies. A policy can fulfill its intended purpose when taken out correctly, sold by a professional standalone provider.

We are all looking for the best mortgage deal, but what defines "the best mortgage deal"? A quick search on the Internet will quickly reveal that there are a huge number of mortgage products to choose from. How do you find "the best"?

How do you even define the best?

The cheapest?

The shortest?

The cheapest now, even though it may be more expensive later?

Be warned that your definition of the best mortgage deal will not be the same as another person’s and neither will match the best mortgage deal as defined by a mortgage provider!

The key thing is that the best mortgage deal for you really is going to different to everyone else’s and it can only be found if you yourself what you want from your mortgage, what you can afford and how best you can pay for it.

You probably don’t know all the right questions to ask yourself, so don’t! Instead, use the services of a mortgage broker or a mortgage advisor, and preferably one that is independent. By doing this you will get access - via them - to the whole of the mortgage market, and their expertise.

The different types of mortgage on the market these days serve only to confuse! That’s why you need experts. Brokers and advisors will be able to tell you the difference between variable rates, fixed rates, discounted mortgages, trackers, capped mortgages, flexible mortgages and they will be able to explain these differences to you.

Most importantly, by asking you about your own personal circumstances and requirements, a mortgage broker will be able to help you decide which is the best mortgage deal for you. Some brokers even give you frequent reviews to make sure that you have the best mortgage product for you at any given time.

Trawling the internet or High Street banks for this information is not the best use of your time. It is much better for you to make use of the expertise of mortgage broker who deal with mortgage products every single day of their working lives.

When taking out a mortgage loan there are more things to consider than just the interest rate. Most adverts from big-name High Street banks and building societies concentrate on their "low" interest rate - or at least the mortgage’s best feature - but will not tell you about their arrangement fees or reservation fees or booking fees or something else that’s not so attractive.

Talking to a mortgage advisor, with no vested interest in a particular product, will bring all the good news and bad news out in one sitting, and with a bit of number-crunching and discussion with you, they will help you come up with the best mortgage deal for you.