| PAYMENT PROTECTION INSURANCE |
All of our mortgage plans offer the option of Vesta MONEYCARE Mortgage Payment Protection Insurance (MPPI).
Why would I need Vesta MONEYCARE?
- Borrowers do not receive any Income Support for Mortgage Interest (ISMI) from the government for the first 9 months of a benefit claim.
- The government has put in much tighter rules for means testing in respect of ISMI after 9 months.
- If you have savings over £8,000 – No ISMI payable.
- If your partner works more than 24 hrs per week – No ISMI payable.
- If your mortgage is greater than £100,000 – ISMI only payable up to £100,000 of the mortgage.
How do I know if I am eligible for Vesta MONEYCARE?
In order to be eligible for the policy, you must be able to satisfy the following:
- You are party to the mortgage.
- You are in full time work.
- You are not off work due to ill health.
- You are unaware of any impending unemployment if you are employed, or potential failure of your business if you are self employed.
What are some of the key benefits of Vesta MONEYCARE?
- Back to day one cover with no exclusion period.
- Maximum monthly benefit of £2,000.
- No exclusions for dismissal (whatever the reason).
- Flexible cover available, payable monthly or by single premium.
Some examples of what Vesta MONEYCARE does not cover:
- Attempted suicide, alcohol/drug abuse.
- Pre-existing medical conditions treated by a Medical Practitioner in the last 12 months.
- The normal course of pregnancy.
- When unemployment is voluntary or of a seasonal nature.
Vesta MONEYCARE can provide the following levels of cover. Click on the level of cover that you require to see the applicable Key Facts Illustration which fully details the benefits and exclusions:
To see our Combined Initial Disclosure Document which gives details about the scope of service that we provide to our customers, click here.
To apply you can Contact Us and our MONEYCARE team will call you back when it is convenient. |
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