Mortgage arrears

 

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Mortgage arrears

The amount of back pay you owe your mortgage lender for failing to meet your mortgage requirements.



Mortgage arrears

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Wraparound mortgage

Wraparound mortgage

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An MPPI policy pays your mortgage for you if you become unable to work for an extended period of time, as a result of redundancy, accident, sickness or disability. It should provide enough income to cover all your monthly mortgage expenses. If you have a repayment mortgage, this should be your capital and interest repayment and if you have an interest-only mortgage, the MPPI should cover your interest payment as well as your normal monthly contribution to the investment vehicle that will repay your loan.


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