What is Mortgage Protection?

Mortgage Protection, is designed to give you peace of mind that, if you suffer an accident or sickness which prevents you from working, you’ll still be able to pay your mortgage. The policy can provide cover for up to 12 or 24 months, allowing you to focus on getting back on your feet.

Your home is worth protecting

Your mortgage is probably the biggest financial commitment you’ll ever make,  so it’s important to consider what you would do if you were suddenly unable to keep up with your re-payments as a result of an accident or sickness.

Tailored to your needs

You can select how much of your monthly mortgage payment you want to insure, the type of cover you want, how long you want to be covered for and when you’d want to receive your first payment if you needed to claim.

What's around the corner

We can't predict the future, but we can plan for it. Unfortunately, accidents can happen and people do get sick, it can happen to any of us at any time. We're here to help when you need it most.

Wise in our old age

We know the ins and outs of mortgage protection with over 30 years' experience and a strong partnership with our underwriter Covea to support you should you need to claim.

We've got you 

With flexible options to make sure you’re only paying for what you need plus additional support to help you get back to work, we’ve got you covered.

For a summary of the benefits and exclusions please read our Product Information Document.


Mortgage protection includes... 

  • A monthly tax-free income of up to £3,000 or 75% of your gross monthly income (whichever is lower) to help pay your mortgage
  • The option to cover your payments for mortgage-related insurance costs and other household expenses.
  • Monthly payments are paid directly to you while you are out of work
  • Access to a counselling service providing confidential telephone counselling
  • A free back-to-work service that provides support with interviews and CV writing
  • Also available to shared ownership and HomeBuy scheme users

What may not be covered...

As with all insurance policies there are circumstances when cover can't be offered or a claim paid. For example, any insured incident which you intentionally cause or create and pre-existing medical conditions unless you’ve been symptom-free in the 12 months after the policy start date. These are only examples. For full details of what's covered and what's not covered, please read our Mortgage Protection Policy Booklet. Alternatively, you can find further information in our Product Information Document for Mortgage Protection.

This Payment Protection Insurance is optional. There are other providers of Payment Protection Insurance and other products designed to protect you against loss of income. For impartial information about insurance, please visit www.moneyhelper.org.uk. A typical monthly cost for Paymentshield Mortgage Protection is £5.05 for every £100 of monthly benefit. The monthly cost includes Insurance Premium Tax (IPT) at the present rate. The cost is based on our full accident, sickness and unemployment option with 30-day back-to-day-one cover, 12 months' benefit and no deferred premium payment period, protecting a monthly repayment of £620.

Want to know more?

If you have any questions for Paymentshield, you can call us on 0345 601 1050, use our webchat by clicking the speech bubble at the bottom right of the screen or get in touch here.

Existing policyholders can register or log in to your customer account to view your policy details.

Or, if you're an advisor looking for help or support, please visit our adviser area.

Adviser area


How to buy

Mortgage Protector is available to purchase alongside a new mortgage agreement which has been in force for less than 30 days.

If you'd like to find out if Paymentshield’s Mortgage Protection is right for you, we'd recommend speaking to a financial professional who will understand your needs and give you advice about what's right for you.

Who can take out this insurance?

To be eligible for Paymentshield Mortgage Protection you must be:

  • At least 18 and under 65 living in the UK, Channel Islands or Isle of Man
  • Employed for at least 16 hours a week, every week
  • Not working on a temporary, casual, seasonal or an irregular basis, or for a period of training or apprenticeship
  • Named on the mortgage agreement for the residential property which is your main home
  • Making or are about to make payments on a mortgage agreement that’s been in place for less than 30 days for a residential property which is permanently occupied by you or is about to be.
  • Up to date with your mortgage repayments, if you’ve an existing mortgage agreement
  • Named on the mortgage agreement and you and your immediate family lives at the property for which your mortgage agreement is held
  • Are not aware of any circumstances which mean you’d need to make a claim.
  • Understand the pre-existing medical condition exclusion of the policy

Unfortunately you can't take out this policy if: 

  • You're currently aware of any circumstances which could result in you making a claim under this policy to become a carer
  • Your employer has provided formal or informal notification that your job might be at risk
  • Your employer has formally announced its intention to make cuts to its workforce
  • Your company has formally or informally announced it is going into administration, receivership or liquidation

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