We have just switched mortgage deals with our current provider.
Our previous tracker deal included a payment holiday up to a year. We both have life insurance and sickness pay from work, so have never taken out mortgage protection cover.
However, our new rate does not include payment holidays. It's a lower interest rate, so with the monthly saving we thought we'd take out mortgage protection cover.
We discovered that due to Covid, no insurer is offering redundancy cover. This leaves me feeling vulnerable and I wonder what we could do as an alternative, other than simply save a year's payments in the bank?