Owning or buying a home in these uncertain financial climates can be a real stress, there is so much money involved when there is precious little money to go around. Many home builders recognise this and are doing what they can to help you with safeguarding your mortgage.

Companies like Peveril, Barratt, Stewart Milne and Bloor have all come up with schemes which include mortgage protection for you and your home. For instance, Bloor’s “Move Protected” scheme can help you protect your monthly mortgage repayments if you suddenly become unemployed through no fault of your own. They cover you for a monthly benefit equal to your monthly mortgage repayment up to a maximum of £1,000.

To be eligible for the schemes, you are required to be between 18 and the statutory age of retirement and working at least 16 hours a week, and living in the UK.

The schemes normally only cover you if you are in full or part time employment, not if you are considered to be working in casual, temporary or seasonal employment. It is worth talking to your home builder if you already have a home through them, or if you are looking to move, discussing it with your chosen builder as these schemes aren’t always available on every plot, of every development

If your chosen builder doesn’t cover the home you are in or interested in, then you can always approach a company that deals with mortgage protection insurance directly, for instance Aviva, Zurich, or one of the brokers like Topquote, Swinton or More Than.

However you decide to safeguard your mortgage, bear in mind that it will be an added cost to your mortgage in most cases, and shop around to find the best deal. If you default on the payments on the insurance, your home and mortgage will not be covered – and should you default on your mortgage your home could very well be at risk.