Protecting your mortgage payments

Payment Protection Plus is an insurance policy designed to pay your monthly mortgage repayment if you become unemployed or unable to work due to accident or sickness.

• Payment Protection Plus (PPP) could pay your normal monthly mortgage payment (subject to eligibility) for a maximum of 12 months for mortgage borrowing up to a total of £350,000.
• PPP will also pay your Home Solutions or C&G home insurance premium if arranged through Lloyds TSB or C&G in connection with your mortgage.
• PPP could also provide a cash lump sum. If your minimum monthly mortgage payment and home insurance premium total less than £1,300 a month you will also receive an additional cash lump sum.*
• PPP could also help find another job. The Positive Job Solutions service offers important practical assistance if you, your spouse, your partner (including civil partner) or any member of your family who is living with you, become unemployed. 
• You can also take advantage of joint cover and split the protection between yourself and your partner in any proportion, provided the proportions you choose total 100% of the benefit. 

How much does PPP cost?
The monthly premium is based on the opening balance of your mortgage agreement(s) and will be shown in your quotation.

What is not covered?
The policy summary gives details of some of the significant exclusions, in particular those relating to: 

• pre-existing medical conditions,
• unemployment that starts within 60 days of the start date of the insurance (or 90 days if you take out PPP after you have already taken out your loan),
• impending unemployment. 

Please read the policy summary, which contains important details about the cover.

Who can apply?

• Anyone with a C&G mortgage who is aged 18 or over but under 65, resident in the UK and in permanent gainful employment for 16 hours or more per week.
• If you’re self-employed, you should meet the same criteria as a employed person.
• A contract worker on a yearly contract that has been renewed at least once, or if you’ve been working for the same employer for more than 24 months.

What if I already have mortgage payment protection insurance?
If you currently have a policy with another provider, and you are switching your mortgage to us, you may be eligible for cover without the usual qualification period for new policies.

Cover under the terms and conditions of PPP, on a continuous cover basis, is available if you: 

• have held your existing policy for more than 12 months,
• haven't claimed within the last 12 months,
• meet the eligibility criteria for PPP.

If you already have a mortgage with us and PPP with Lloyds TSB General Insurance and are moving home, you will need to re-apply for the policy. You will then benefit from continuous cover on the new policy.

To apply, just complete the relevant sections of your mortgage application. Alternatively, if you’ve already taken out your mortgage with us, please contact your local Lloyds TSB branch to apply.

*Note: This is worked out as £3 for every £1,000 of your original mortgage balance. If you qualify for the additional cash benefit, the most you will receive in total to cover your minimum monthly mortgage payment, your home insurance premium and the additional cash benefit is £1,300 per month.

If your minimum monthly mortgage payment and home insurance premium together total more than £1,300 they will be covered in full but there will be no additional cash benefit.

If you make a valid claim you’ll still receive the full amount covered even if you are also receiving statutory sick pay from your employer. The same applies if you’re unable to work but your partner is still earning – it won’t affect the amount you receive.

Call our mortgage experts on 0800 783 3534*

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