One couple who decided to buy their council home and who took out mortgage payment protection insurance, MPPI, in case they lose their jobs became unemployed and were faced with repossession simply because they failed to understand the requirements of the policy properly. Mortgage payment protection is taken out to cover possibilities such as becoming unemployed. In this case, the provider typically pays out so much towards you keeping your repayments up to date. However, the partner who became redundant failed to sign on straight away, and so the policy did not kick in. When he eventually did apply for social security the policy kicked in some weeks later but by then the couple were already in mortgage arrears and threatened with repossession.

If you are taking out MMPI, it is essential that you understand the policy and know what to do if the worst happens. However if you do not have a policy or you still cannot find the money and fall into arrears which you are unable to repay you may wish to look into selling your home with a company that offers to buy and rent back to you.
When choosing to sell property rent back you also have the option of being able to buy back the property in the future if your financial circumstances alter.