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Mortgage Related Insurance

 

'Your home is at risk if you do not keep up repayments  on a mortgage or other loan secured on it'

The above phrase is quoted repeatedly on mortgage related literature. It serves to remind that our homes could be repossessed if we fail to keep up the mortgage payments.

Your home will probably be the largest single investment you will ever take out, some careful planning now could help avoid a future crisis.

The following insurances should be considered:

Life Assurance (click here for a quotation)

  • The lender may require you to take out life assurance 
  • If you are a single person, without dependants, you probably don't need life assurance
  • If you are married or in a long term relationship, we recommend you consider JOINT LIFE COVER. Think about what would happen if you were to die, would your partner be able to cope financially. If your partner were to die, would you be able to cope. If you have children there is an even greater need for financial assistance.
  • Life insurance is relatively inexpensive and will clear your mortgage if you were to die during the mortgage term. Life cover can be combined with Critical Illness Cover.

Critical Illness Cover (click here for a quotation)

  • Consider what would happen if you were unable (or unwilling) to work due to the occurrence of a critical illness.
  • Critical Illness cover will clear your mortgage if you contract a critical illness, for example cancer, heart attack, heart disease, stroke etc. A lump sum payment is made on the diagnosis of the critical illness

Accident Sickness and Redundancy 

  • Also known as Mortgage Payment Protection Insurance (MPPI)
  • This insurance will pay a monthly amount towards your mortgage and any related insurances for up to 12 months in the event of you being unable to work due to accident, sickness or redundancy. This insurance provides a temporary reprieve while you get back on your feet again.
  • The premium is proportional to the amount of cover provided, and can be split between partners if preferred. We are able to offer special low rates for ASU cover. The premium for £1,000 monthly cover is £39.50 per month. The first 3 months cover are provided free of charge.

Buildings and Contents Insurance (click here for a quotation)

  • Compulsory - unless your property is a leasehold flat when this insurance is the responsibility of the freeholder.
  • We strongly recommend you take out contents insurance. You will have the option of accidental damage cover, this protects you against damage caused by a member of your family, for example, spilling paint on the carpet. Please contact us for a quotation.

Additional notes

Some lenders will make life assurance a requirement

Some lenders require that you take out insurance through themselves - These lenders are likely to use one insurance company. You are likely to pay more for your insurance if you accept cover from the lender

You are likely to get a better deal from a broker (such as ourselves) who deal with many insurance companies and can source the best deal

 


 

  Adverse Credit
Mortgage or loan arrears, CCJ's and defaults may restrict your choice of lender. There are some things you can do which will help. more>>


  Self Certification
Self certification mortgages were introduced for those whose actual income exceeded their provable income. more>>
 
 

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Your home is at risk if you do not keep up the repayments on a mortgage or other loan secured on it.

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