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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
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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>> |
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Self certification mortgages were introduced for
those whose actual income exceeded their provable
income. more>> |
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Instant Life assurance quotes
online >> |
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| Compare and
apply for buildings and contents insurance
online >> |
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No brokers fee
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Telephone
08456 44 88 23
Why Mortgages Direct?
