Mortgage Protection

Would you buy a new home which had no foundations?   Would you want a mortgage without any foundations?

None of us know what is around the corner in life be it good or bad, hopefully it will be good, but there will be times when things are bad.  We all, and should, take good health for granted, but what happens when good health turns bad. The chances of contracting a critical illness are four times greater than dying early.   With progress in modern scientific research recovery from a critical illness is probable.  But if you could not return to your normal occupation how would you fare financially. 

There are two very simple ways of giving you and those you love security against financial hardship should this happen to you.  By putting in place a Critical Illness plan, in the event of you suffering a specified critical illness, you would be paid a lump sum  to use as you wish, whether it be to pay off your mortgage or use towards improving your living conditions.  As already mentioned recovering from a critical illness is more probable today, but it may leave you with a long term condition whereby returning to work may be prohibitive.  Alongside a Critical Illness plan you may also wish to consider an Income Protection Plan, which would pay tax free up to 65% of your annual income up until you are 65. Build into some Income Protection plans are medical benefits to aid your recovery too.

Death comes to us all at some stage.  If you have a mortgage and/or financial dependents how would they survive should you die.  Again it is very easy to put in place a life assurance plan not only to repay a mortgage but also to provide an income for your loved ones to ensure that they can continue to do the things you planned for in life.

Credit Crunch, unemployment – how secure are you feeling right now.   Cost effective Mortgage Payment Protection Plans, can guard against having the extra burden of trying to find ways pay for your mortgage if you were made redundant.

Do you have a Will?  When you have gone to such lengths to protect what you have worked so hard to achieve, if you die without a Will in place (intestate) then your estate would be dealt with under the laws of Intestacy and your Estate may not go to those who you would really want to leave it to.  If children are involved, who would be their legal guardians – die intestate - the Courts decide.

Not all budgets will support putting in place all these plans, but it would be well worth having a chat to find out which would be most suited to your situation and budget – give us a call.

Whether you’re thinking about a Residential or Commercial mortgage, whether you’re First Time Buyer, or you want to explore your options for Equity Release, Shared Ownership or Buy to Let, we can talk you through the best mortgage available to you and ensure that you fully understand and how it is set up. 

Ready to talk about your financial choices?

Contact us today for your initial consultation at our expense or find out more about how we can provide you with specialist guidance and advice that covers Savings and Investments, Pensions, Mortgages and Protection as well as a range of Additional Financial Services in Newbury.