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Once your mortgage is in place it is important that your repayments are made on time so that your property does not get repossessed. Whilst you currently are in a position to keep up with the mortgage payments it is important to protect yourself and your family in case of the unexpected.
Whether you are made redundant or cannot work due to illness or injury, or if yourself or your partner were to die during your mortgage term it is worth considering how you would keep up with the mortgage repayments and support your family.
There are a number of different insurance policies available to protect yourself and your family in such circumstances. We are here to navigate you through what policies are available, but more importantly what is most suitable for you and your family.
Life insurance is a policy that will run for a number of years that will pay out a lump sum on the death of the policy holder. This could be to repay your mortgage and or other debts, leave a lump sum to your loved ones or even both. The amount you insure yourself for and the length of time the policy needs to run for will be different for every policy and we are here to ensure you have the correct policy and are adequately protected.
A critical illness policy will also run for a number of years and will pay out a lump sum on the diagnosis of a critical illness. The illnesses covered are listed in each policy, this covers illnesses such as cancer, stroke, heart attacks and many many more. Being diagnosed with a critical illness can be life changing and in many cases will leave you being unable to work. Having a suitable policy in place will provide you with a lump sum of money to take away financial stresses for yourself and your family when dealing with an already difficult time.
If you are unable to work for a period of time due to illness or disability, an income protection policy can provide a monthly income to replace a % of your salary, meaning your bills can still be paid when you aren’t able to earn an income. These policies could potentially pay out every month until retirement if you are unable to return to work, or may only be required to cover you for a short period whilst you get back on your feet. An income protection policy can offer you peace of mind and relieve financial stress when you are unable to work.
As well as protecting ourselves it is important to protect our homes. All mortgage offers will require that a suitable buildings insurance policy is in place before completion takes place. You may also want to consider protecting the contents of your property in case of damage or theft.
We completed a complete protection overhaul on a client who moved home, got married and had a child. We were able to put together a menu plan to completely protect them and their family. We put in place a life insurance policy to cover their mortgage, a critical illness plan to cover them and their children and also income protection policy to ensure both incomes were protected to give them peace of mind that their home and their children were financially protected.
First charge regulated mortgages – We will provide advice and make a recommendation for you after we have assessed your needs and circumstances.
Second charge regulated mortgages. We will provide advice and make a recommendation for you after we have assessed your needs and circumstances.
BTL & CBTL unregulated mortgages. We will provide advice and make a recommendation for you after we have assessed your needs and circumstances.
Please note that our recommendations with respect to Buy to Let are restricted to helping you arrange a suitable mortgage. We will not advise you about whether or not the property you plan to buy and let out to tenants, will turn out to be a sound investment.
Insurance – We will provide advice and make a personal recommendation for you after we have assessed your need sand circumstances. We provide an intermediary service and act on your behalf.
Mortgages – We are not limited in the range of mortgages we will consider and offer advice on for you with respect to first and second charge regulated mortgage contracts for both business and non-business purposes, as well as unregulated BTL and CBTL mortgage contracts. In circumstances where you are looking to increase existing borrowing, the following options, on which we may not be able to advise, may be more appropriate: A further advance from your existing lender. An unsecured loan.
Insurance – We recommend products based on a fair and personal analysis for term assurance, critical illness, income protection, family income and non-profit whole of life
There are so many Brokers in the market, what makes Your Mortgage Consultants different?
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The guidance and/or advice contained within the website is subject to the UK regulatory regime and is therefore primarily targeted at customers in the UK.
You may have to pay an early repayment charge to your existing lender if you remortgage.
The Financial Conduct Authority does not regulate some aspects of buy to let mortgages.
Your home or property may be repossessed if you do not keep up repayments on your mortgage.
Your Mortgage Consultants Limited is registered in England and Wales. No. 14109222. Registered Office: 41-43 Market Place, Chippenham, Wiltshire, SN15 3HR.
Your Mortgage Consultants Limited is an Appointed Representative of Cornerstone Finance Group Ltd, which is authorised and regulated by the Financial Conduct Authority.
Cornerstone Finance Group Ltd is registered in England & Wales. No. 08458702. Registered Office: Unit E Copse Walk, Pontprennau, Cardiff, Wales, CF23 8RB.
Your Mortgage Consultants Limited (No. 979284) and Cornerstone Finance Group Ltd (No. 767202) are entered on the Financial Services Register at https://register.fca.org.uk/
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