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| 10 years providing independent mortgage advice on the Internet. | ||||
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Illness, redundancy and death cannot normally be predicted. However, when it strikes we can normally predict the outcome - difficulty with meeting credit commitments, poor credit rating and maybe the house is sold or repossessed. Insurance policies alleviate the problems associated with reduced or lost income. They are not all obligatory but we would say anybody that has a mortgage should have some form of insurance. Check with your employer what benefits they provide and then consider if you need to top these up with the following... Death or critical illness cover - pays a lumps sum on death or serious illness. Enables a debt to be repaid. Income Protection - pays a tax free income until you make a recovery or the policy expires. Enables you to meet your credit commitments and other costs of living (e.g. pension contributions, so that if illness is long term you can still look forward to a decent pension) Redundancy Cover - provides an income for 12 months. Gives you a chance to find another job or make changes to lifestyle before you run into difficulties paying your mortgage Buildings Insurance - This is compulsory for all mortgages but, with most lenders, you should be able to shop around for the best deal. Make sure you have adequate cover - if your house was totally destroyed the remaining value of the land may not be sufficient to repay the mortgage. We can help you with these policies and we will get a competitive price by shopping around. If you need any more information then we would be delighted to hear from you either by telephone (call us free on 0800 019 6624), email or through our enquiry forms. Thank you for looking.
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YOUR HOME MAY BE REPOSSESSED IF YOU DO NOT