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Protecting Your Mortgage In these uncertain times it’s good to review your financial situation. It will give you peace of mind that your financial stability that you have worked so hard for is protected. Buying a home is a big commitment and you should ensure that if you are purchasing a home, remortgaging or moving home that you consider all the options about protecting your home. Consider what would happen if your circumstances were to change, would you be able to continue to pay the mortgage? For example, if you lost your job or were ill or had an accident. Do you have ade- quate critical illness cover, income protection cover and life insurance? How would any of these changes affect your ability to pay the mortgage? Any of these scenarios would be stressful enough without the worries of paying the bills. Home insurance should also be considered as it will protect your home and belongings. Many people question whether they need mortgage payment protection which pays out to cover your mortgage payment if you can’t work due to illness or injury. Your mortgage is likely to be one, if not the biggest monthly expenditure for your household. It’s vital to keep up with the payments or you risk los- ing your home. If you don’t have a large buffer of savings, then this will enable you to make those monthly payments. Our expert team of Mortgage & Protection Advisers can help you find the perfect mortgage solution for your individual needs as well as the right protection cover for your needs. There are different types of mortgage protection insurance:- Income protection – this is designed to replace some or all of your income if you can’t work due to an accident or illness. Short term policies and cheaper and will only pay out for a set period of time, where long term protection is more expensive but will cover you until you reach retirement. Critical illness cover – this pays out a lump sum if you develop one of a range of specified serious medi- cal conditions. It Is often sold alongside life insurance. Income protection – if you are unable to work through accident or ill-health your monthly income will be covered. Income protection doesn’t cover all of your salary, as you don’t pay tax on the payments and you should also be able to claim some benefits. Mortgage payment protection insurance – this will cover your mortgage repayments for a set period of up to two years if you lose your job or have an accident or illness that leaves you unable to work. These are not compulsory, but you should give consideration to how you would cope if your circumstances changes. Discuss with your mortgage protection with your independent mortgage broker your circumstances and options.
