Residential Mortgage - Insuranc eGuide, - Clear Mortgage Solutions (UK and Scottish Borders)

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A GUIDE TO Insurance

A long term sickness, being made redundant or even death! However unpleasant and hopefully unlikely, the reality is, they are possible. By choosing the correct policies you can at least insure that should any of the above happen you have provisions in place to protect yourself or your loved ones.

With so many different kinds of insurance available it’s difficult to know you have the correct cover. Unlike motor insurance not all mortgage related insurance is compulsory although we would recommend having some form of cover especially if you have a mortgage.

We have listed some of the different types of insurances available below.

For insurance business we arrange policies exclusively from Legal & General.

Life cover

This is designed to provide a lump sum that could be used, for example, to help repay a mortgage if you die during the term.

Critical Illness Cover

This is designed to provide a lump sum payment if you are diagnosed with one of the specified critical illnesses covered by your policy and are eligible to claim. The benefit paid out could provide money to help repay the outstanding mortgage amount or other expenses such as long term care.

Mortgage Payment Insurance

If you are unable to work because of an illness or an accident resulting in a loss of earnings, or you become unemployed (if this type of cover is chosen) and cannot keep up your mortgage payments, you could lose your home. It is therefore important that you take steps to protect your mortgage payments. You can take cover to protect your payments for a specified period, usually for the term of your mortgage.

Buildings and Contents Insurance

It is usually a condition of your mortgage that you take out “buildings insurance” to protect your home. If you have a leasehold property, you should check the terms of your lease to ascertain your buildings insurance requirements. For your peace of mind, it is also important to arrange adequate “contents insurance” so your belongings are covered against things like fire, theft and flood.

For advice and guidance on any of the above or any other mortgage related insurance please give us a call, we would delighted to hear from you.

We do not charge a fee for mortgage advice. However, we do offer a purely fee based option of up to 1.5% of the mortgage amount.

Your home may be repossessed if you do not keep up repayments on your mortgage

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