Building and Contents Insurance
When you buy a home, there are two types of cover it’s important to get sorted straight away.
Buildings cover is usually an annual policy that covers the cost of rebuilding or repairing the property if its structure is damaged.
Contents cover is also usually an annual policy that covers the cost of replacing or repairing contents inside (and in some circumstances) outside of the home if they are lost, stolen or damaged.
If you have a mortgage, it’s a legal requirement to have buildings insurance because the lender must have reassurance that if something happens to the property, they can recover their money.
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There are lots of different providers and policies vary in price and what they’ll cover. Generally, the rule of thumb when it comes to working out what is covered by your buildings cover it’s anything that would stay put if you turned the whole house upside down.
Plumbing, windows, walls, ceilings, electrics etc are all typically covered; your fridge freezer, table and chairs on the other hand – not covered.
Buildings insurance comes into its own when your property suffers damage, usually through no fault of your own. The most typical claims on buildings insurance include things such as burst pipes causing flood damage to your property and neighbours’ properties, fire, subsidence causing structural damage, storm damage and flooding.
These events may not occur every day but when they do, the damage caused is usually expensive to fix, running into tens of thousands of pounds in the worse scenarios.
Contents cover is not compulsory but in the event you suffer a burglary, house fire, water damage or you have something stolen from you while out of the house it’s contents insurance you’ll rely on.
In the same way buildings insurance covers everything that would stay put if you turned the house upside down, contents covers everything that would move. This is particularly important if you suffer a fire as if you had no contents insurance and only buildings cover, the latter would rebuild the property but you would have no possessions to put inside it and no payout for those that you lost.
Many people choose to take contents cover for slightly less than the full value of their possessions but this means that should you need to claim for everything, when you reached your policy limit, that’s all you’ll be entitled to.
Most things are covered on a generic contents policy, although if you have individual items worth £5,000 or more – a watch or painting for example – then these may have to be named on the policy specifically.
For help finding the right buildings and contents insurance for you, speak to one of our advisers now.
Find Out Current Best Rates
|0.99%||Discount||2 years||4.99%||4.4%||2 years||£2149|
|0.99%||Discount||2 years||4.75%||4.3%||2 years||£0|
|1.24%||Tracker||2 years||4.74%||4.3%||2 years||£999|
*APR = Annual Percentage Rate *ERC = Early Repayment Charge
*These figures are only illustrative. An assessment of your needs will be confirmed before a recommendation can be made. A Key Facts Illustration, which is personal to your circumstances, will be provided if a recommendation for a mortgage product is made.
In assessing your requirements, we do not use credit scoring and we can provide an accurate estimate of the amount of borrowing and the viability of your requirements, without effecting your credit score.
We avoid credit searches at the initial stages given that numerous credit searches will impact your ability to access cheap credit. It is clear that too many credit applications in a short period of time will impact your score and whilst it is important to shop around, formal applications for a mortgage can trigger rejections, as it gives the impression you may be desperate for credit. It is essential when making enquiries for any financial product, that the Company does not credit score you, until such time as you have agreed to make a formal application.
We can indicate your chances of approval prior to any application being made and where necessary, can obtain decisions in principle from lenders who do not use credit scoring.
Typically we assist customers who have a number of financial commitments and they are looking to understand how much they can borrow. A number of mortgage calculators are used on the Internet, which provide an indication of the amount of borrowing based on an income multiple. In reality, the calculation is much more complex and varies borrower to borrower and lender to lender. For example, a mortgage calculator may indicate a 4 times income multiple, but given the particular individual circumstances of the client and the lender’s chosen criteria and underwriting, the borrower may actually achieve 6 times income. In contrast, a mortgage calculator may indicate 4 times income, but due to an applicant having financial dependents, certain types of income, such as bonus or commissions, or other financial commitments, the specific lender may only allow 2.5 times income.
Clients we assist tell us from the outset, they would like a guarantee of the amount they can borrow and our knowledge of specific underwriting policies within lenders, allows us to accurately estimate, exactly what is available.
Importantly an initial discussion and agreement through us, does not impact your credit score
Capital Fortune are award winning London based mortgage brokers. We are based in the heart of London’s financial district near the Bank of England. We offer advice to first-time buyers, those moving house and to those looking to re-mortgage their existing deal to get a better mortgage rate.
We’re not tied to one lender so you can be sure we’ll get the best deal for you, from the bank or building society right for you.
We provide finance on both residential and Buy to Let property and can assist whether your looking to buy your first home, looking to re-mortgage or refinancing and restructuring your portfolio of buy-to-let properties. Our advisers are here to help.
We advise customers nationally from the Scottish Islands to the Isle of Wight and cover all the regions within the United Kingdom, including Northern Ireland.
Typically, we best assist clients with non-standard requirements and those we successfully help, generally face some sort of difficulty in the mortgage market. They seek not to be penalised for this difficulty and we look to secure them highly competitive, mainstream rates by asking our lenders to take an holistic view of their circumstances.
As expected, we offer all the usual mainstream products all standard mortgage advisers offer, but more importantly, we look to place cases of a more complex and specialist nature. This includes the self-employed, those with difficult income streams, contractors, unusual properties, foreign nationals, British ex pats abroad, overseas diplomats and those recently divorced.
We have long term relationships with nearly all the major UK lenders and have built strong trusted connections with lender underwriters at both a local and national level. Many of these key partners, prove the key to the success sometimes extending the parameters of their advertised lending criteria to assist our clients.
The promise of a rate is not the same as actually delivering a formal mortgage offer in the exact same terms. Our promise is our guarantee and many of our published independent client testimonials, confirm our ability to both deliver and help.
Alongside mortgage finance, our advisers will find you competitive life insurance, critical illness cover and income protection as well as being on hand to advise on a range of company and business insurance options.
Your Capital Fortune broker will be regularly on hand, not just through the process, but afterwards, sometimes, when you may need us most. We don’t just want you undertake the one transaction with us but seek to build a long term relationship and many of our clients have been with us for many years.
We seek to ensure the best possible results for those who choose to use us.
We totally appreciate we are not right for everyone. There are a range of other mortgage brokers in the UK but we hope that on searching through our website, viewing our published rates and transparency, that you will obtain a clear sense of how we operate and how we will look to assist you obtain the most affordable and suitable deal.
Our mortgages are here for all to see and if general information is all you need, you can search yourself here.
However, if you need the assistance of our broker team, we are here to help.
We hope you enjoy the website.
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