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Life Insurance

For most people getting a mortgage is probably the biggest financial commitment you’ll ever make, which is why we advise our clients to consider taking out some form of protection insurance in case things don’t go quite according to plan.

There are different types of insurance that will cover you for different things but typically, people take out a life insurance policy when they get their first mortgage.

There are different types of life insurance and depending on the level of cover you want, they will be more or less expensive.

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Term Assurance

This is the simplest form of life cover and it’s usually linked to the mortgage. This means you pay a monthly premium, or payment, to your insurer and in return they agree that if you need to claim, they will pay off the remainder of your mortgage if you can’t.

This is known as decreasing term assurance as the amount that you’re insuring goes down over the lifetime of the policy because you are paying off the mortgage, so there’s less to repay by the insurer the closer you get to the end of your mortgage term.

It’s difference from ordinary life insurance because, in the event you die before you have repaid your mortgage, the insurer will only repay your mortgage. There will not be any additional money paid out to your surviving partner or family to help cover other costs.

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Life Cover

Some people opt to take out a more comprehensive life insurance policy when they get their mortgage – or even sometimes before or after. This type of policy isn’t linked to the debt outstanding on your home but promises to pay out on your death an agreed sum which is usually bigger than the mortgage.

This money can then be used to repay whatever debts remain after you die or other expenses your beneficiaries may need to cover, such as funeral costs.

It’s important to note that this type of cover only pays out when you die – unless you take a policy that includes terms and conditions that allow you to access some of the money if you’re diagnosed with a terminal disease for example.

It’s also a single lump sum payment. For this reason, it’s advisable to put the policy into a trust, something we can do for you. This ringfences the payment from the rest of your estate when you die, meaning your family won’t pay inheritance tax on it and the insurer can release the money to them much more

Find Out Current Best Rates

Property Value
£
Mortgage Amount
£
Reason for Mortgage
Mortgage Type
Lender Initial Rate Type For Then APR* ERC* Fee
Accord Intermediary 2 Year Discount £1495 Fee ACC0.97%DiscountJul-20204.99%4.4%31-Jul-2020 £1495
Clydesdale Bank Intermediary 2 Year Discount £1449 Fee CLY0.99%DiscountJul-20204.95%4.3%2 years £1449
Progressive BS 2 Year Discount No Fee Purchase BPG0.99%Discount2 years 4.75%4.3%2 years £0
Monmouthshire BS 2 Year Discount £1999 Fee Purchase BMO0.99%Discount2 years 4.99%4.4%2 years £2149
Accord Intermediary 2 Year Discount £495 Fee ACC1.19%DiscountJul-20204.99%4.4%31-Jul-2020 £495
Leeds BS 2 Year Tracker £999 Fee BLH1.19%TrackerJun-20205.69%4.8%30-Jun-2020 £999
Nationwide BS RETENTION 2 Year Tracker £999 Fee Existing Borrowers Cashback BNW1.19%Tracker2 years 3.99%3.6% £999
Nationwide BS 2 Year Tracker £999 Fee BNW1.19%Tracker2 years 3.99%3.5% £999
Nationwide BS FTB 2 Year Tracker £999 Fee Cashback BNW1.19%Tracker2 years 3.99%3.6% £999
Nationwide BS RETENTION 2 Year Tracker £999 Fee Existing Borrowers BiR BNW1.19%Tracker2 years 3.99%4% £999
Mortgage product availability is subject to status and availability. Although great care is taken to ensure that product details are as accurate as possible no liability can be accepted for errors or omissions.
*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.
Instant Decisions with No Credit Scoring

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.

 

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