Your home is clearly one of the largest purchases you’ll ever make.
You’ve probably taken out Buildings and Contents insurance to protect against something happening to your new home, but have you protected yourself and your ability to continue making mortgage repayments?
Pembroke Financial Service Mortgage Advisers in Sussex highlight recent research from Canada Life which has revealed that :-
- 13% of homeowners didn’t discuss protection (life assurance or income protection) with their mortgage broker or mortgage advisers. This figure rose to 20% among home buyers aged over 55, despite this age group being the most ‘exposed’ by virtue of health issues impacting on their income.
- 13% actually had the ‘protection’ conversation, but then didn’t buy any cover.
- Worse still, a massive 72% of homeowners could only cover essential bills for up to six months if their household lost its primary income.
Mortgage advisers are the fortunate position of being able to add value and provide a more complete view of a clients’ finances by discussing the importance of protection following the purchase of a home.
Jill Rickson, Principal Mortgage Adviser at Independent Financial Advisers, Pembroke Financial Services based in Shoreham comments “Buying a home will inevitably be the largest single investment you will ever make and it should be ‘that moment’ to pause and think about what you need to do to ensure that – irrespective what life throws at you – you have done everything to protect your home, your family and yourself.
No one will ever want to run into financial difficulty, but homeowners should have a clear plan so that you can continue to pay your mortgage if something happens to your main source of income or worse still, you are not around at all. After all, relying on your savings isn’t viable for many, and it certainly isn’t good for financial flexibility.
We independent mortgage advisers have a welcoming, open-door policy which ensures that our clients firstly understand what types of protection are available and secondly, that they understand the importance of wrapping themselves in that protection , whether that be via a Will or Life assurance or Income Protection insurance. We take an all-inclusive view of our client’s finances, circumstances and needs and believe that we can prove our value well beyond just mortgage advice.”
Suitable financial protection is vital to ensure that households can maintain their mortgage payments and retain possession of their home should they suddenly lose their income, or worse.
For expert mortgage advice call us on 01273 774855 or email us by clicking here.
Your home may be repossessed if you do not keep up repayments on your mortgage.