How Do I Protect My Mortgage?
For most of us, the monthly mortgage payment is our biggest expense. But what happens if our financial situation changes, and we struggle to meet this cost? Mortgage protection insurance eliminates that worry by either taking over the payments when the unexpected happens or providing a lump sum if required. Even though a mortgage lender won't normally insist that you take out mortgage payment protection insurance, it's still something to consider. Protect your mortgage by ensuring that if you suffer a serious illness, die, or are unable to work through an accident, illness, or redundancy, you are covered.
Life Cover
Life cover provides a lump sum on the death or diagnosis of a terminal illness of a mortgage holder. This lump sum can be used to clear the outstanding mortgage, thus allowing any remaining family members to live in the property mortgage-free. If there are no family members living in the property, it allows the property to be passed to the estate mortgage-free, taking the stress away from those left behind during an extremely stressful and emotional time. This is one less thing to deal with, providing peace of mind and financial security.
Serious or Critical Illness Cover
Serious or critical illness cover is designed to protect the mortgage holder in the event of being diagnosed with a life-changing illness or condition. While the definition of serious or critical illnesses differs from providers, the essence remains the same. On diagnosis, a lump sum is paid to the policyholder with the aim of clearing or reducing the mortgage. This allows the holder to concentrate on improving their health without the financial burden of paying the monthly mortgage. Often, this option can be combined with life cover, thereby giving the holder peace of mind and value for money.
Income Protection
Income protection provides a pre-agreed monthly income to support the holder if they are unable to work due to illness, accident, or redundancy. Depending on the longevity and level of cover you want, combined with the conditions and options you require, this will determine which is the best policy for you. This type of protection ensures that you can still meet your mortgage payments even when your income is disrupted, offering a clear and easy solution to a potentially stressful situation.
Enquire today:
For more details on our services, visit our Protection page.
Phone: 07785 954074
Address: 2 Kingsbroom Court, Kingswood, Maidstone, England, ME17 3ST
Email: kbl@financefactors.co.uk
YOUR HOME MAY BE REPOSSESSED IF YOU DO NOT KEEP UP REPAYMENTS ON YOUR MORTGAGE OR OTHER LOANS SECURED AGAINST IT.
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Finance Factors is a Trading style of Finance Factors LTD who are an Appointed Representative of Advice Solutions LTD which are Authorised and Regulated by the Financial Conduct Authority. The Financial Service Register Number is 961681.
The Financial Conduct Authority does not regulate some forms of Buy to Lets.
There may be a fee for mortgage advice. The precise amount will depend on your circumstances, but will be agreed with you before proceeding.
Finance Factors is a Limited Company. Registered Address: Finance Factors Ltd, 2 Kingsbroom Court, Kingswood, Maidstone, England, ME17 3ST, United Kingdom. Registered in England and Wales under number 15814885.
We always aim to provide a high-quality service to our customers. However, if you encounter any problems, in the first instance please write to the registered address above, email or call Finance Factors outlining your complaint, if we are unable to resolve this, you can take your complaint to an independent Ombudsman. Our advice is covered under the Financial Ombudsman Service (www.http://www.financial-ombudsman.org.uk/consumer/complaints.htm).
The guidance and/or information contained within this website is subject to the UK regulatory regime and is therefore targeted at consumers based in the UK. Some calls maybe recorded for training and monitoring purposes.