Mortgage Protection Insurance

Mortgage Protection Insurance

How do we help our clients?

  • Our initial telephone chat enables a preliminary judgement on how to move forward.
  • An in depth fact finding discussion takes place on the telephone at a mutually convenient time.
  • We check the whole of the market for best options and advise the client which of the options we recommend.
  • We inform the applicant what documents are required to process the application.
  • We liaise with our client’s solicitors, estate agent, and the chosen lender as needed to ensure an effortless completion.
  • No broker fee is charged (we receive a commission from the lenders) and there is no obligation to proceed if the client has a change of heart.
Sadly, many families will one day experience the trauma associated with the death or serious illness of a loved one. We all try not to think about such things but it is very wise to give serious attention to insurance cover for the main family earners just in case the unforeseeable occurs.

There are many options available for different forms of protection against the unexpected. We offer initial free no obligation comprehensive advice to guide our clients towards the most suitable and most competitive solutions for their total long term peace of mind.

Here is a very simple overview of the most popular options that are competitively available from Search Mortgage Solutions:-

Level term life insurance
This provides a fixed lump sum payment should you die within the term of the policy.

Note that a joint policy covering two people pays out the total amount of cover at first death.

Level term life insurance with critical illness cover added
A pre-specified lump sum payment is provided by the insurer if you die or you are diagnosed with an earlier critical illness.

Note that a joint policy covering two people pays out the total amount of cover on the first claim.

Mortgage protection life insurance
The amount of cover reduces each month during the term of the policy. It is calculated to be enough to equal the amount of mortgage outstanding under a normal repayment mortgage.

Again, a joint policy covering two people pays out the total amount of cover at first death.

Mortgage protection life insurance with critical illness cover added
The amount of cover reduces each month during the term of the policy. It is calculated to be enough to equal the amount of mortgage outstanding under a normal repayment mortgage. If you die or you are diagnosed with an earlier critical illness during the term of the policy, the insurer will calculate the amount of cover at that time.

Note that a joint policy covering two people pays out the total amount of cover on the first claim.

Income protection plans
These plans will provide a monthly income in the event that you are unable to work due to accident, sickness, or unemployment and the benefit can be payable for the term of the mortgage.

There are other providers of Payment Protection Insurance (Short-Term Income Protection) and other products designed to protect you against loss of income. For impartial information about insurance, please visit www.moneyadviceservice.org.uk.

Accident Sickness and Unemployment Policies

There are many types available but all policies of this type only payout for a limited period of time, typically one or two years or until you return to work.

Buildings and/or contents insurance

A wide range is available for home owners, landlords, and tenants for peace of mind against all risks to your property such as fire, burglary, flooding, etc.

There are other providers of Payment Protection Insurance [Short-Term Income Protection] and other products designed to protect you against loss of income. For impartial information about insurance, please visit the website at www.moneyadviceservice.org.uk.

It is important for you to check the broker fee arrangements of other mortgage brokers when making your decision of which broker to use. Some are as high as 1% of the amount borrowed which would be £1,500 for a £150,000 mortgage. We operate a ‘no broker fee’ policy which works well for our clients and for our company.

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