Insurance

Why do you need Life Assurance?

Karen and James, both worked full time earning £60,000 a year between them. They had an interest only mortgage of £252,000 and their home was worth £300,000 when they bought it in 2006. They have a 9 year old son, Ben.

James was 41 when he died of a heart attack in 2008. He was earning £42,000. The shock of James' death affected Karen immensely, she was off work for 5 months. After 2 months Karen realised that she would have to sell the house because she could no longer afford the mortgage on her own; they didn't have life assurance. The property market crash of 2007\2008 reduced the value to £245,000 when it was finally sold. Karen had to pay estate agents costs, solicitors costs, a mortgage redemption fee, 2 missed mortgage payments and the difference between her mortgage (£252,000) and the sale price (£245,000), the total bill was £22,184. Karen had to borrow £20,000 from her Mother and Father because she was unable to get a loan after her credit worthiness had been affected by two missed mortgage payments.

Karen and Ben are living with Karen's parents for the time being. Karen continues to work full time and her parents help with Ben. The stain on Karen's personal credit report will be gone after 6 years at which time she hopes to be able to buy another property.

The story above is fictional but it could be very real for many people. The outcome would have been very different had James' life been insured to repay the mortgage. Contact us for competitive life assurance policies. You can get an online quote for life assurance here

Buildings & Contents

It is a condition of your mortgage that the property is insured for its full rebuild value. Let us quote for buildings insurance. You may also wish to consider contents insurance 

Solicitors (Conveyancing)

Many lenders offer free legal work for re-mortgages but if you are buying a property then you will have to pay for a solicitor yourself. We have links solicitors all over the country, please contact us for a quote or get an online quote here.