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You may be arranging a mortgage for your new home or just remortgaging to a new lender, there are some important decisions you need to make regarding Insurance.
You will also need to consider the extra costs on your monthly payment and the effect it will have on your budget when arranging to buy a property or borrowing additional money on your existing loan.
BUILDING AND CONTENTS INSURANCE
Unless you are purchasing a leasehold property, it will be a requirement of the new lender to ensure you have adequate Buildings Insurance.
Many of the mortgage lenders offer their own Insurance Policy, this can prove expensive and may not offer the reassurance you need to have when setting up a household Insurance Policy.
At A1Credit we can arrange a fully comprehensive policy at a very competitive price.
ACCIDENT, SICKNESS AND UNEMPLOYMENT (ASU)
Since a major change in the Governments thinking in 1995, it is imperative that you make provision to protect your mortgage payments in the event of Accident, Sickness or Involuntary Unemployment.
It is 9 months before you receive any assistance from the D.S.S towards your mortgage payments. As a result this area of protection needs careful consideration and we can offer you professional advice in this area.
LIFE COVER AND CRITICAL ILLNESS
Purchasing your own home is probably the biggest financial commitment you will ever undertake. Therefore in the event of death or suffering from a defined critical illness, you would need to provide any partner or dependants with the financial security that the mortgage debt is repaid. You may be single and feel that you would not wish to sell your home if an illness prevented you from working. Therefore critical illness should be arranged to prevent this having to be your only option to financially survive.
Here at A1Credit we can research many of the largest and most competitive insurers to find the right plan for you and within your desired budget.
DIVORCE AND SEPARATION
A marriage breakdown, separation and ultimately a divorce can present you with many financial problems.
One of the inevitable outcomes of this is a change of residence for one or both partners and your dependants. This will often throw up a dilemma of reviewing your mortgage situation and the worry and stress of weighing up your options, and in particular will I be able to afford a mortgage by myself.
A1Credit can offer you many potential solutions as we have specialised in this area for numerous years.
We can put things in motion with a lender whilst communicating with your solicitor or mediator if required, giving you an up to date progress report.
Whether one partner is looking to buy out the other partner by capital raising or both, the partners are looking for a fresh start and a new mortgage.
A1Credit is able to search the market place and offer you a solution which your existing lender cannot provide.
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