Mortgage Protection
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WHAT IS MORTGAGE PROTECTION?
A life insurance policy designed to pay a cash sum to help repay the rest of your repayment mortgage if you die or are diagnosed with a terminal illness during the policy term. The sum assured decreases each year so that if you die at any given point during the policy term the policy pays off the outstanding balance of your mortgage.
- The Sum Assured (amount of cover) reduces in line with the mortgage for the duration of the policy so if you die at any given point it pays out the full sum
- You can select the amount you are insured for, usually between £10,000 and £1m
- Premiums for this life insurance can start as little as £5 per month
- Available to most UK residents aged 18-88 subject to medical/lifestyle questions.
- This type of life insurance is usually subject to medical underwriting
- Cheapest life insurance option for a repayment mortgage
- Flexible plan that you design to fit around you and your family's requirements
- Single or joint policies available - if joint will pay out on first death
There are 2 main types of mortgages available in the UK. Repayment Mortgages and Interest Only Mortgages, and we can make sure either are protected. Don’t worry if you don’t know what one you have, read our explanations below, or one of your qualified team can help you.
A REPAYMENT MORTGAGE is a term generally used in the UK to describe a mortgage in which the monthly repayments consist of repaying the amount borrowed as well as the accrued interest, so that the amount borrowed decreases throughout the term and by the end of the loan term has been fully repaid.
With an INTEREST ONLY MORTGAGE, you only pay off the interest on the amount you borrow. At the end of the term you have to come up with money to pay the total amount borrowed if you want to own your house.
Most of our customers are surprised at how little this cover can start from and our experts make the process easy and hassle free.
We know protecting your mortgage can seem overwhelming, that’s why our experts can do all the hard work for you.
