Insurance


A mortgage is potentially the largest single financial commitment that most of us are likely to undertake.

It is therefore essential to ensure there is sufficient protection in place to ensure the security of yourself and your family should anything happen to you during the mortgage term.

This could be death, critical illness, redundancy or accident and sickness and this could dramatically impact on the household budget should any of these events occur.

Types of protection cover that are available to you:

Level Term Insurance

The amount protected on day one of the policy remains constant throughout the term of the policy, payable on death. Ideal for interest only mortgages.

Decreasing Term Insurance

Decreases in line with your mortgage, payable on death. Similar to Level Term but usually cheaper as the amount of cover goes down during the term of the policy.

Critical Illness Insurance

A lump sum paid on diagnosis of a defined critical illness. Can be written for the total amount on loan or a proportion.

Income protection cover

Paid monthly in the event of incapacity or long term illness. Can be written to normal retirement age.

Mortgage Payment Protection MPPI / ASU

Usually a 12month reviewable policy - provides cover for the mortgage payment and household costs in the event of accident sickness or redundancy. This policy can often be written to cover one or all eventualities.

This Payment Protection Insurance is optional. There are other providers of Payment Protection Insurance 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 .

The typical cost is £6 per £100 of monthly benefit. This is based on someone aged 35 and with a 30 day waiting period.

You also need to protect your home against flood, fire, theft and other perils. We can provide competitive quotes on your home insurance through a number of providers such as Paymentshield, Towergate, Santander and Halifax.

We can offer you the following products:

Buildings Insurance - Lenders will require you to have buildings insurance on the property you own or let. This covers you for rebuild costs after damage caused by floods, fire or other unforeseen events.

Contents Insurance - This will cover your contents in case of loss, theft or damage. In the event of a claim you will get the item(s) replaced or the money to replace them.

Buy to Let Insurance - For your investment properties.

Commercial Insurances - For your business needs - please refer to the Commercial page for further information.

All of the protection policies named above have benefits and drawbacks. Drawbacks can include exclusions and limits to the amount of cover. We will discuss these with you before we make a recommendation.

We are happy to discuss at length your insurance requirements and take the time to consider any employer's benefits which you may receive.

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Commercial Insurance is referred to a 3rd party. Mark Morris t/a Wise Move Mortgages and First Complete Ltd are not responsible for any advice received from the 3rd party.