Our mortgage advisors have helped many first time and next time buyers secure a mortgage for their new or second home. We handle your case from beginning to end and liaise with several financial institutions, insurers and your solicitor to bring you the best deal possible. Best of all, our services to you are absolutely free of charge.
The Mortgage Stages
As your Financial Advisor, we will be with you every step of the way now and in the future. We assist in getting your mortgage approved in four stages:
Life Assurance and Your Mortgage
Most home loans require mandatory life cover. This means if you die during the term of the mortgage, an insurance policy, is payable and repays your mortgage, ensuring you need not worry about the repayments.
Premiums depend on age, health status, occupation, smoking habits and can vary from one insurance company to another. Phoenix Financial Services will provide you with the cheapest Mortgage protection quotes. The minimum legal requirement (for somebody under 50 years old) is a mortgage protection policy but additional cover is available.
We will present you with a range of options and will advise you in choosing a policy appropriate to your unique circumstances.
Mortgage protection: Life cover reduces in line with your mortgage and ceases when you mortgage does. This is the cheapest of the types of life cover available.
Term insurance: this means whatever the original sum borrowed is covered for the entire term irrespective of what the balance is when the life assured dies. A conversion option can also be provided. This means you can continue the cover on maturity without any medical evidence.
Serious illness cover: covers the assured against most of the serious illnesses for the specified period. Illnesses include heart attack, stroke, cancer and a specified list of others. Separate and standalone cover can be obtained.
Income protection: if you are unable to work due to accident or illness, this cover will pay up to 75% of your income until either you can resume employment, or you retire and your pension kicks in. This is expensive, but again reassuring.
Redundancy and sickness protection: this covers your repayments for up to one year in the event of accident, illness or redundancy.
Mortgage Payment Protection
For most people, a mortgage is the biggest and most important outgoing they have every month. Despite this, relatively few make provision in case they are unable to meet their repayments. Mortgage payment protection insurance (MPPI) is a valuable safety net. But for it to be effective, it must be appropriate for the customer’s needs and sold in an informed and responsible manner. Phoenix Financial Services can offer payment protection insurance for mortgage or income protection.
We will ensure the product meets the following 4 requirements:
- The product will be tailored, so you can be confident the cover is right for your needs.
- It offers variety and choice and can be revised as appropriate to your changing circumstances.
- It is not linked to a specific lender’s mortgage, meaning cover can be transferred as necessary.
- You will only pay for the cover you need – and can claim on.
There are 3 three main options:
- Mortgage Payment Protection Only
- Mortgage Payment Protection and Income Protection
- Income Protection Only