Simmonds Mortgages

Mortgage Brokers covering Berkshire and beyond

Call: 01344 225 149 or 07979 690 056

Protecting Your Mortgage, Income and Property

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If you are struggling to get onto the property ladder, here are some options that it could be worth considering:

Buying with friends or family

Looking to buy with friends or other family members is one way of getting on the property ladder sooner. It also means that you will be living with people you know and trust. That said, it is still sensible to seek legal advice before selecting this option.

Government Home Ownership Schemes

There is a wide variety of government backed schemes put in place to help buyers get onto the housing ladder. These include:

  • Right To Buy - This allows council house tenants to buy their property if they're eligible.
  • Right To Acquire - This allows eligible housing association tenants to buy their home.
  • Social HomeBuy - This offers eligible housing association or council tenants the opportunity to buy a share of the market value of their current property.

You can get more information on all of these schemes from the government website - https://www.gov.uk/

Guarantors

If your lender doesn't think you can afford a solo mortgage, you could look at asking your parents or other family to be 'guarantors'. A guarantor legally agrees to be responsible for the mortgage payments if you are not able to make them. This is usually a short-term option and if agreed by your lender, you can get a guarantor removed at a later date if your situation happens to change. Guarantors should get their own independent legal advice.

Protect Your Family

Once you've had your mortgage approved, the next step is to think about protecting your property and family. A mortgage is usually not the only monthly payment you need to make, you also have to cover everyday expenses such as food shopping, utility bills, travel costs and so one.

It is not pleasant to think about but:

  • How would one partner financial cope if the other was to become critical ill or pass away?
  • Would continuing your current lifestyle make it harder to cope financially?
  • Could you to continue to look after and raise your family?

In the current climate of the economy, it is even more crucial to look at protecting yourself and your family. Using protection products can help to offer financial peace of mind when it's needed most. They're designed toprovide you with a cash sum or monthly benefit (depending on the plan you select). They are payable, for example, if you die or are diagonsed with a terminal or specific critical illness during the policy term and are eligible to claim. 

Please note that none of our protection products have any cash in value at any time.

Depending on the products chosen, they could help you to:

  • Maintain your standard of living
  • Pay your monthly bills and meet your daily living costs
  • Pay off your debts
  • Afford to stay in your family home rather than have to downsize
 
How much will it cost me?
 
Premiums are based on:
  • Your age
  • Other factors such as health and whether you smoke
Usually, the younger you are, the less you'll pay.
 
We all want security for our future, a chance to maintain the financial stability we have worked so hard for. That's why it's so important to look ahead and plan for all eventualities.
 
Who Shall I Cover?

It's also important to know that it's not just the main wage earner that you may need to consider when working out the right cover. What about the work a full time houseperson does - how would you be able to financial cope or obtain their finances if they were to pass away or be diagnosed with a critical illness?
In 2015, research into the amount of time spent on domestic tasks by women and men in the home was conducted and it showed that the domestic value of work undertaken by women is £29,535 a year, whilst it is £21,601 a year for men. 
 
What You Can Do To Get Covered?

From time to time we all need to stop and think about our current finances and future needs. With the number of protection products available these days, this can be a daunting task for some. Wouldn't you feel better knowing you were getting professional help to find your way to the right protection product? By reviewing your finances with a financial adviser they could help you protect yourself and your camily's future. As with all protection plans, limitations will apply.
 
How Can An Adviser Help You?
  • They'll help to fully identify your protection needs and make recommendations that are specific to your circumstances
  • They'll answer any questions and concerns that you may have
  • They can continue to review your requirements on a regular basis, taking into account any changes to your commitments or lifestyle. 
Your Home Insurance in Safe Hands

Once you've secured your mortgage, its important to look at home insurance. Your adviser can offer you home insurance at a competive price, giving you the peace of mind that your treasured possessions can be covered. 
Home Insurance - Protecting Your Building and Contents
GFinding the right home insurance can be complicated, but your adviser can help you choose a policy that's tailored to meet your individual needs, with a wide range of optional extras. Plus, if you insurance both buildings and contents under one policy, you may recieve a discount on your premium (subject to minimum premium).
 
Buildings Insurance: What's Covered?

Your home is probably your biggest single purchase, so it's important you have adequate buildings insurance in place.
Buildings insurance covers your home and its fixtures and fittings against loss or damage casued by events such as fire, storm, flood and subsidence. It also covers less common causes of damage such as theft, vandalism or damage to your property caused by vehicle collision.
 
Contents Insurance: What's Covered?
Contents insurance covers your household goods and personal belongings against loss or damage caused by risks such as fire, theft, storm and flood.
 
 
It is really worthwhile thinking about protecting your family's future. For more information or advice don't hesitate to get in touch today!
 
 

Let us help!

We can also help your home purchase get underway by helping you to find the most suitable mortgage for your needs and circumstances and give you our expert advice on how to protect your property, income and family.

If you would like more information or help with your mortgage and protection concerns please call us on 01344 225 149 or 07979 690 056. Alternatively please send us an email at info@simmondsmortgage.co.uk

Your home may be repossessed if you do not keep up repayments on your mortgage

 

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Simmonds Mortgage Services is an appointed representative of Stonebridge Mortgage Solutions Ltd and can source the most appropriate cover from its panel of insurers with a free review of you overall protection and insurance needs. As with all insurance policies, conditions and exclusions will apply.

What our Customers Say...

Your home may be repossessed if you do not keep up repayments on your mortgage.

Simmonds Mortgage Services Ltd is an Appointed Representative of Stonebridge Mortgage Solutions Ltd, which is authorised and regulated by the Financial Conduct Authority.

Registered Office: Simmonds Mortgage Services Ltd, Lexham House, Forest Road, Binfield, Berkshire, RG42 4HP. Registered Company Number: 1152 8784 Registered in England & Wales.

There may be a fee for arranging a Mortgage and the precise amount will depend on your circumstances. This will typically be £399.00 paid once the mortgage offer has been confirmed.

There may be a fee for arranging an Equity Release or Lifetime Mortgage and the precise amount will depend on your circumstances. This will typically be £799.00 and is due on completion of the mortgage.

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