Great mortgage advice, but what about some protection?

Thursday, November 29th, 2018

Whilst homeowners and perspective borrowers often use a mortgage broker to handle many of the finance related aspects of a purchase or remortgage transaction, it seems that on occasions, many applicants run the risk of being under insured should future life changing events threaten financial hardship.

Personal insurance – our duty of care…

It is commonly quoted that all mortgage brokers have a “duty of care” to make sure their clients are protected against any unforeseen future events. That said, whilst some may shy away from discussing personal insurance, perhaps due to a lack of product knowledge, here at Caboodle Finance, we believe that there should always be thoroughly adequate levels of life, critical illness and/or income protection cover in place throughout the period of the loan and if possible, well beyond that.

Finding the right policy for you

Not everybody taking out a mortgage will require additional protection and, as it is not mandatory, they are of course not compelled to do so. That said, it is important to remember that personal insurance protection can take many forms and being able to determine which products and policies may be applicable in each situation does require a detailed understanding (to include current health and any existing provisions) of a client’s circumstances in order to make appropriate recommendations.

Peace of mind should the unexpected happen

Of course, a professional mortgage broker will ensure that a discussion around personal insurance is central to the mortgage advice process rather than being an ‘add-on’ consideration. This is important because whilst we happily insure pets, mobile phones or other valuables without a second thought, when it comes to potentially our biggest asset, many have not thought through how dependents will continue to pay that mortgage if something unforeseen (e.g. sickness, serious illness or even death) should happen.

Holistic mortgage advice

Here at Caboodle Finance of Sutton Coldfield, Birmingham, our team always do their very best to give our clients great all round “holistic” mortgage advice that matches an individual’s overall circumstances. For more information, just call 0121 308 9114 today or alternatively click HERE to contact us via email and one of our mortgage broking team will call you back.

Fields marked with a * are required.

Click here to view our data protection policy

Click here to view our Customer Privacy Notice

THINK CAREFULLY BEFORE SECURING OTHER DEBTS AGAINST YOUR HOME. YOUR HOME MAY BE REPOSSESSED IF YOU DO NOT KEEP UP REPAYMENTS ON A MORTGAGE OR ANY OTHER DEBT SECURED ON IT. CONSOLIDATING DEBTS MAY INCREASE THE TERM AND TOTAL AMOUNT PAYABLE.

Your initial consultation is free and you are under no obligation to proceed with a mortgage we recommend. There will be a fee for mortgage advice. The exact fee will depend on your circumstances and may be reduced depending on the loan amount and any commission we receive from the lender. It is estimated that the fee will be £595, but it may range from £495 to 1% of the amount you borrow. The fee is only payable on completion and can normally be added to the mortgage. This will be discussed and agreed with you before you make an application. Please ask for a personalised illustration.

Secured loan rates from 3.95% APRC, although we have plans available up to 29.9% APRC which allow us to assist customers with the most severe credit problems. The overall cost for comparison is 7.65% APRC. For secured loans a broker fee up to 10% of the loan amount borrowed may be payable on successful completion. A lender fee may also apply. The actual APRC available will depend on your circumstances. All loans are subject to status. Please ask for a personalised illustration.

The guidance and/or advice contained in this website is subject to UK regulatory regime and is therefore restricted to consumers based in the UK.

Caboodle Financial Services Ltd, registered in England at SQ2 House, 240b Lichfield Road, Four Oaks, Sutton Coldfield, West Midlands B74 2UD (number 08044670).
Caboodle Financial Services Ltd is an appointed representative of PRIMIS Mortgage Network (PRIMIS), a trading name of Advance Mortgage Funding Ltd which is authorised and regulated by the Financial Conduct Authority. PRIMIS is only responsible for the service and quality of advice provided to you in relation to mortgages, protection insurance and general insurance products. Any other product or service offered by Caboodle Financial Services Ltd may not be the responsibility of PRIMIS and may also not be subject to regulation by the Financial Conduct Authority. The Financial Conduct Authority does not regulate some forms of Buy to Let.

© 2017 Caboodle Financial Services Ltd