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.