One of the financial responsibilities of homeownership is to protect yourself and your family. Life insurance and your mortgage are inseparable companions. Life insurance provides a safety net. A payout can pay off the remaining mortgage balance, ensuring that your loved ones can stay in their home without the burden of mortgage payments Knowing that
Accidental damage and escape of water are the most common home insurance claims1. While we often think of threats like theft or fire, this research reveals that more home insurance claims result from clumsiness than malice. Of 76,518 claims made last year, accidental loss or damage at home, which can include everything from staining
Family support has long been a crucial means for many first-time buyers (FTBs) to get a foot on the property ladder. In challenging economic conditions, research1 has revealed that the traditional Bank of Mum and Dad (BOMAD) is being supplemented by a growing number of sibling supporters. Family affair While most discussion around FTBs invariably
It’s never been more important to check your life insurance, critical illness, and income protection policies to make sure you have sufficient cover. This is because soaring inflation has eroded values and as a result any payouts made in the event of serious illness or death might not stretch far enough to cover some major
A lot has been going on in the property market of late. Mortgage rates are rising, house prices are falling, and many homeowners are feeling uncertain about the future. There are some sparks of good news to be seen amidst the doom and gloom, however. Inflation is finally falling – down from 6.8% in the
Throughout 2023, it’s estimated that 1.8 million fixed-rate mortgage deals will expire1. With mortgage rates at their highest in 15 years2, many of those who remortgage will see their repayments increase sharply. Understanding your options You could get in touch with your lender, as they may have options available for homeowners who are struggling. For
With mortgage rates at their highest since the 2008 financial crisis1, those looking to remortgage have more to think about than usual. Many whose deals are coming up for renewal will have agreed their mortgage at a time when Bank Rate was just 0.1%. Now, it stands at 5.25%. If your deal is coming to
Research shows that a rising number of people are cancelling their protection insurance policies as the cost-of-living crisis continues to bite. According to research by Consumer Intelligence1, 8.2% of people have cancelled or reduced an insurance policy and 6.8% said they would consider cutting back in the future. Not the answer It is understandable that
Over a third of tenants (34%) would be immediately unable to pay their rent from their savings if they lost their job, says Shelter1. Yet just 11% of renters have insurance to protect them financially if they couldn’t work2. Unlike homeowners, who are usually advised on the benefits of protection insurance when taking out a
Did you know that just 6%1 of self-employed people have income protection? This cover is designed to pay out a monthly sum (based on your annual income) to help you with your financial commitments if you are off work long term due to illness or injury. For self-employed people, it could be a vital lifeline,