21 June 2023

Mortgage Protection Keeps Your Family Home Safe

Extending the term of your mortgage? Now is the time to look at protecting it and your loved ones

The mortgage market has been in turmoil with rates rising at an alarming pace. For some this has meant locking in a new deal at a much higher rate and therefore seeing their living costs soar. One of the options for many has been to extend their mortgage term in order to reduce their monthly mortgage payments.

Have you extended your mortgage? Now is the best time to also review your mortgage protection too.

Why do I need to update my mortgage protection policy?

Mortgage protection - also known as Mortgage Life Insurance - is there to pay your mortgage should you die before the end of your mortgage term. If you extend your payment period then any current protection you have is unlikely to cover you for the additional period . Also, the fact is, the older you are the more likely it is that you could pass away before your mortgage debt is paid off. Mortgage Protection is available to those who are over 60.

Talk to our expert partners to discuss your mortgage protection options

Whether you are looking at taking out a policy for the first time, or considering reviewing your existing cover, our life insurance partners can offer you free advice on how you can protect your loved ones from losing their home should you pass away before your mortgage is paid off.

For most people their circumstances will have changed since their mortgage was originally agreed so the protection you already have may not fit with your needs today. Our expert partners work with many leading insurance brands so can direct you towards those policies which will work best for you.

What are the benefits of a mortgage protection policy?

We all want to make the most of life and extending your mortgage to lower your payments or so you can take a mortgage break can enable you to enjoy a holiday or to simply be able to pay the bills each month. But by making that decision you don't want to put your home at risk should you die and your family are unable to keep up with the mortgage payments.

A mortgage protection policy will help your loved ones stay in the home that you shared by paying off the balance of your mortgage. At a time when they are grieving, this can make their future so much easier.

Talk to our experts today for free advice and no obligation to buy. While you are reviewing your mortgage protection, you may want to use the opportunity to talk through your life insurance options

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