Hot Topics

What Happens If I Can’t Keep Up My Repayments?
It is very important that if you are having problems meeting your mortgage repayments, you talk to your mortgage lender straight away.
What Is A Remortgage?
‘Remortgage’ is basically the term for switching your mortgage to another mortgage lender.
What Are ISA Mortgages?
If you take out an intrest only mortgage your lender will expect you to put in place a ‘financial vehicle’ capable of repaying your mortgage at the end of the mortgage term.
Equity Release
Equity Release is a means of using the value of your home to receive either a lump sum of cash or regular monthly instalments.
What Happens If I Have Bank Defaults?
If you have failed to meet payments on a credit agreement such as secured loans, unsecured/personal loans, credit cards, store cards or car finances etc, or you have failed to comply with your lender’s requirements, you will be described as having 'defaulted'.

What If I Die Before My Mortgage Is Paid Off?

If you die before your mortgage has been repaid, your estate will face the cost of paying back the outstanding balance. The mortgage will not be written off by the lender, it will have to be paid by the next of kin.

Your family are most likely to be your next of kin, and therefore they will have to meet the repayments. To protect them from this possibility you need to take out a form of Life Insurance, either Mortgage Life Insurance or Life Insurance, so the mortgage is paid off in full in the event of your death.

These policies will also pay off the outstanding loan balance if you are diagnosed with a terminal illness from which you would be expected to die within the following 12 months.

It’s essential that you take out cover for all eventualities - so in addition you should consider a mortgage payment protection insurance policy, which will cover your monthly repayments if you fall sick, are made redundant, or have an accident that keeps you from working.



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