Making a decision as to the right mortgage for you can seem daunting at the best of times. A solution that works for you amongst the maze of financial products on the market can take a huge amount of time and effort to find. And then, with the pain over and a deal finally signed, there’s the prospect of having to make a decision all over again in 2 or 3 years’ time. What happens, for example, if your circumstances have changed, and the loan you had no longer suits you? What next?
At Your Mortgage Decisions we offer a welcome alternative: The Ongoing Service Client Promise. We’ll work with you and for you from our very first discussion until your mortgage is paid off. We won’t advise solely on what works for you today, but aim to help you make the right decisions throughout the lifetime of your mortgage.
How does the Ongoing Service Client Promise benefit me? In short, following completion of your first remortgage with us, you become an ongoing client for the term of that mortgage. We will be happy to advise you as many times as required in future without – and this is the crucial part - charging you any further fees.
Here’s how it works: At our first meeting we spend time really getting to know you and understanding your goals for the future. From there, we advise you accordingly and will be there to answer any future questions, no matter how big or small, for however long you need us. Because a mortgage is often for life.Find out more
Completing a remortgage involves updating the mortgage product on your current property, and there are 2 main benefits to remortgaging your home.
You can save money by lowering your monthly repayments. There are a selection of different saving possibilities when you remortgage, depending on your situation. The market can often change in the time since you last mortgaged your home, and you can take advantage of those new prices. As your current deal comes to an end your existing lender will move you to their SVR (Standard variable rate) and this is likely to be higher than what you are used to paying. Staying ahead of the game and remortgaging will make sure you don’t fall foul of unnecessary bills.
Switching mortgage type may mean you paying a lot less over the course of your agreement. If the value of your home has increased enough you may now be eligible for lower rates. Ask us for more information on how your Mortgage Decisions can save you money.
You can remortgage to release the equity in your home, but speak to our team to discuss your needs and personal circumstances in detail. A remortgage to raise money may not always be your best option and our impartial advice will make sure that your money is safe and sound. There are many ways in which changing your mortgage can help you, and we will ensure that you’re fully informed before advising you on the best course of action for your personal situation and aspirations.Find out more
Life insurance cover guarantees that your family will be protected if the worst happens while you still have a mortgage (or any other outstanding liabilities as covered in the policy). If you die within the set term, a tax-free lump sum is paid out to clear your outstanding mortgage balance.
Taking out life insurance may seem an unappealing thought, especially when planning for your future, but if something does come out of the blue you can be assured of your family's security in your home. Life insurance can also ensure that any debts you may have, and your funeral costs, are not passed on to your nearest and dearest.
Many life insurance policies are also exceptionally flexible in terms of adjusting to the policyholder’s needs. The death benefit may be decreased at any time and the premiums may be easily reduced, skipped or increased.Find out more
Sadly, and unexpectedly, we are at risk of suffering an illness that affects us in a life changing manner. When this happens we may be left unable to work to our full capacity, and this is when Critical Illness Cover is so important.
Critical illness Cover insurance can be added to a traditional life insurance policy, or purchased as a separate item – if you become seriously ill or disabled by predominantly life threatening conditions a lump sum is paid out to deal with the inconvenience of the incapacity. In 2015 over 90% of Critical Illness claims were paid out by insurers which is over 17000 individual claims, and this figure is rising, which goes to show how important this protection can be for families. This kind of policy is unlikely to be suited to people with pre-existing medical conditions.Find out more
Serious illness insurance covers more life threatening or advanced stage illnesses - it pays out a tax free lump sum based on the severity of an illness or disability, multiple illnesses or disabilities. This can allow money to be paid out that would not otherwise be available.
Compared to the cover provided by Critical Illness Insurance, Serious Illness Cover applies to 150 listed illnesses and conditions, often with a lower payment than a traditional policy. Serious Illness Cover will pay you based on the severity of the condition being claimed for, whereas Critical Illness Cover is often a 100% payout, but these reduced payments can often continue until the full amount detailed in your policy is reached. This kind of policy is unlikely to be suited to people with pre-existing medical conditions.Find out more
Income protection insurance is designed to provide you with an income if you are unable to work due to sickness or injury. Income protection payouts are naturally limited so that you cannot be financially better off on the plan than you would have been at work.
Qualifying for state benefit, especially in Britain’s existing financial climate, is hard to achieve. The current allowance for someone over 25 is a maximum of £109.30 a week since April 2015. Surviving on this budget is incredibly tricky, and nearly everyone has long term financial commitments; income cover provides long-term solutions to protect these. £230,000 – The current cost of raising a child to 21 years old is higher than ever, and Income Protection will ensure that events out of your control won’t affect your family’s future.Find out more
Home and house insurance (property insurance) can cover your building and the contents. Buildings insurance covers against damage to the actual property and is usually a condition of your mortgage as it enables you to rebuild your property in the event of serious damage.
Contents insurance is optional but recommended as it covers the contents of your home such as personal possessions, furniture and electrical goods. Much like the people that live in them, every home is individual and needs to have insurance that fits the specific needs. The age and location of your property, affluence of the area you live, how close you live to various environmental factors, and here at Your Mortgage Decisions we have the experience and know how to find you the best deal to match the home you want to keep safe.Find out more
As part of the fully inclusive Your Mortgage Decisions service, we put you in touch free of charge with our Wealth Management partner. Experts in their field, they will review your income, lifestyle and aspirations so they can secure the very best performance from your retirement pensions. Working together you can ensure that your needs in retirement are met and you can relax in comfort. The assessment is completely free, and totally without obligation, but our Wealth Management partner can look at all your current pensions, charges and their performance, and then evaluate their current potential against your needs and future plans. Wherever possible they will highlight where your personal pension funds can be made to work harder for you. Maximising their value, and find exactly the right pension arrangement, will help make your retirement just what you want it to be.Find out more
Everyone should consider estate planning and making a will. Your will tells everyone what should happen to everything you own after you die, this is known as someone’s “estate”. If you don’t leave a will, the law decides how your estate is passed on – and this may not be in line with your wishes. You may want to make sure that your family are given specific possessions that held shared importance for you, and you may have exact thoughts about how your closest family are provided for once the time comes. Your will ensures that your wishes are going to be fulfilled, and you can appoint someone responsible, someone you trust, to carry out the instructions you leave. They are known as the executor of your estate.
Estate planning and will writing is not just for the elderly, nor the very wealthy. For instance, if you own a home with your partner and you aren’t married, then a will is incredibly important for ensuring they receive exactly what you want to share with them. Anyone can have a will, and we think everybody should.
As part of the fully inclusive Your Mortgage Decisions service to our clients, we can refer you free of charge to Fielding Triggs. They are Estate Planning experts who will assess your inheritance options, explain the effects of writing a will, listen carefully to your wishes, and advise you according to your precise desires and circumstances. Fielding Triggs can even store it and provide experienced, professional, executors on your behalf. You can rest assured your estate plan will be valid, and executed in the presence of our professional Instruction Takers.
Will and Estate Planning is not regulated by the FCA.Find out more