This is to ensure the lender is protected if something happens to the property as it is their security.
Buying a property is likely to be one of the biggest purchases you make and taking a mortgage is one of the largest commitments too.
What would happen if you died? How would your family afford the mortgage repayments?
Or what if you suffered a critical illness or perhaps couldn’t work due to an accident or illness…how would you make the monthly mortgage repayments and other living costs? Our Advisers can discuss and recommend the best protection solution for your needs and budget, by recommending cover from the whole of market. Just as with the mortgage you have the benefit of the lowest cost, and most suitable cover.
It is important to keep on track with what stage your solicitor is currently at. Many use online portals or will send letters in the post, so calling to check any requirements often speeds up the whole process.
Commitments: should you try and repay your car loan, student loan or credit cards as this may effect your borrowing capacity? Lenders vary in their attitude and approach to these areas, so before you repay anything ensure you speak to one of our advisers on the best approach.
Your home may be repossessed if you do not keep up repayments on your mortgage.
The information contained within this guide is based upon our understanding of UK legislation. It is for guidance only and should not be construed as advice.