ABOUT MORTGAGES & INSURANCE
About Mortgages
As we said earlier, mortgages are NOT simple things to understand. You only have to look at some of the language that we use in the industry to see how complicated they can be: fixed, tracker, stepped, low start, discounted, capped, collared, endowment, interest only, standard variable rate, income multiples, affordability criteria, self-certification, fasttrack, APR, Bank of England base rate, London InterBank Offered Rate (LIBOR), freehold, leasehold, repayment, capital & interest, key facts illustrations, remortgage, term, payment method, overall cost for comparison, arrangement fees, exit fees, deeds release fees, solicitors fees, stamp duty, land registry fees, local search fees, valuation report, homebuyers report, buildings survey, Home Information Packs (HIP’s), early repayment charges, higher loan charges, extended tie-in, flexible, offset….shall I go on?!?!?
There is so much information you need to understand, and in turn the advisor needs to understand your needs, to ensure that you get the right deal for you and we cannot in our own minds believe that this can be done effectively on a website. If anyone can find a site that does this from the 67,000,000 previously mentioned, then please let me know!
In summary, mortgages are not simple, but are very complex financial products to understand. If you want an explanation from a website, then please don’t look here because you won’t find it. However, if you want sound, simple, plain, sincere and honest advice, call us now 01983 875875 and we will tell you everything you want to know…..within minutes.
About Insurance
Once you’ve decided on the mortgage, the next thing you’ve got to think about is what sort, and what level of protection you need.
We know that some brokers will tell you that you have to have personal protection products in place, but this is simply not true and the choice of whether to take cover out is yours alone. However, insurance to cover the structure of the building is normally compulsory when you’re buying a freehold property, but if you’re buying a leasehold property this is normally covered within the ground rent you pay to the freeholder.
Term assurance, life assurance, level term, decreasing term, critical illness cover, income protection, accident sickness and unemployment cover, mortgage payment protection insurance, household insurance, buildings insurance, mortgage cover, family cover, income plan, lump sum payment, landlords insurance, no claims discount, deferred period, payment waiver are once again just some of the phrases the industry uses to describe the products and the features available – do you understand them all? Do you understand what cover you want? Don’t worry, most people say ‘no’, and once again, it’s really, really important that you get the right cover, at the right price, at the right time for your needs.
Only by understanding your requirements and carefully listening to you, can anyone give you the right advice, so once again, if you want advice & information on these from a website, I’m sorry, you won’t find it here. If you want sound, simple advice based on a recommendation after we’ve discussed all your options, then yes, you’ve guessed it, please call us on 01983 875875.