We will all experience some tragedy or difficulty in our lifetime, either financial (perhaps the loss of one’s job or the loss of money due to legal action or an unforeseen calamity), physical or mental health or even, eventually, one’s death. After all, there are only two things certain in life, so they say; death and taxes. But perhaps there are three things - death, taxes - and the subsequent need to keep up your mortgage repayments!
Failure to keep up repayments on your mortgage is likely to result, eventually, in the repossession of your home. It is, therefore, of critical importance that you make provision for your mortgage repayment in all circumstances.
If you have dependents it becomes more important to protect your home in the event that you are no longer able to keep up mortgage repayments because you are unable to work - or you are no longer here! This is where mortgage protection can help.
There are a variety of different types of protection available to you and if you have a mortgage it’s worth considering which type best suits you and your family.
In brief, there are products available to pay your estate (or a selected third party) a fixed sum on death. This might be for the amount of the mortgage or a larger or smaller sum. In many cases a lender will require a borrower to take out a life Insurance or Assurance Policy when entering into a mortgage agreement.
In addition, you are able to insure for the consequences of poor health. The types of critical illness insurance vary and revolve around either a fixed lump sum or a periodic payment.
The lump sum is usually calculated so as to be able to repay the outstanding loan and help the family to live after the insured risk has taken place (i.e. a serious heart condition or cancer). If you are ill or diagnosed with one of several chronic and debilitating or even fatal illnesses the policy will make a payment. The terms vary, but the advantage to this type of cover is that a lump sum or monthly payment is made whether you die or not - thus covering the period of illness and protecting your home and family during what is already a terribly painful time for all concerned.
You can also insure against the loss of your job - a risk that is now significantly higher than it might have been 40 or more years ago. It’s worth noting though that this type of insurance usually pays out only after an initial period of time has elapsed (perhaps 6 or 12 months) and so you must be confident that you can cover repayments in the interim.
For more details on the types of risk you can insure against and what best suits your particular circumstance and needs, take a look at our Insurance Products or contact us on 01628 507477.
Related articles:
Download our Free First Time Buyers Guide
Recent posts
Best UK Mortgage Rates this Week
Yesterday
Here are the lowest fixed mortgage rates of the week, available to first-time buyers, home movers, buy-to-let, and those remortgaging.
Call us for more information: 01628 507477 or email: team@mortgagerequired.com.
Different seasons can have a noticeable effect on property prices.
Research from Zoopla shows that spending out on certain features can fetch up to £29,000 during the summer months.
Monday 22nd June saw Keir Starmer resign as Prime Minister and Labour leader. The resignation does not directly impact mortgage rates, as changes were taking place before this announcement. However, it could influence mortgage rates indirectly through financial markets and future government policies.
Homebuying reform to cut homebuying times by around four weeks, and save first-time buyers around £650, says the government.
Buying your first home is a huge milestone, but it can also be a complex process. There are several factors a first-time buyer should consider before making an offer on a property, including understanding the difference between leasehold and freehold and checking council tax bands.
We’ve detailed some questions you can ask your estate agent to help you make an informed decision.
Signs it's time to remortgage
16 days ago
Remortgaging means switching to a new mortgage deal. This will either be with your current lender or a new one.
Getting advice and moving to a new deal when the time is right can mean lower monthly mortgage payments, better interest rates, or releasing equity from your property.
Here are some signs it may be time to remortgage.
According to Nationwide Building Society’s latest House Price Index, house prices dropped 0.6% month on month in May – the first monthly decline this year.
Most Affordable UK Spots for First-Time Buyers
19 May 2026
Research from Lloyds identifies the most affordable areas in the UK for first-time buyers to be able to get onto the property ladder.
More information
Trusted by
