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Mortgage Protection: 3 important policies to consider & why you need to consider them when buying a home.

Purchasing a home is a significant milestone—one that involves not only bricks and mortar but also financial responsibility which is why mortgage protection is so important.

Introduction

As you embark on your homeownership journey, it’s crucial to consider mortgage protection. Life is unpredictable, and having the right safety nets in place ensures peace of mind for you and your loved ones. Mortgage protection is designed to pay your mortgage when you can’t, either due to illness, life-changing injuries, or even in death.

Understanding Mortgage Protection

Mortgage protection encompasses various insurance policies designed to shield you from financial hardship during challenging times. Let’s explore three key types:

1. Life Insurance

  • What Is It? Life insurance provides a lump sum payout to your beneficiaries if you pass away during the policy term.
  • Why Is It Important?
    • Continuity for Your Family: Losing a loved one is emotionally devastating. Life insurance ensures that your family can continue living in the home without financial strain.
    • Mortgage Repayment: The payout can cover outstanding mortgage debt, allowing your family to remain in the property.
  • Considerations:
    • Choose between term life insurance (covers a specific period) or whole-of-life insurance (covers you for life).
    • Tailor the coverage amount to match your mortgage balance and family’s needs.
  • Potential Costs:
    • The average cost of critical illness cover can be around £25.16 per month.

When Should You Act?

Start considering mortgage protection early in your home-buying process. As you finalise your mortgage deal, explore these options. Waiting until a crisis strikes may limit your choices.

Conclusion

At Frank Mortgages, we believe that securing your home isn’t just about interest rates and loan terms—it’s about protecting your family’s future. Reach out to us to discuss your mortgage protection needs. Together, we’ll tailor a strategy that aligns with your unique circumstances.

If you’re looking to take your first step onto the property ladder we have created a 7 step guide for you to read and follow – please click here.

Alternatively, other guides that may relate to you can be found on our website, these include articles about BTL mortgages, information for our self-employed as well as an article for first-time buyers who might be eligible for a 100% mortgage where no deposit is required.

Sources: MoneySavingExpert

  • Potential Costs:
    • The average cost of critical illness cover can be around £25.16 per month.

    • When Should You Act?

    Start considering mortgage protection early in your home-buying process. As you finalise your mortgage deal, explore these options. Waiting until a crisis strikes may limit your choices.

    Conclusion

    At Frank Mortgages, we believe that securing your home isn’t just about interest rates and loan terms—it’s about protecting your family’s future. Reach out to us to discuss your mortgage protection needs. Together, we’ll tailor a strategy that aligns with your unique circumstances.

    If you’re looking to take your first step onto the property ladder we have created a 7 step guide for you to read and follow – please click here.

    Alternatively, other guides that may relate to you can be found on our website, these include articles about BTL mortgages, information for our self-employed as well as an article for first-time buyers who might be eligible for a 100% mortgage where no deposit is required.

    Sources: MoneySavingExpert

  • Potential Cost:

    • 3. Critical Illness Cover

    When Should You Act?

    Start considering mortgage protection early in your home-buying process. As you finalise your mortgage deal, explore these options. Waiting until a crisis strikes may limit your choices.

    Conclusion

    At Frank Mortgages, we believe that securing your home isn’t just about interest rates and loan terms—it’s about protecting your family’s future. Reach out to us to discuss your mortgage protection needs. Together, we’ll tailor a strategy that aligns with your unique circumstances.

    If you’re looking to take your first step onto the property ladder we have created a 7 step guide for you to read and follow – please click here.

    Alternatively, other guides that may relate to you can be found on our website, these include articles about BTL mortgages, information for our self-employed as well as an article for first-time buyers who might be eligible for a 100% mortgage where no deposit is required.

    Sources: MoneySavingExpert

  • Potential Cost:

    • 3. Critical Illness Cover

    When Should You Act?

    Start considering mortgage protection early in your home-buying process. As you finalise your mortgage deal, explore these options. Waiting until a crisis strikes may limit your choices.

    Conclusion

    At Frank Mortgages, we believe that securing your home isn’t just about interest rates and loan terms—it’s about protecting your family’s future. Reach out to us to discuss your mortgage protection needs. Together, we’ll tailor a strategy that aligns with your unique circumstances.

    If you’re looking to take your first step onto the property ladder we have created a 7 step guide for you to read and follow – please click here.

    Alternatively, other guides that may relate to you can be found on our website, these include articles about BTL mortgages, information for our self-employed as well as an article for first-time buyers who might be eligible for a 100% mortgage where no deposit is required.

    Sources: MoneySavingExpert

  • Potential Cost:

    • 2. Income Protection Insurance (IP)

    3. Critical Illness Cover

    When Should You Act?

    Start considering mortgage protection early in your home-buying process. As you finalise your mortgage deal, explore these options. Waiting until a crisis strikes may limit your choices.

    Conclusion

    At Frank Mortgages, we believe that securing your home isn’t just about interest rates and loan terms—it’s about protecting your family’s future. Reach out to us to discuss your mortgage protection needs. Together, we’ll tailor a strategy that aligns with your unique circumstances.

    If you’re looking to take your first step onto the property ladder we have created a 7 step guide for you to read and follow – please click here.

    Alternatively, other guides that may relate to you can be found on our website, these include articles about BTL mortgages, information for our self-employed as well as an article for first-time buyers who might be eligible for a 100% mortgage where no deposit is required.

    Sources: MoneySavingExpert

  • Potential Cost:

    • 2. Income Protection Insurance (IP)

    3. Critical Illness Cover

    When Should You Act?

    Start considering mortgage protection early in your home-buying process. As you finalise your mortgage deal, explore these options. Waiting until a crisis strikes may limit your choices.

    Conclusion

    At Frank Mortgages, we believe that securing your home isn’t just about interest rates and loan terms—it’s about protecting your family’s future. Reach out to us to discuss your mortgage protection needs. Together, we’ll tailor a strategy that aligns with your unique circumstances.

    If you’re looking to take your first step onto the property ladder we have created a 7 step guide for you to read and follow – please click here.

    Alternatively, other guides that may relate to you can be found on our website, these include articles about BTL mortgages, information for our self-employed as well as an article for first-time buyers who might be eligible for a 100% mortgage where no deposit is required.

    Sources: MoneySavingExpert

    Picture of Josh Parrott

    Josh Parrott

    Josh Parrott CeMAP is the co-founder of Frank Mortgages and a Mortgage & Protection Adviser. With a prior background as both an estate agent and a landlord himself, he understands the buying and borrowing process from every angle, not just the paperwork. Josh works with home movers, buy-to-let (BTL) investors, and clients with complex income or adverse credit histories, helping them find the right lending without the runaround. Outside work, he's usually with his dog Buddy or deep into a classic 80s Top of the Pops rerun.
    Picture of Josh Parrott

    Josh Parrott

    Josh Parrott CeMAP is the co-founder of Frank Mortgages and a Mortgage & Protection Adviser. With a prior background as both an estate agent and a landlord himself, he understands the buying and borrowing process from every angle, not just the paperwork. Josh works with home movers, buy-to-let (BTL) investors, and clients with complex income or adverse credit histories, helping them find the right lending without the runaround. Outside work, he's usually with his dog Buddy or deep into a classic 80s Top of the Pops rerun.

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