Insurances and Protection Policies for Homeowners

In addition to Buildings & Contents insurance, many individuals choose to bolster their protection with Life Insurance or Income Protection policies. While the following list outlines some key types of life insurance, it's important to note that there are numerous options available. Consulting an experienced adviser is highly recommended to ensure you select the right product, provider, and rate for your insurance and protection needs.

Income Protection

Income Protection offers financial security by replacing a portion of your income if you are unable to work due to illness or injury. It provides several benefits, including income replacement, peace of mind, flexibility, long-term coverage, and tailored protection to suit your circumstances.

Level & Decreasing Term Insurance

Level Term Insurance and Decreasing Term Insurance are both life insurance policies. Here's a brief overview of each and their key difference:

  • Level Term Insurance: Offers a fixed coverage amount throughout the policy term, providing a lump sum payout to beneficiaries regardless of when the claim is made. It is commonly used to provide financial protection for loved ones, pay off debts, or cover ongoing expenses.
  • Decreasing Term Insurance: Provides a decreasing coverage amount over the policy term, typically aligned with an outstanding debt such as a repayment mortgage. It ensures sufficient funds are available to cover the outstanding mortgage balance, helping maintain property ownership.

Buildings and Contents Insurance

This insurance offers financial support in the event of damage caused by fire, flood, subsidence, theft, or accidental damage to your property and possessions. You can purchase buildings and contents insurance separately or as a combined policy. It's important to accurately assess the value of your home and possessions to ensure adequate coverage. Reviewing and comparing policies from different providers is crucial to find the right coverage limits, exclusions, and optional add-ons that best suit your needs and protect your home and belongings.

Mortgage Appointment Checklist: To prepare for your appointment, make sure you have the following initial documents available.

Your home may be repossessed if you do not keep up repayments on your mortgage.

  • ID (Passport or Driving License)
  • Income evidence (Latest three months’ payslips and latest p60)
  • Proof of address (such as a utility bill dated within the past three months)
  • For self-employed individuals, copies of SA302s/audited accounts for the past three years
  • Latest three months bank statements (any/all accounts that are salary fed or bills are paid)
  • Credit report
  • Proof of deposit (bank statement evidencing funds)
  • Details of any debts, loans, or credit cards outstanding

This list is just a general guide and is not exhaustive. You may be asked for more documents depending on your personal circumstances.

Your home may be repossessed if you do not keep up repayments on your mortgage.

There will be a fee for mortgage advice. The actual amount you pay will depend upon your circumstances. The fee is up to 1% but a typical fee is 0.3% of the amount borrowed.

Finamply Mortgages Limited is an appointed representative of Mortgage Advice Bureau Limited and Mortgage Advice Bureau (Derby) Limited which are authorised and regulated by the Financial Conduct Authority. Finamply Mortgages Ltd. Registered Office: 1 The Links, Herne Bay, Kent, CT6 7GQ. Registered in England Number: 10785015