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How to Approach Making an Offer in Sheffield

Mortgage Advice in Sheffield

First and foremost as a First-Time Buyer in Sheffield who is looking to make offers on a potential new home, you have to bear in mind that there will be lots of other possible buyers all looking to buy the same home.

Because of this, it is very important for you to make sure that you are as prepared as you possibly can be ahead of time. This helps to speed the process up and get you a higher chance of getting the offer accepted.

Something else that you should also remember is that you could be doing everything by the book, have a great credit score and everything saved, but if a cash buyer gets involved you’ll probably not be the one to get the property.

The reason that this is likely to be the case is that cash buyers are easier and quicker to take along through the process, as they won’t be needing a mortgage. Luckily for first time home buyers out there, you don’t tend to find a lot of cash buyers anymore.

Tips For Making an Offer on a Property

Get a Mortgage Agreement in Principle

Getting yourself an Agreement in Principle is major factor in the home buying process. Your AIP (as it is often shortened to) is a written statement of approval that is given by the mortgage lender to confirm that in principle, that subject to further checks later down the process, they are willing to lend you the amount you need for your property purchase.

It’s because of this that you are always better off having one of these to your name, as a home seller or estate agent will definitely want to know conclusively that you have the funds to go forward with the process, avoiding the possibility of both of your times being wasted.

Back during the COVID-19 lockdown periods in 2020, you were even required to have an Agreement in Principle in order for you to view a property, not just buy it. This was to restrict the amount of people viewing or making offers who weren’t in a position to proceed straight away.

As a reputable, open & honest mortgage broker in Sheffield and surrounding areas, we would always highly suggest getting prepared for your mortgage ahead of time and putting yourself ahead of other home buyers, by obtaining an Agreement in Principle as soon into your journey as you can.

We touched upon cash buyers at the beginning. Whilst they are few and far between these days, if and when you encounter one, you will be hard pressed to outdo them as they are probably more favourable to the seller of the home.

Even with that in mind, you may still find that having an AIP to hand will put you in a much stronger position against a cash buyer or any other possible buyers. In many cases, having an Agreement in Principle can be a difference maker.

By obtaining an Agreement in Principle, you are able to prove to the seller of the property in question that you are in-fact a serious buyer and have the necessary funds to proceed with the purchase.

You may also find yourself in a much higher position than other potential home buyers who maybe do have the ability to afford the property purchase, but have yet to obtain their own Agreement in Principle.

This is one of the many perks of speaking to a trusted mortgage broker in Sheffield like ourselves. Our dedicated and loyal team of hard working mortgage advisors in Sheffield will be able to obtain one of these within 24 hours of your free mortgage appointment (of which you can book in a time slot of your choosing, using our online appointment booking system).

Be Prepared to Negotiate with The Seller

Purchasing a property is all about negotiation. If your initial offer is rejected by the seller of the property that you are looking to buy, you will be asked about whether or not you would like to increase your price offer.

If you are firmly in the belief that the property is definitely worth the increase in price and you want to call it home, you may have to be prepared to spend more money than you had initially planned for.

Don’t be worried though if the seller declines your first offer, as this is something that has happened to lots of First Time Buyers in Sheffield over the years and they are still able to find a property for themselves in the future.

If your second offer also happens to be declined, you will most likely have to pay the asking price, something that you’ll have to be prepared for ahead of time. It’s here where it will benefit to do plenty of research beforehand.

Prior to making any offers on a property, you should always take a look around at the other properties in the local area and scout what their sales prices are on reputable property sale websites like Zoopla or Rightmove. This can help give a general idea of what to offer the property seller.

You should also check out the length of time that the property has been actively on the open market. If it is a newer listing, the seller may not be so willing to budge, whereas if it has been listed for quite a while, the seller may be more inclined to accept a lower offer.

If you come across houses that may have gone for lower amounts than the property is worth there is probably a good reason for it. There’s a chance it has possibly been repossessed, perhaps sold to at a discounted price to a tenant living in, or maybe an inter-family sale.

Speak to a Mortgage Advisor in Sheffield today

To gain any mortgage advice relating to this specialist subject, please feel free to get in touch and speak to one of our brilliant mortgage advisors in Sheffield today.

If you require any form of assistance when it comes to making an offer as a First Time Buyer in Sheffield or maybe would just like a mortgage advisor in Sheffield to guide you towards a fantastic deal, we’ll always be there to offer you guidance and support all throughout your process.

Our fast & friendly team of mortgage advisors in Sheffield are here to provide mortgage advice every day of the week, so book your free mortgage appointment online and make a start on your very own mortgage journey.

Getting Prepared for a Mortgage in Sheffield

Moving Home Mortgage Advice in Sheffield

So, you are now ready to take a further step up the property ladder and further your mortgage goals. Whether you are a first time buyer in Sheffield, new to the experience or a home mover in Sheffield looking to sell your current home and live somewhere else, you will still need to start getting prepared for your mortgage.

Here are some expert tips from an open and honest mortgage broker in Sheffield:

Know Where You Stand Ahead of Your Mortgage

As an experienced and well trusted mortgage broker in Sheffield, we always recommend taking advantage of mortgage advice as early on in the mortgage process as you can. This will allow you to get an idea of how much you could possibly borrow and what your estimated monthly costs may be.

You need to prioritise getting an up-to-date credit report, as you will need to know what your current credit score is and what you could potentially do to improve it, if necessary. The better your credit score is, the higher chance you have of your mortgage application being accepted.

There are a lot of different ways that you could potentially improve your credit score in Sheffield and to the surprise of many, it isn’t always too difficult to do so. In some cases, it is even possible to obtain a mortgage deal despite having a low credit score, though this ultimately depends on your lender and the way they look at your circumstances.

By ensuring you have both a mortgage advisor in Sheffield by your side and an up-to-date credit report to hand, you could increase your chances of being accepted for a mortgage in the future. A trusted mortgage advisor in Sheffield will be able to work through everything on your behalf, guiding you throughout the process.

Getting Organised for a Mortgage

Here at Sheffieldmoneyman, we have the ability to obtain a fully credit-checked agreement in principle for you, something we can turn around within 24 hours of your initial appointment.

A dedicated mortgage advisor in Sheffield will help you to get prepared for everything prior to submitting your mortgage application.

In doing this, your mortgage lender will want to see some proof of identification, so that you can prove you are who you say you are, along with where you are living and the amount that you earn from your job.

In knowing this, you can now prepare for all the necessary documents you’ll need. These are as follows;

Proof of ID

In terms of proving who you are you’ll need to produce some photo ID. Acceptable types of ID include a driving license or valid passport.

Proof of address

In addition to the above, you’ll need to prove where you live. You’ll need to produce a utility bill or original bank statement dated within the last 3 months.

Last 3 months’ bank statements

Lenders will always have a keen interest in what your spending habits are, compared to anything else.

They need to be absolutely sure that you will have the ability to regularly maintain your monthly mortgage payments on top of everything else you have going out. They will analyse your bank statements very carefully and take everything into consideration.

Lenders aren’t too fond of seeing gambling on your bank statements. It’s something we often see catching people out, as they haven’t realised that it can harm your chances of obtaining a mortgage down the line. They also don’t like seeing customers go over their overdraft limit, as this basically means your spending money that isn’t there.

It’s reasons like this why we always advise that you be careful and make sure that your statements are going to appeal to a mortgage lender, rather than put them off from lending to you.

Proof of deposit

You will have to prove you have the funds in place for the deposit and also be able to evidence this for anti-money laundering purposes. Try not to move money around your various accounts too much as it will make evidencing the audit trail a more complex process than it needs to be.

Lenders take a preference to applicants who are able to evidence that they have been saving for their deposit. It shows that you have a good understanding of how to put money aside every month and not spend money you don’t have. You’ll also need to factor in any large credits into your accounts.

Quite often we find that the money for a deposit has been gifted by family members. These funds will also need to be evidenced, with the “donor” being required to sign a letter for the lender. This will be to confirm that the funds are strictly a gift and not something they will be needing back from the mortgage applicant.

Proof of income

In terms of affordability, the most important thing is to be able to prove your income. If you are employed this tends to be done by providing the lender with your last 3 months’ payslips and most recent P60. Lenders often take into account regular overtime, commission, shift allowance and bonus.

A list of your expected outgoings

Make sure that you do plenty of research ahead of time. Preparing for your mortgage and making a note of your anticipated outgoings after you move house puts you in a great position prior to starting the application process.

You can work out an estimate of how much the council tax and utility bills will be. In addition to that, you can also work out your regular expenditures, such as any food and drink you will be buying. This will demonstrate how much disposable income you have available to pay your mortgage from.

You need to accommodate lots of time to prepare for your mortgage application. It can sometimes be a lot quicker and much easier to approach a mortgage broker in Sheffield who can take the bulk of the process and do it on your behalf.

A mortgage advisor in Sheffield will be able to work out how much everything is potentially going to cost you and guide you through the entire mortgage process, doing their best to work hard and try to secure you a competitive mortgage deal.

Getting ahead and planning early will always impress your mortgage lender. Let an expert mortgage broker in Sheffield help you out. Get in touch to book your free mortgage appointment with a trusted mortgage advisor in Sheffield.

Improving your Credit Score in Sheffield | Mortgage Advice in Sheffield

Credit Score Mortgage Advice in Sheffield

Way to improve your credit score | moneymanTV

The higher that your credit score is, the higher the likelihood that your application will be accepted by the mortgage lender. This is different to the likelihood of someone with a poor credit score finding the same success. A mortgage lender will study your application carefully in order to make sure you can definitely afford their mortgage.

That being said, there are still no guarantees when it comes to mortgages, even if your credit score is pretty high. Each mortgage lender will have their own specific criteria that you need to match in order to obtain their deal, and it is unlikely that you will meet all of those.

Each lenders criteria could be vastly different to another and they have developed their own unique ways of figuring out whether you match what they’re looking for or not. In some cases, you might actually find yourself matching up with the majority of them and in some cases, maybe you only match up with a few of them.

It is the job of your dedicated mortgage advisor in Sheffield to work alongside you and find the right lender who is offering the best deal for your personal circumstances, with criteria that you can meet. Whether your advisor is from your bank, the lender or a trusted mortgage broker in Sheffield like us, they will match you up to your mortgage needs as best they can.

Getting in touch with a mortgage broker in Sheffield will be of a great benefit to you, as our experienced mortgage advisors will work their hardest to find you the best deal for your personal situation, always having your best interests at heart.

You will be updated on a regular basis with exactly what is going on, so you’re not left stressed and confused about the process. It’s one of our many aims during your mortgage journey to make sure everything goes as smoothly and stress-free as it possibly can.

Whether you are a First Time Buyer in Sheffield, planning on Moving Home in Sheffield or Self Employed, we will do our best to provide you with helpful tips and tricks to help you improve your credit score and eventually, secure an amazing mortgage that you’ll be thrilled to be walking away with.

Credit Score Mortgage Advisor in Sheffield

There are a variety of different credit reference agencies in Sheffield you could go with, though the most popular ones are Experian and Equifax. Before you rush into anything, make sure that you do some research into each agency as it is possible that some of them may be holding incorrect data and it could help you identify any discrepancies.

We personally would suggest using a platform called Check My File, as this collates data from all the major ones like the aforementioned two, giving you a wider overview of how your credit file is looking. In signing up, you will receive a free 30-day trial, followed by a monthly fee of £14.99. Your account can be cancelled at any time prior to the end of the trial should you see fit.

There are lots of different things you can do to improve your credit score. Here we have some for you to have a look at:

Avoid Unnecessary Credit Searches

You will find that having multiple credit searches taken out against you could actually end up having a negative effect on your credit score in the long run. Even the use of price comparison websites is a factor that could harm your credit score.

If you are planning to apply for a mortgage, we strongly suggest that you avoid applying for any other credit in the meantime. Paying your credit back is a good thing for your score in the long run, providing that you can show lenders that you are able to maintain your monthly repayments.

That being said, borrowing during a mortgage application is something that could make the lender think that you cannot afford the deposit and are relying on the credit to give you a financial boost.

Check You Are On The Voters’ Roll

A great yet very simple way for you to get a boost to your credit score, is to register yourself for the electoral roll. It can demonstrate stability and this is something that the lenders like to see. You must make sure that your name is spelled correctly, and you must include your current registered address, not your previous one.

If you are not registered on the voters’ roll, you should definitely sign up for it. It is very easy to do online and it is something that could contribute well to improving your credit score.

Don’t Run Close to Your Maximum Limit

Maxing out your card each month is something else that can actually reduce your credit score. The lender will prefer to see that you are using a credit card and paying off the balance in full each month, as this will show that you are good with your money management.

If a lender sees that you are exceeding credit card limits or overdrafts,it might give them the impression that you don’t take your finances seriously. This once again could drastically harm your chances of getting accepted for a mortgage.

Check Your Address History is Keyed Correctly

Sometimes, if you have forgotten to tell a previous credit provider that you’ve moved into a new property, it can come across like you are actually living in multiple properties at the same time. Lenders don’t like to see this so you must make sure that you are on top of your address history so that it displays correctly on your credit report.

Remove Financial Links To Others

If you have a family member or ex-partner financially linked to you, this could be affecting your score without you even being aware of it. If the account is still live, then you won’t be able to get the financial association removed. If you want to remove any of these links, you should absolutely get in touch with the credit reference agencies and make a request.

Applicants see credit scoring as an unfair way to assess a mortgage application. Your mortgage lender would disagree with that, as at the end of the day, they are in the business of making money and they need to be sure you will be able to keep up your payments. It’s also much cheaper for them to operate through a computer-generated credit scoring system, as this keeps the process consistent and efficient.

Send an up-to-date copy of your credit report to your dedicated mortgage advisor in Sheffield ahead of time to increase your chances of being accepted the first time. The more your in-the-know your advisor is regarding your finances, the better it will be.

Also, there are still some lenders that prefer to operate the way companies used to and will manually assess your application. They will still have rules that they stick by regarding the number of defaults and CCJs that they will allow customers to have.

Debt Consolidation in Sheffield

Debt consolidation Remortgage Advice in Sheffield: A helpful solution

Debt Consolidation Exampled | MoneymanTV

It’s unfortunate but true, that many people, to a greater or lesser extent, are in debt at some point throughout their lives. Sometimes due to your own personal situation, debt can spiral out of control. When you reach this point in life, it can feel like there’s no hope, especially once you have paid all your bills at the start of the month, because this can leave you with little or no disposable income left.

When this happens, we find that most applicants choose to go down the route of a debt consolidation remortgage. As an experienced and knowledgeable Mortgage Broker in Sheffield, we have opted to explore this case study on debt consolidation.

Keeping within your limits will help in the long term

Amber had been dealt a rough hand of cards, going through a divorce and her children moving out to start their own journey in life. Over time, her debt built up with legal bills from the divorce and over the years they slowly increased. She was now having to live on one income with unreliable maintenance from her ex-partner. Her daughter then became pregnant quite early on into adulthood, and as any loving parent would, she tried to help her daughter out with her finances, even though she couldn’t really afford it herself.

Luckily by this point, Amber had paid her mortgage off, so she had the potential to borrow against her home as a asset. Her take-home pay was £1100 per month, and her credit commitments were taking up the majority of this amount.

She had not missed any of her monthly payments on her credit commitments, but she had no emergency fund. Amber’s credit score wasn’t too bad, but because of her past, she was no longer able to obtain new zero% credit cards to transfer her balances. She was recommended to me to see if there were any options available to improve the quality of her financial and in turn, personal life.

A personal loan isn’t always the easiest option

When I met Amber, she was feeling pretty low. She had cut back on all of her luxury spending, and it was evident that she was desperate to take ownership of her financial situation before it got completely out of hand.

We explored the possibility of a personal loan, but the debts had gotten too high for that. Amber had no family members with a means or willingness to help and downsizing was not an option she could take. We agreed the right way forward would be to remortgage the house, to try pay off these debts and reduce her regular outgoings.

Reliability – a vital trait for lenders

We managed to find a lender that could meet Amber’s requirements. Given her low income, finding a lender who would let her borrow enough was quite a difficult task. We managed to get her an agreement in principle, but regrettably, when we submitted the formal mortgage application, she found herself being declined.

The reason the case was declined was that the Underwriter who assessed the situation felt that Amber had been using cards to pay off other cards, followed by not closing down the cards. When she had transferred balances, there was a high risk that she should re-offend and rack up debts once again.

Amber was, to put it bluntly, utterly devastated. She understood the concerns, but in her eyes, she had accepted she had a problem. By getting in touch with us, Amber felt she had taken a positive step to sorting her financial life out, making her a minimal risk. The loan to value was under 40%, she had never missed any payments, and if the remortgage was successful, she could be a whopping £500pm better off.

Whilst the above was indeed correct, a lot of clients don’t always appreciate that taking a property into possession is the last thing a lender wants or needs to do. This process reflects poorly on the numbers they are required to report each year, and even more to that point, in the event of repossession, they have the stress of securing the property, insuring it, marketing it, selling it, and paying the surplus of equity (if any) back to the previous owner.

With this in mind, if there is reasonable doubt, then an Underwriter has the discretion to decline an application, even if the case technically is within their published lending criteria.

Being declined doesn’t mean failure, you can improve for next time

We pride ourselves on getting our recommendation right the first time, though we have to hold our hands up on this one and say that it didn’t quite work out the way we would’ve liked, due to the Underwriter’s adverse comments at the full application stage. We knew with our knowledge and experience as a mortgage broker in Sheffield, that this remortgage wasn’t as risky as the lender had made out. It was almost certainly going to be the right outcome for her.

Amber perhaps felt like she was ready to call it quits. Still, we went back to the drawing board to find a different lender who would accept her. Sure enough, we found a suitable candidate. Now armed with the information we had from the previous lender, we were able to provide better supporting comments this time around. Thankfully this time, it was successful.

We’ll keep you on track after you’re back on track

Amber didn’t take this for granted and understood the potential downsides. She has now secured debt that was previously unsecured, but overall may end up paying back more interest, depending on how quickly she can get the mortgage paid off.

The good news, is that in the short term this has worked wonders for her. She now has had the burden of debt relieved from her shoulders, an improved credit score, and she can save a little money for herself each month.

The savings we were able to help her make amounted to over 50% of her net take-home pay monthly. Upon completion of the remortgage, her life was changed. Amber destroyed all of her credit cards besides one to use in emergencies only. Now she has now got her financial life back on the right path.

If you are like Amber, struggling with accumulated debt, but are a homeowner with equity, please do get in touch. We’ll put you through to a mortgage advisor in Sheffield and see what we can do to help. We would rather that you contact us before the situation gets out of hand, as the earlier you take back control of your finances the better you will feel about things. We offer debt consolidation Remortgage Advice in Sheffield & surrounding areas along with a free initial mortgage consultation.

Bonus: Debt Consolidation, where does all the money go?

How is the money distributed? | MoneymanTV

Mortgage Advice in Sheffield for Newly Qualified Teachers

Newly Qualified Teacher Mortgage Advice in Sheffield

Once you have passed the necessary exams and have achieved your goal of becoming a newly qualified teacher, it’s time to find yourself a teaching position and get started in the classroom. You may find though, that if you aren’t close enough to that particular school, you may need to look at Moving House in Sheffield.

What is about to follow, is a stressful stretch of time that may feel, even if only a month or so, like it goes on forever. You’ll be looking for a place to move and balancing the struggle of homeownership whilst getting comfortable in your newfound role as a teacher. You are not alone in this situation though, as we have helped many customers with this in the past.

Mortgages for NQTs

You may find it difficult trying to find a Lender willing to offer a mortgage to newly qualified teachers. This is because of reasons such as having no work history, or being on a temporary contract. Even though this is the case, do not worry, as it is still possible to obtain a mortgage as a newly qualified teacher.

On occasion, some lenders will offer reasonable and deals with those working in this particular sector. The key to this is finding the right lender, which is usually the hard part; this is where our dedicated mortgage advice team in Sheffield can help search thousands of deals to find you the most appropriate mortgage deals and rates.

What mortgages for NQT teachers are there?

The different types of mortgage available for NQTs can include:

Here are some of the critical things that can get considered:

  • No previous employment history required.
  • Mortgages available up to one month before the start of the first contract (so you can apply in the August for example).
  • Up to 95% loan to value.
  • A 12-month first post-contract can get treated the same as a permanent role.

How a Mortgage Advisor in Sheffield Can Help

Our loyal, hardworking and experienced Mortgage Advisors in Sheffield know lending criteria like the back of their hand; they have years of experience in helping people with their mortgage situations. You’ll find there are many benefits to using a trusted Mortgage Broker in Sheffield.

To find out your options, Get in Touch and our team will take some details from you, to find out whether or not you can get a mortgage suitable to your personal circumstances.

Agreement in Principle & Soft Credit Search Mortgage Advice in Sheffield

Credit Search Mortgage Advice in Sheffield

Nowadays, a lot more people are paying closer attention to their credit rating. Consumers are now a lot more aware of credit scoring, and we find that lots of first-time customers who get in touch, have already looked at their credit report online.

When speaking to customers, we often find that we get asked if we will be doing a credit search on them, as they know that too many searches can have a negative effect on their credit score. Lenders always run credit checks but we will ask the customer for their permission first, before doing so.

What Is A Soft Credit Search For A Mortgage? | MoneymanTV

Two types of credit searches:

Hard credit search

The purpose of a hard credit search is to analyse your credit report in-depth. Any financial institution carrying out a hard credit search should ask your permission to do so. The positive of being hard searched is that the lender is looking at your situation quite closely, so if you pass the credit score then there’s a high chance that your application will be successful.

If for some reason you cannot provide satisfactory documentation to backup the information you have disclosed or you have provided false details, then this might not be the case. Otherwise, it is likely.

The main negative about a hard search though is that it leaves a credit footprint. This means that any lender can see you have had a search carried out. Whilst at first this isn’t a bad thing, if you have several footprints registered in a short period of time, it could look like you’re applying for lots of credit at once.

The footprint does not provide a record of whether your application was successful or not, but lenders can often assume that if you you have had multiple, you must have also been declined for the previous one. Logically, why else would you be getting another one done?

The occasional hard footprint on your record isn’t too bad, so there’s no need to worry too much about this, especially if you know you have a good score. Just be wary about how many you have taken out.

Soft credit search

A soft credit search is a much lighter approach to looking at your financial situation. This type of search are often carried out on price comparison websites to give you an idea of what products might be available to you. They can also be used to verify your identity.

Some mortgage lenders are now opting to use this type of search, as whilst it shows less information than a hard search, if you already have an Agreement in Principle alongside this, it can actually show the lender you’re in a much better position than others.

The good news is that these soft searches don’t leave a footprint on your credit file, meaning other banks and institutions can’t see that you have had one. You can then apply for an agreement in principle or for a mortgage, without it damaging your credit score, whether it is successful or not.

Mortgage Advice in Sheffield

If you are in the market to make an offer on a potential new home, it is a good idea to have your mortgage Agreement in Principle in place prior to contacting the estate agent. By doing this, you’ll put yourself in the best possible position for obtaining a mortgage down the line. Having the Agreement in Principle can also at times put the agent off trying to “cross-sell” their own in-house mortgage services to you if you don’t want or need them.

You may be a First Time Buyer in Sheffield or you might be thinking of Moving Home in Sheffield and are seeking expert mortgage advice. If so, we think that you may benefit from our dedicated mortgage services and speaking to a mortgage advisor in Sheffield. Get in Touch for a free initial mortgage consultation.

Mortgage Protection Insurance Explained

Insurance Advice in Sheffield

Mortgage Protection Insurance a term used to encompass various types of cover. They were designed to protect borrowers from events that could severely impact their ability to maintain mortgage payments.

However, there are different variations, but when connected to a mortgage, they are all there. To help provide peace of mind and usually fall into the following categories:

  • Life Cover
  • Critical Illness Insurance
  • Income Protection
  • Family Income Benefit

Life Cover

As a rule, if the policyholder dies within the term. Then the sum assured should be enough to pay off the outstanding mortgage balance. They are ensuring borrower’s dependents left with no debt. They might not otherwise be able to manage.   

Our advisors can run through all the different types of life cover and recommend the most suitable plan for you.

Critical Illness Insurance

Critical Illness Insurance works similarly to Life Assurance. In that, it can usually taker a specific term of years. That can have different options, such as level/increase. They got designed to pay out a lump sum and, like Life cover, for borrowers. It typically has taken on a decreasing term basis in line with the reduction of your mortgage balance.

The key is that the benefit gets paid if you fall victim. To one of several specified critical illnesses and pays out. Whatever the long-term prognosis of that illness. The type of illnesses covered vary from company to company. That’s why this type of insurance cannot be solely price-driven, and we high;y recommend seeking advice.

In practice, many companies will offer Life and Critical Illness Critical cover. As a combined policy and would usually payout on the “first event.” For example, whatever happens first – either death or a severe illness – the payout is made. They can also get written on a single or joint life basis

Income Protection

Income Protection pays out a monthly amount designed to replace your wages in the event of you being unfit to work. Unlike Critical Illness cover, there are no restrictions on the illnesses or injuries covered. The only factor is whether they make you unsuitable to work. There are, however, restrictions on how much you can cover and how quickly benefits would start to get paid.

Like Life and Critical Illness Cover. These policies are underwritten based on your health and lifestyle at the time you apply. All income protection policies got written on a single life basis.

Family Income Benefit

Probably the least common of the mortgage protection type policies but can often be valuable. Particularly for those with young families. These plans can get taken to cover Life and Critical Illness. They get underwritten on an application in the same way as mentioned above.

Rather than pay out a lump sum, the cover would pay an annual or monthly income for the remainder of the term of the plan. Thus, it can replace the income of the primary breadwinner for several years. Dependent upon a particular client’s circumstances. It can usually get written on a level or basis, or an index-linked basis designed to keep up with inflation.

Summary

There’s an adage that says you can never have too much insurance. Indeed, many people have one or more of the different types of policy. However, it would be wrong to think of Mortgage Protection Insurance as just an “either/or” choice. However, in the real world, affordability plays a massive part. So while it would be fantastic to cover yourself for every potential opportunity, our Mortgage Advisor in Sheffield will sit down with you and tailor the type of cover—the most suitable combination to your family’s priority and budget.

Sheffieldmoneyman.com & Sheffieldmoneyman are trading styles of UK Moneyman Limited, which is authorised and regulated by the Financial Conduct Authority.
UK Moneyman Limited is authorised and regulated by the Financial Conduct Authority.
UK Moneyman Limited registered in England, registered number 6789312 and registered office 10 Consort Court, Hull, HU9 1PU.

© 2022 Sheffieldmoneyman

Sheffieldmoneyman, Courtwood House, Silver Street Head, Sheffield, S1 2DD.

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