Regardless of how you make your mortgage repayments, you'll want to take precautions against any future threats to your personal and financial health. Precautions include taking out life and critical illness cover, as well as income protection plans.

Life assurance and critical illness

Whatever type of mortgage you choose, you'll want to protect your family from the financial consequences of your death or a critical illness before the end of your mortgage.

All mortgage endowments and some pension mortgages have life cover built-in. This will pay out what you owe on your mortgage if you die before the end of the term. However, you may need to arrange critical illness cover separately.

If you have a repayment mortgage, you should arrange separate life and critical illness cover.

Protecting your income

Whichever method of repaying your mortgage you choose, you should also consider protecting your income if you were to lose your job. It's also a good idea to take out insurance against long-term illness or an accident, which might also make it difficult for you to make monthly repayments.

Protecting your home

You're also going to need to insure your home. Most mortgage lenders insist you take out cover for the building itself; it's obviously a good idea to take out insurance to cover the contents as well.

A Belmont Financial Adviser can introduce you to a leading provider of building and contents insurance.

Take advantage of our comprehensive, professional mortgage service. Arrange an appointment with a Belmont Financial Adviser today.

Notes

Think carefully before securing other debts against your home. Your home may be repossessed if you do not keep up repayments on your mortgage.