As mortgage specialists, the key concern, quite rightly, for our clients is obtaining the best mortgage possible so that they can purchase a new home/investment property or remortgage to a better deal.
However, that is only the first part of our role as mortgage advisers. The second part, and often overlooked, is how the mortgage will be paid if an unfortunate incident occurs that reduces or stops a clients’ income for a given period of time (for example, loss of job, incapacity due to illness, death of an income earner etc).
In some ways, protecting your mortgage is like servicing a car and carrying out an annual MOT. It’s a necessary cost to ensure that the car keeps getting from A to B. The difference with a mortgage is that the potential consequences are much more serious – and yet servicing a car is the more likely of the two to be carried out……
So why is it overlooked? Research suggests it’s because protecting your mortgage is not tangible. We can’t see the benefits directly and the only time that we do is when it’s needed, which could be too late if you’re not protected.
But, consider the “What ifs” for a moment and the possible consequences;
What if you or your partner died?
What if you or your partner contracted a critical illness?
Would you really want to put your family’s home at risk for the price of servicing your car? With this in mind, consider your mortgage protection as "compulsory" as an MOT. What have you got to lose – only yours and your family’s house potentially!