Are you adequately protected?

Tuesday 05 July 2016 | 11:00 AM

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 considered essential…….

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?
What if you or your partner had a long term sickness which prevented you from working?
What if you or your partner were made reductant?

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 by taking expert mortgage advice.

What have you got to lose – your family home potentially!

Local, face to face, independent mortgage and insurance advice can smooth the whole process and we would be delighted to help.

Paul Hardingham and Tony Ibson are Mortgage and Protection Advisers at Innovate Mortgages and Loans. Both have over 20 years of experience advising individuals and businesses across the North East of England. They can be contacted for bespoke advice at or or call 0191 223 3514.

Your home is at risk if you do not keep up repayments on a mortgage or other loan secured on it.