Embarking on a mortgage journey can feel overwhelming, especially for first time buyers in Beverley or those looking to move or invest in property. With numerous options available, it’s crucial to make informed decisions from the start to save time and costs down the line.
At our company, we offer a personalised and friendly service, catering to your specific mortgage needs. We understand the complexities of the process and have the expertise to guide you through it. Our team is dedicated to providing expert mortgage advice in Beverley, assisting both new and existing customers.
In this article, we’ve compiled a comprehensive overview of the advantages and disadvantages of working with a mortgage broker in Beverley. Discover why many people trust us for their mortgage advice needs in Beverley and benefit from our knowledge and guidance.
While some believe that finding a mortgage deal on their own will save them money, the reality is more nuanced, especially when it comes to a mortgage broker in Beverley. While brokers may charge a fee, the actual cost depends on individual circumstances and the chosen company.
If you have extensive knowledge and a straightforward case, going direct might be easier and more cost-effective. For more complex situations or if you lack knowledge in the mortgage market, seeking the assistance of a mortgage broker in Beverley can prove invaluable.
Without proper knowledge, you run the risk of choosing the wrong deal or facing a rejected mortgage application. Both scenarios can lead to increased expenses or negatively impact your credit score, affecting future mortgage prospects.
With a dedicated mortgage advisor in Beverley, their primary goal is to help you achieve your mortgage goals. They strive to provide the right recommendation the first time, at the best price. While there may be a service fee involved, the potential savings in the long run can outweigh the costs.
In the past, many customers preferred approaching their banks directly out of loyalty and familiarity with the traditional way of conducting the mortgage process.
Back then, customers would visit their local branch and often interact with the same bank manager, benefiting from their expertise and personal knowledge of their financial situation.
Previously, having the bank manager personally review and approve your mortgage application was seen as advantageous, as they possessed a deep understanding of your finances.
With the advent of technology and online banking, the mortgage process has undergone significant changes, particularly with the introduction of digital credit scoring.
Nowadays, the bank manager does not manually assess each case. Instead, a sophisticated online system evaluates your eligibility for a mortgage. This process is standardised and applies uniformly across banks, ensuring fairness regardless of the institution you choose.
The focus has shifted from personal interactions to digital assessments based on objective criteria.
While it’s true that going directly to a lender can offer access to exclusive deals, it’s important to note that these options may be limited to that particular company. Banks typically provide their best deals, but they may not consider other lenders’ offerings.
It’s worth considering that mortgage lenders extend beyond banks, and there are numerous alternative options available. The deal a bank recommends may not necessarily be the most competitive one among all available lenders.
Seeking specialist mortgage advice in Beverley can provide you with a significant advantage. Our expert mortgage advisors in Beverley will thoroughly review your case and leverage our extensive panel of lenders to find the best deal tailored to your specific needs.
Another benefit of consulting a mortgage broker in Beverley is access to exclusive deals that are not available elsewhere.
Whether you’re a first time buyer, moving home, or looking to remortgage in Beverley, we can present you with a wide range of options to choose from, ensuring you find the most suitable mortgage solution.
In the aftermath of the 2007-08 credit crunch, significant improvements were made in the mortgage market. One of these changes came in the form of the 2014 Mortgage Market Review, which required lenders to provide mortgages only with extensive expert advice.
Gone are the days when anyone at a bank could grant a mortgage without proper checks or qualifications. The new regulations ensure that customers receive appropriate advice tailored to their circumstances.
These changes also introduced consumer protection measures that were previously lacking. If you believe you have been misadvised, you now have the option to file a complaint with the Financial Ombudsman or seek compensation through the Financial Services Compensation Scheme.
This increased consumer protection provides reassurance to customers, ensuring they receive reliable advice and guidance throughout their mortgage journey. This applies not only to mortgage brokers in Beverley but also to mortgage lenders, as both are subject to these regulatory requirements.
Choosing to approach a bank instead of a mortgage broker in Beverley can come with a drawback in terms of timing. Getting in touch with someone at a bank can often take months, and once the process begins, you may not receive frequent updates throughout your mortgage journey.
At Beverleymoneyman, we prioritise responsiveness and convenience for our customers. Our dedicated team of mortgage advisors in Beverley will reach out to you at a time that suits your schedule.
We’re available from early morning to late evening, seven days a week, including weekends and even some bank holidays.
We understand that every customer has a unique lifestyle, which is why our advisors are available throughout the day. You can easily book an appointment beyond traditional 9-5 hours or on weekends through our simple online booking system.
Our commitment to responsiveness doesn’t end there. Whether you’re at the beginning or nearing the completion of your mortgage, our friendly team will keep you informed every step of the way. If there are any changes, your dedicated mortgage advisor in Beverley will promptly get in touch with you.
It’s this emphasis on high-quality service that has made local mortgage brokers in Beverley like us a preferred choice for many. Instead of national banks, more and more people are opting to approach knowledgeable local experts who provide personalised support and guidance.
With our extensive industry experience, we have encountered various scenarios that can present slightly more challenges than the usual mortgage cases.
One such scenario is a mixed deposit, where two different sources of funds, such as a gifted deposit and personal savings, need to be audited and accounted for. Additionally, individuals on zero hour contracts pose considerations regarding the consistency of their income.
For those looking to make a second property purchase, assessing their affordability and financial capability becomes crucial. Self employed individuals in Beverley without a fixed income also face challenges in securing a mortgage.
A poor credit history can also impact an applicant’s eligibility, as lenders may view it unfavourably. Ultimately, affordability is a key factor, determining if applicants can comfortably manage the mortgage.
In the past, mortgage lenders competed primarily by offering better deals, but the focus has now shifted to meeting specific criteria. It’s important to note that while you may find a cheaper deal, it may not align with your unique circumstances and requirements.
Applying for a mortgage involves a hard search, which leaves a footprint on your credit file. Declining a deal in principle can negatively impact your credit file without clear reasons provided, adding to the frustration.
At Beverleymoneyman, we understand the intricacies of these situations and have the expertise to guide you through them. Our mortgage advisors in Beverley will leverage their knowledge and experience to help you find suitable mortgage options, even in challenging circumstances.
We are committed to providing personalised advice and support throughout the application process, ensuring you have the best chance of securing the right mortgage for your needs.
Mortgage brokers in Beverley play a vital role in helping you navigate the mortgage application process and increase your chances of approval. With their extensive network of lenders, they have access to a wide range of options and can find the most suitable deal that aligns with your specific criteria.
Once they have assessed your case, they can initiate the process of securing an agreement in principle for you. At Beverleymoneyman, we prioritise efficiency and aim to provide you with an agreement in principle within 24 hours of your free mortgage appointment.
It’s important to note that an agreement in principle does not guarantee or automatically commit you to a mortgage. It offers the advantage of having an expert review your credit file in advance, which can help protect your credit score.
Our team of dedicated mortgage advisors in Beverley is committed to getting our recommendation right the first time, ensuring that you have the best chance of a successful mortgage application.
When it comes to finding the right mortgage solution, there are advantages and disadvantages to both approaching a mortgage broker in Beverley and going directly to lenders. The choice ultimately depends on the speed and level of security you desire.
At Beverleymoneyman, we are a dedicated mortgage broker in Beverley with extensive experience assisting clients at various stages of their mortgage journey.
Whether you’re a first time buyer in Beverley taking your initial steps into the mortgage world, nearing the end of your fixed period, or looking to remortgage in Beverley, our team is here to provide expert guidance.
You can easily book a free mortgage appointment or remortgage review to speak with our knowledgeable mortgage advisors in Beverley. We understand the importance of flexibility and strive to accommodate your availability, subject to our schedule.
To gain further insight into our services, we encourage you to explore the exceptional customer reviews we have received.
These testimonials reflect the high level of service we consistently provide to our satisfied clients. Additionally, you can find valuable mortgage-related content on our YouTube channel, MoneymanTV.
When it comes to your mortgage goals, our team is dedicated to helping you find the right solution. Contact us today to discover how we can help you on your mortgage journey.
Life insurance in Beverley is not a mandatory requirement when taking out a mortgage. The only insurance that is typically required by most mortgage lenders is buildings insurance, which covers the structure of the property.
Although it is not a necessity, having life insurance in Beverley can be extremely beneficial for homeowners and home buyers.
Life insurance in Beverley provides financial protection for your family in the unfortunate event of your death, ensuring that they can continue to meet mortgage repayments and maintain their current standard of living.
The loss of your income can create significant financial strain for your family, making it difficult for them to keep up with mortgage payments.
This could potentially force them to sell the property and find alternative accommodation. Additionally, there are other ongoing expenses to consider, such as childcare costs and general living expenses.
Having life insurance in place can provide peace of mind, knowing that your loved ones will have the necessary financial support to handle the mortgage obligations and maintain stability during a challenging time.
Life insurance in Beverley offers a range of policy options, most of which provide a lump sum payment to your loved ones in the event of your passing. This payout serves as a financial safety net, offering support during a challenging time. Alternatively, you may opt for regular payments to your family instead of a lump sum.
The coverage amount and premiums for life insurance in Beverley depend on your individual circumstances and the specific terms of the policy you choose. Insurance providers offer various options, and it’s important to consider factors such as age, lifestyle, and medical history when determining the cost of your insurance.
Generally, being younger and healthier can result in more affordable insurance quotes.
The payout from a life insurance policy can be utilised according to your family’s needs. Many individuals use it to cover mortgage payments, ensuring that their loved ones can continue living in their home without the added financial burden.
Purchasing a home is an exciting milestone, representing a significant investment and a place to build lasting memories. It’s important to acknowledge that homeownership comes with potential risks and uncertainties.
That’s where life insurance in Beverley becomes an invaluable asset, offering a safety net and providing peace of mind.
Life insurance in Beverley plays a crucial role in safeguarding the financial well-being of your loved ones. In the event of your untimely passing, life insurance in Beverley ensures that your family or dependents receive a payout, which serves as a vital source of financial support.
This helps them manage immediate expenses and future financial obligations with greater ease and security.
The payout from a life insurance in Beverley policy can alleviate the financial burdens associated with homeownership, such as mortgage payments, property maintenance costs, and other living expenses.
It provides your family with the necessary resources to maintain their quality of life during a challenging and uncertain time.
By obtaining a life insurance in Beverley policy tailored to your specific needs, you can effectively mitigate the risks inherent in homeownership. It offers a sense of reassurance, knowing that your loved ones will be financially protected and provided for, even in the face of unexpected circumstances.
Having the safety net and peace of mind provided by life insurance in Beverley allows you to fully embrace the joys of homeownership, focusing on creating a comfortable and fulfilling life for you and your family, without unnecessary worries about the future.
While being single may mean you don’t have immediate dependents, there are still important reasons to consider getting life insurance in Beverley. Even without a spouse or children, life insurance in Beverley can provide valuable protection and peace of mind.
If you have a mortgage and pass away before fully paying it off, your assets could be at risk. This could lead to potential difficulties if someone else, such as a family member or friend, is living with you and relying on your home.
By having life insurance in Beverley, the payout can be used to settle these debts, protecting your assets and ensuring that your loved ones can continue to have a stable living situation.
Furthermore, life insurance in Beverley for single individuals can serve various financial purposes. It can help cover funeral expenses, relieving your friends and relatives of any financial burden during a difficult time.
You can also use the payout to make charitable donations to causes close to your heart or leave a meaningful gift to a loved one, such as a niece, nephew, or close friend.
Even if you don’t have immediate family members who rely on your income, you may still have individuals who depend on you financially. This could include a sibling or a parent who relies on your support.
Life insurance in Beverley can provide them with the financial security they need in the event of your passing, ensuring that they can maintain their quality of life.
While life insurance in Beverley is not a requirement when obtaining a mortgage, it is worth considering the benefits of having life insurance in Beverley as a landlord. Life insurance in Beverley for landlords provides valuable protection that goes beyond mortgage coverage.
In the unfortunate event of your passing, life insurance in Beverley serves as a safety net for your loved ones, ensuring that they are not burdened with the financial responsibilities associated with your property investments.
As a landlord, you understand the importance of generating rental income to support your financial goals and provide for your family.
With life insurance in Beverley, your family or beneficiaries can receive a payout that helps replace the rental income loss resulting from your passing.
This financial support allows them to maintain their stability, cover ongoing expenses, and potentially continue managing the property or seek professional assistance if needed.
The payout from the life insurance in Beverley policy provides peace of mind, knowing that your investment and the well-being of your loved ones are protected even in your absence.
The duration of your life insurance coverage should be carefully considered and aligned with your specific circumstances and requirements. It is important to ensure that your policy term adequately meets your financial obligations, including your mortgage.
When obtaining life insurance in Beverley, it is generally recommended to match the policy term with the duration of your mortgage. For example, if you have a 30-year mortgage, having a life insurance policy that lasts for at least 30 years can provide valuable protection.
This ensures that in the event of your passing, the payout from the life insurance in Beverley can be used to settle the remaining mortgage balance, alleviating any financial burden on your loved ones.
It’s important to note that there may be other factors to consider beyond just the mortgage. If you have additional financial responsibilities, such as ongoing family living expenses or funeral costs, it may be prudent to extend the duration of your life insurance policy beyond the mortgage term.
This will provide extra coverage and financial support to your loved ones, addressing their ongoing needs and maintaining their financial stability in the event of your untimely passing.
When faced with crucial decisions regarding life insurance in Beverley, it is strongly advised to seek guidance from a reliable protection advisor in Beverley, such as the professionals available at Beverleymoneyman.
A knowledgeable protection advisor in Beverley can offer valuable assistance in navigating the complexities of life insurance in Beverley. They will help you explore the various policy options, comprehensively explain the terms and conditions, and evaluate your unique needs and circumstances.
By engaging in meaningful discussions about your financial objectives, family dynamics, and long-term plans, you can gain a clearer understanding of the diverse coverage options available to you.
Whether your primary concern is safeguarding your mortgage, ensuring the financial security of your family, or addressing any other specific requirements, seeking life insurance advice in Beverley is instrumental in making well-informed decisions.
The expertise and support provided by a protection advisor in Beverley will empower you to select the most suitable policy that aligns with your objectives and provides the necessary protection for your individual situation.
Don’t hesitate to reach out to a trusted protection advisor in Beverley at Beverleymoneyman to access reliable information and personalised guidance on life insurance in Beverley. They will work alongside you to identify your priorities, answer your questions, and assist you in making the best choice for your life insurance needs.
Critical Illness Insurance pays out a lump sum if you are diagnosed with one of the conditions on the policy such as Cancer, Heart Attack or Stroke. Sometimes Insurers receive criticism for declining claims when someone is very ill but with an illness not covered on their policy but most major providers actually payout over 90% of claims.
If claims are denied it can also be because the claimant did not disclose an underlying medical condition they had when they took the policy out.
In the event of a claim the lump sum is paid out irrespective of whether the claimant returns to work or not, the key thing is whether the illness they had matched the definition on their policy.
The claimant can use the lump sum they receive for any purpose they wish. Be this to repay their mortgage, pay for medical care or make modifications to their home.
Different insurers cover different illnesses on their policies and it’s wise to take advice prior to selecting a policy. This will ensure that you end up with one that is suitable for your needs. Critical Illness Insurance is much more expensive than life cover because the chances of you making a claim are far higher.
Your chances of surviving the types of conditions covered are far higher than they were 30 years ago. However, if you are unfortunate enough to contract one of them then there are often financial consequences. Hence the popularity of the cover, especially for applicants who have mortgages or children to think about.
It’s very important to us that all of our customers are given an equal opportunity to take insurance out through ourselves. We wouldn’t be doing our job right if we didn’t mention it!
We offer all of our customers a free, no-obligation protection review where we’ll have a look at any existing policies you have in place and assess their suitability. We’ll then recommend which insurances, including critical illness and income protection, meet your needs. If required, we’ll then tailor the plan to match your available monthly budget.
Providing Critical Illness Insurance Advice in Beverley & Surrounding Areas
Life insurance is designed to pay out, usually in a lump sum, in the event of death. With regards to your mortgage, the sum assured should be enough to pay off your outstanding balance.
Here is some information about the most popular types:
Whole of life insurance does not have an end date, therefore, providing premiums are being met the policy will pay out. Generally speaking, this type of insurance is used for family protection and also as part of inheritance tax planning.
Term assurance is the most popular type of family insurance used to cover a mortgage.
Our Advisors will recommend the sum assured and term of the policy, usually to run in line with your new mortgage. Providing that all premiums are maintained, the sum assured will be paid out if you were to die during the term.
There are various types of Term Assurance available, such as decreasing and increasing cover. As part of our personal protection review, the most suitable policy for your needs will be recommended.
This is another version of Term Assurance, where instead of the sum assured being paid as a lump sum on death, it’s paid as an agreed monthly payment. This is very good for families looking to insure an income.
A good advisor will usually recommend a mixture of insurance types tailor-made to match your personal and family requirements.
If a property has been purchased in joint names, you could consider taking out a single life policy that will payout in the event of one of you dying.
This can be cheaper than paying the premiums on two separate policies, but bear in mind that joint policies only payout on the first death, after that the cover ends.
If you had two separate policies, the second policy would remain in force even after a claim had been made on the first.
Many companies offer their employees family a lump sum payment if the staff member dies while they are employed by the firm.
Although this doesn’t mean the death has to be at the workplace or in any way related to the job done.
This cover will most likely end as soon as you leave the company.
It’s very important to us that all of our customers are given an equal opportunity to take insurance out through ourselves. We wouldn’t be doing our job right if we didn’t mention it!
We offer all of our customers a free, no-obligation protection review where we’ll have a look at any existing policies you have in place and assess their suitability. We’ll then recommend which products, including critical illness and income protection that meet your needs. If required, we’ll then tailor the plan to match your available monthly budget.
Providing Life Insurance Advice in Beverley & Surrounding Areas
Mortgage Protection Insurance is a term used to encompass various types of cover designed to protect borrowers from events which could severely impact their ability to maintain mortgage payments.
There are different variations but when connected to a mortgage they are all there to provide peace of mind and usually fall into the following categories:
As a rule, if the policyholder dies within the term, then the sum assured should be enough to pay off the outstanding mortgage balance and ensure the borrower’s dependants aren’t left with a 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 works in a similar way to Life Assurance, in that it is usually taken for a specific term of years and can have the different options such as level/increasing etc. It is designed to pay out a lump sum and, like Life cover, for borrowers it is typically taken on a decreasing term basis in line with the reduction of your mortgage balance.
The key is that the benefit is paid if you fall victim to one of a number of 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 advice is recommended.
In practice many companies will offer Life and Critical Illness Critical cover as a combined policy and would usually pay out on the “first event” i.e. whatever happens first – either death or serious illness – the pay-out is made. They can also be written on a single or joint life basis
Whereas Life and Critical Illness cover pay out a lump sum, Income Protection pays out a monthly sum 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 being whether they make you unfit to work. There are however restrictions on how much you can cover and how quickly benefits would start to be 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 are written on a single life basis.
Probably the least common of the mortgage protection type policies but can often be valuable – particularly for those with young families. These plans can be taken to cover Life and/or Critical Illness and are underwritten on the application in the same way as mentioned above.
However, unlike the traditional forms of policy, 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 main breadwinner for a number of years, dependent upon a particular client’s circumstances and, because of this would usually be written on a level or basis, or an index-linked basis designed to keep up with inflation.
There’s an adage that says you can never have too much insurance. Certainly, many people have one or more of the different types of policy and 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 whilst it would be fantastic to cover yourself for every potential opportunity, a good advisor will sit down with you and tailor the type of cover to be the most suitable combination to your family’s priority and budget.
This is where we can help!
Please give us a call or fill out our enquiry form to speak with one of our Dedicated Protection Specialists.