9th September 2016
Buying a home is a big commitment, one which should never to be taken too lightly. The first priority is to get the right mortgage. This doesn't just mean the cheapest rate you can find, but also one that suits your circumstance and doesn't tie you in any longer than it has to. Saving a few pounds in broker fees by trying to source a rate yourselves will only tell you the best rate, that's simple for most people to find on the Internet. What is hard to determine is which lenders accept your criteria and which lenders don't have unacceptable delays due to administration issues. You may also end up being declined and left with a marker on your credit file showing this information. Sourcing direct and get accepted will at best allow you to 'live in ignorance' of what could or would have been better suited, after all, we can't go back in time to compare 'what if'.
When it comes to sorting out the finance, there is the issue of paying it back, typically over 25 to 35 years. Who's to say you can keep a job that long and even if your job is considered safe, who's to say you'll remain healthy throughout that time? If you buy a home with a partner, and your income disappears, could they carry on paying the mortgage? These are all things that need to be budgeted for, whether it's through life insurance, income protection or critical illness (or all three), a professionally qualified adviser will help you to choose.
Now you've got your mortgage and life Insurance in place, all of a sudden your Estate is worth far more when you die. If you died whilst owning a property with a partner, then there are other issues as to who your half of the house will go to. This could be to your partner if the deeds were set up to reflect this, or your next of kin (typically parents) if you die without a Will. Parents would also inherit your savings, life Insurance and personal belongs too. Imagine the mayhem this would cause.
Although it's a solicitor's job to set up the deeds for you, the way in which they are set up is usually done on request. A professional mortgage adviser should point you in the right direction whether to have the deeds as 'joint tenants' or 'tenants in common'.
Premier Financial Group are passionate about getting it right for you and covering as many possible issues as practical to do so. That is why PFG are currently offering a free Will with every life insurance in connection with a mortgage.