The benefits of using a mortgage adviser

Tuesday, 13th August, 2019
mortgage broker

It was refreshing to see a piece in the Express, recently, which revealed how a third of homeowners who didn’t use a mortgage adviser had no form of protection.

Refreshing not from an ‘I told you so’ perspective of a mortgage broker, but refreshing to see the benefits of using mortgage brokers being put forward by a national newspaper.

However, it was the fact that this particular article drew attention to an important – if subtle – benefit of using a broker when applying for a mortgage, which is that not only should good mortgage brokers strive to get their customers the very best mortgage deals, but also ensure that they are protected, too.

The article, which focused on research by Legal & General Mortgage Club, revealed how 34% of homeowners that did not use a mortgage adviser do not currently have any kind of financial protection for their mortgage – be that life insurance, critical illness cover or income protection.

Sadly, this means that there are a significant number of homeowners that haven’t accounted for the negative financial impact – and the potential for missed mortgage payments – associated with long-term illness. Essentially, there are currently a large number of UK homeowners that are exposed.

Fortunately for our clients, Complete Mortgages isn’t just a Guildford mortgage broker.

Through our sister brand, Complete Cover, we also provide a wide portfolio of personal cover and mortgage-related insurances so that in the event of illness and even death, those that have taken a mortgage with us can feel rest assured that they (the policy holder and their family) will not run into financial difficulty.

In order to safeguard UK homeowners, it’s essential that mortgage advisers advise and not just broker deals. Articles such as that published by the Express – and research commissioned by Legal & General – will not only play a role in raising awareness of the potential consequences of sub-standard cover, but also make mortgage brokers more accountable in the process, too.

For access to mortgage insurances including property insurance, life insurance, mortgage payment protection and income protection contact the team on 01483 238280 or email info@complete-mortgages.co.uk.

By Mark Finnegan, Director at Complete Mortgages


Could the New Year be a time for a new insurance policy?

Friday, 25th January, 2019

The arrival of a new year presents the perfect opportunity to set goals for the coming 12 months, achieve what you perhaps didn’t the year before and ensure that the year ahead is as enjoyable and productive as it can be – which is why it’s a great time to review your existing insurance policies, too.

Yes, Christmas – a time when burglaries are reported to increase – is behind us, but there’s no harm in making sure that you’re as well protected as you possibly can be all year round.

Whilst prevention is without doubt the most important factor when it comes to theft of any kind, the simple realities of life mean that sometimes, prevention is not an option and it becomes necessary to have to deal with a burglary after the event.

The positive news is that most people have good home insurance that can safeguard against any losses. Sadly, however, there are those who do not.

As a Guildford insurance broker that offers comprehensive home insurance, we try to encourage our clients to make sure that their home insurance policy is up to date and that all those new items purchased for loved ones – and themselves – over the festive period such as new jewellery, watches and other expensive items, are recorded as named items.

Forgetting to add that precious item onto the policy is all too easy to do and the consequences can be devastating.

Whether you’ve had to buy a new TV for that extension you had done last summer, or decided that you couldn’t live without this year’s specialist road bike, it’s worth sparing half an hour to make sure that you have everything covered.

Also, now that we’re at the start of 2019, it’s not only a good time to check your home insurance policy but also review ALL your existing insurance policies to make sure that they, too, reflect any changes that may have occurred over the course of last year.

Complete Cover recommends that you review any life insurance cover, critical illness cover and income protection insurance products that you may have at the beginning a new year. For example, any changes to your health over the last 12 months will need to be updated on your policy, too.

Taking time out to review your insurance policies at the start of the year means that you can enjoy 2019 without worrying about it again – well, until the start of 2020, at least. The good news is that Complete Cover is on hand to manage all the paperwork for you; all you need to do is call us.

We’ve also just expanded our team, having promoted Gemma Sawyer, who has been with Complete Mortgages since 2012, to an insurance adviser. Gemma can be contacted at gemma@complete-mortgages.co.uk.

If you’re looking to renew an insurance policy – or you simply don’t have one – then our team of Guildford insurance specialists will be happy to help. Contact us on 01483 238280 or email info@complete-mortgages.co.uk.

By Carolyne Fairfull, Insurance Adviser at Complete Cover


Five reasons to use a mortgage broker

Tuesday, 22nd August, 2017
mortgage broker

Regular readers will know that we tackle pretty much every topic related to applying for a mortgage; from the actual mortgage products themselves (buy to let mortgages, commercial mortgages, residential mortgages etc.) to the legislation and changes in rules that either hinders or facilitates access to them.

However, on this occasion, I’ve decided to place the spotlight not just on the team of mortgage brokers at Complete Mortgages, but mortgage brokers as a whole.

Not because mortgage brokers have come under fire, or that that there is any particular reason to defend the work of a mortgage broker. It’s just that there are now a number of elements such as regulation, new rules, and restrictions that affects those wishing to apply for a mortgage.

This, on one hand, makes the work of a broker more complex and challenging, however on the other it’s allowing brokers throughout the UK to showcase how they can add value to their clients.

As a result, I would simply like to take this opportunity to remind homeowners and investors why using a mortgage broker can help expedite the mortgage application process and save a lot of heartache in the process.

From the recent changes affecting mortgage affordability to the latest set of rules from the Prudential Regulation Authority, which come into play in September and require landlords to provide details of their assets and liabilities, declare future investment property intentions and reveal the property schedule already requested for buy to let mortgage applications, there are now more obstacles to navigate than ever before.

And, as the number of obstacles grow, so too does the number of reasons to outsource your mortgage application requirements to a mortgage professional. Here are five.

1. Knowledge is power

This sub-heading is probably slightly over-egging the pudding, however it’s true that the more you know the more you can control. A good mortgage broker thoroughly knows the industry and, as a result, knows how to present your case in a way that reduces administration time and gets the desired result quicker. This knowledge, which non-mortgage brokers typically wouldn’t know, also enables brokers to sidestep the pitfalls and capitalise on any potential opportunities, thus ensuring you receive the best possible mortgage advice for your particular circumstances.

2. Qualifications count

It goes without saying, but those with formal training and qualifications in anything – from medicine and teaching to hairdressing and car maintenance – are more likely to approach what they do in a more efficient, balanced and professional manner.

3. Duty of care

Professional mortgage brokers are not only morally obliged to act in your best interests, but also the Financial Conduct Authority also heavily regulates them. If your mortgage broker is not acting in your best interest, then you’re covered. Complete Mortgages positively embrace the FCA’s Treating Customers Fairly initiative meaning that you will be treated fairly with the utmost duty of care at all times.

4. Bigger picture

Mortgage brokers assess and evaluate every aspect of your financial situation. Not only does this ensure that you end up with the right mortgage for you, but it also means that they can develop a holistic package covering other aspects of your financial planning such as life insurance, critical illness cover and income protection in one go.

5. No time to lose

If, like most people, you’re incredibly busy, then juggling mortgage applications with your job and family commitments is probably something you could do without. By using a mortgage broker you can offload the burden of finding the right mortgage – and the associated admin – freeing you up to either a) focus on doing what you do best or b) spend time on anything but applying for a mortgage!

As the mortgage lending landscape continues to change and lenders become more careful about whom they lend to, why spend time doing something that mortgage brokers can handle for you

Whether you’re looking to secure a mortgage or simply want to remortgage, then contact the team at Complete Mortgages on 01483 238280 or email info@complete-mortgages.co.uk to find out how we can help you.

By Mark Finnegan, Director at Complete Mortgages


Reduce life’s uncertainties with serious illness cover

Monday, 18th July, 2016
insurance broker surrey

As the fallout from the EU referendum gathers pace, there’s one thing that shines through more than anything else: people hate uncertainty.

Who can blame them? Uncertainty – and the feeling of being exposed – can lead to anxiety and a sense of vulnerability. We try to limit, if not eliminate, uncertainty wherever possible because it’s uncomfortable however in many instances, uncertainty is simply a fact of life.

And when it comes to illness or the risk of illness, not one single person can be certain that they won’t be affected. In fact, when it comes to the future of one’s health, the only certainty, sadly, is uncertainty.

And this is why the argument for serious illness cover (or critical illness cover, as it’s also known) has never been as compelling.

Mortgage lending increased by £300 million in April* and the average UK mortgage debt stands at £85,000** up from £83,000 in 2014. So, lending is increasing as well as individuals’ mortgage liabilities, which is acceptable providing a) the economy is growing and b) you don’t become ill to the point whereby you can no longer afford to make your mortgage repayments.

Given the extensive analysis with regards to point a) that’s currently unfolding across the UK’s media, I’m going to focus on point b).

Research+ has revealed that only a fifth have critical illness insurance cover in place. A third claim that if their partner became ill enough to not work, they would not be able to live on a single salary and 23% would only be able to pay three mortgage instalments if they suddenly couldn’t work.

As an insurance broker in Surrey, where property prices (and mortgages) are high, I find these figures unsettling. Not only because it would take very little to leave homeowners in a very precarious position based on a savings pot that could cope with only three mortgage payments, but also because it would appear that the majority of the UK is blindly unaware that they, too, could be hit by some unexpected illness that could leave them unable to work.

When it comes to critical illness, there is a tendency to think that it only happens to other people. Whilst I am not advocating that people become more pessimistic about their future, I am encouraging them to become more mindful of the fact that life has a habit of changing people’s fortunes in the blink of an eye. Unfortunately, people do become seriously ill and can no longer work and if that person is responsible for paying the mortgage and bringing up a family there is potentially a lot at stake.

We can’t change the markets; they will always be uncertain, volatile and echo the political landscape of the day. However we can be certain that we’ve done all we can to protect ourselves and those most precious to us in times of difficulty.

To discuss any aspect of critical illness cover or to make sure that you have insurance for serious illness, contact Complete Mortgages on 01483 238280 or email info@complete-mortgages.co.uk.

* http://themoneycharity.org.uk/money-statistics

** http://www.hl.co.uk/news/2015/12/16/average-uk-mortgage-debt-rises-to-85000

+http://www.thisismoney.co.uk/money/mortgageshome/article-3642999/Homeowners-mistakenly-believe-help-lose-income.html