What do you have in place as a safety net?
If you have a mortgage, or are about to complete a new home supported by a mortgage lender and rely on your income to pay the bills like most people what do you have in place for you to continue making payments if you get sick or have an accident? Employer cover?
You might be surprised if you go through your employment contract to discover just how much you would be paid in the event of you having to take time off. Do you know for how long you would be covered and for how much? Would it cover your living costs?
Until now so many of us until now have been pretty much ignorant of the “what if” scenarios in life. Covid-19 has created more awareness of how vulnerable we are. So, if you do not have a safety net in place, and are perhaps a contractor or self-employed how much a week could you expect to receive if you have to rely on Statutory Sick Pay (SSP)?
The SSP is set at £96.35 per week for up to 28 weeks…Could you pay your mortgage and bills with £96.35? There is no way I could afford to live on £96.35 a week, how about you? I do not know anyone who has a mortgage that could get by on this amount, especially anyone who has any dependants like me.
So many people rely on either luck or an employer taking care of them only to be caught out short.
Protecting your income is your only first line of defense of protecting your home in life, and life insurance if you have any dependants in your death. Nothing else will safeguard your mortgage and other outgoings you have then these two policies.
I would rather feel secure in the knowledge that my home and family are protected rather than leave it to a hopeful lottery win, inheritance, leave it in the hands of an employer, or luck…How about you?
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Article wrote: April 14th, 2022
Please be aware the details of this article are appropriate from the time it was written, therefore any information given after this date may have changed.
Be aware that if you are unable to keep up your mortgage repayments you may lose your home. We are professional mortgage brokers with a joint knowledge of 75 years. So if you have any mortgage-related questions feel free to drop us a line at: hello@mtge.uk