What is Mortgage Protection?

Mortgage protection is a type of insurance designed to cover your mortgage payments in case of unforeseen circumstances that may affect your ability to repay your loan. This can include life assurance, family income benefit, critical illness cover, and income protection cover. The aim is to ensure that your mortgage is paid off or your payments are covered if you pass away, become critically ill, or lose your income due to illness or redundancy. Mortgage protection provides peace of mind, knowing that your home is secure no matter what life throws at you.

Life Assurance

This provides a tax-free cash lump pay out in the event of death and can be used to pay off your mortgage debt, so as your remaining partner/children are financially protected

Family Income Benefit

This provides a monthly/annual tax-free cash benefit in the event of death and can help replace the loss of an income and contribute towards paying childcare fees, mortgage payments, monthly expenditure etc.

Critical Illness Cover

This provides a payment if you suffer and survive a specified critical illness or operation and helps pay towards home alterations, medical treatment and your mortgage etc.

Income Protection Cover

This provides a regular income if you are unable to work due to illness or injury and helps you keep up with your ongoing financial commitments such as your mortgage payments, bills and living expenses.

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Why You Should Have Mortgage Protection

Having mortgage protection is essential for several reasons:

Financial Security: It ensures that your mortgage payments are covered if you are unable to work due to illness, injury, or redundancy, preventing financial strain on your family.

Home Preservation: Protects your home from repossession by guaranteeing that mortgage payments can still be made during difficult times.

Peace of Mind: Offers reassurance that you and your loved ones won’t be burdened with mortgage debt if you were to pass away or become incapacitated.

Future Planning: Provides a safety net that allows you to focus on recovery or finding new employment without the added stress of losing your home.

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How Chartwell Advisors Can Help You Choose the Right Mortgage Protection

At Chartwell, our advisors are committed to helping you find the best mortgage protection tailored to your specific needs. Here’s how we can assist you:

Personalised Assessment: We conduct a thorough review of your financial situation, health status, and employment conditions to recommend the most suitable protection plan.

Access to Multiple Providers: We check the whole of market to compare different policies and find the best rates and coverage options available.

Expert Advice: Our advisors are knowledgeable about the various types of mortgage protection and can explain the benefits and limitations of each, ensuring you make an informed decision.

Ongoing Support: We provide continuous support, helping you review and adjust your coverage as your circumstances change over time.

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What our customers say

See what real customers have to say about their experiences with the Chartwell Funding team

Read all our testimonials on Trustpilot
5-stars on Trustpilot
Great remortgage experience
Duncan and his team worked extremely hard to ensure we could get the best fixed rate available for our remortgage. We felt that we as clients always came first and that Duncan and Chartwell were constantly scanning the horizon on our behalf. Very happy to recommend them to anyone looking for an expert broker to help them with any sort of mortgage need.

Chris

5-stars on Trustpilot
Great service by Jordan and Daniel
Jordan has been excelent in sorting out our insurance, not only we saved £10 each month, but we got an upgraded plan. Also worth mentioning Daniel, our mortgage advisor. Always proficient in securing the best rates and very patient ensuring that we understand everything.

Mr Gherman

5-stars on Trustpilot
Fantastic service
Fantastic service. Great communication. They made everything clear and simple. Great company - I wouldn’t go anywhere else now!

Joe Thurston

5-stars on Trustpilot
I had a great experience!
I had a great experience with Chartwell Funding, everyone one was so helpful and informative. I always had a lot of questions and everyone happily helped with no bother. A big thank you to Dan and Star who made the process easy for me and always went above and beyond to help me through it. Thank you so much, I really appreciate it.

Cheryl

5-stars on Trustpilot
Amazing experience with Chartwell
Amazing experience with Chartwell, Duncan and the team really helped me secure a good mortgage for my first home. They were all welcoming, quick with replying and even checked up on me after it went through. I can't thank them enough for making it all feel easy!

Jordan

5-stars on Trustpilot
Fantastic and trustworthy company
Fantastic and trustworthy company. Once again Matt and his team guided me through the mortgage process checking in throughout and answering any query with efficiency.

Mrs Murray

Frequently asked questions

Here are some of the most common FAQs we hear about buying a home

What is mortgage protection?

Mortgage protection is a type of insurance designed to cover your mortgage payments in case of unforeseen circumstances such as death, critical illness, or job loss. It ensures that your mortgage is paid off or your payments are covered, preventing financial hardship and protecting your home.

What is critical illness cover?

Critical illness cover pays out a lump sum if you are diagnosed with a specified serious illness, such as cancer, heart attack, or stroke. This payout can be used to cover your mortgage payments, medical bills, or other expenses while you recover.

Is mortgage protection mandatory?

Mortgage protection is not legally mandatory, but many lenders require some form of insurance as a condition of the mortgage. Even if it is not required, it is highly recommended to protect yourself and your family from financial risk.

Can I get mortgage protection with a pre-existing condition?

It is possible to get mortgage protection with a pre-existing condition, but it may affect the terms of the policy and the premiums. It is important to disclose all medical conditions when applying for insurance to ensure you are fully covered.

How does income protection work?

Income protection insurance provides a regular income if you are unable to work due to illness or injury. It ensures that you can continue to meet your financial obligations, including mortgage payments, while you are unable to earn a salary.

What types of mortgage protection are available?

Common types of mortgage protection include life insurance, critical illness cover, income protection, and unemployment cover. Each type offers specific benefits tailored to different risks and situations, ensuring comprehensive coverage.

How does life insurance for mortgage protection work?

Life insurance for mortgage protection pays out a lump sum if you die during the term of the policy. This payout can be used to pay off the outstanding mortgage balance, ensuring your family can stay in their home without financial worries.

How much does mortgage protection cost?

The cost of mortgage protection varies based on factors such as the type of cover, the level of coverage, your age, health, occupation, and lifestyle. Premiums can be tailored to suit your budget and specific needs.

How can Chartwell help with mortgage protection?

Chartwell's expert advisors can help you assess your insurance needs, explain your options, and find the best mortgage protection policy for your situation. They have access to a wide range of insurance providers and can offer personalized advice to ensure comprehensive coverage.

Why do I need mortgage protection?

Mortgage protection provides financial security and peace of mind. It ensures that you or your family can keep up with mortgage payments if you are unable to work due to illness, injury, or redundancy, or in the event of your death. This prevents the risk of losing your home during difficult times.

Find the perfect mortgage solution

Get in touch with Chartwell today for a free consultation and expert advice to help you find the best solution to your mortgages and insurance needs

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