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A mortgage is a type of loan used to purchase property. The loan is secured against the property itself, meaning the lender can repossess it if the borrower fails to repay the loan.
In the UK, various types of mortgages are available, including fixed-rate, variable-rate, interest-only, and others. Each comes with its own advantages and disadvantages, which should be discussed with a mortgage advisor.
Typically, you will need identification, proof of income (such as payslips and bank statements), a credit report, and details about the property you intend to purchase.
Lenders generally consider factors such as your credit score, employment stability, income level, and the size of your deposit.
Life insurance is a policy that provides a payout to beneficiaries in the event of the policyholder’s death. It is important because it helps secure the financial future of your loved ones.
Life insurance provides benefits upon the policyholder's death, whereas critical illness cover offers financial support in the event of a serious illness, enabling you to cover medical costs and other expenses.
Accident insurance provides compensation for bodily injuries resulting from unexpected events, such as road accidents or falls.
Income protection is a policy that pays regular benefits if you are unable to work due to illness or injury. It helps maintain your standard of living and cover daily expenses.
A will is a legal document that outlines how your estate should be distributed after your death. It is crucial because it ensures your wishes are honoured and can help prevent family disputes.
Estate planning is the process of organising and managing your assets to maximise their value and ensure they are distributed according to your wishes after your death. It may also involve tax considerations and trust management.
Having a will provides peace of mind that your wishes will be fulfilled, protects the interests of your loved ones, and can assist in tax optimisation and avoiding lengthy legal processes.
You should update your will in the event of significant life changes, such as marriage, divorce, the birth of a child, the purchase of property, or a change in your financial situation.
