What happens if a disaster prevents you making your mortgage repayments?
A mortgage is a huge commitment; you normally have to repay the loan to your lender - also known as 'redeeming your mortgage' - by making monthly payments over a 25-year period.
You should therefore consider how the money would be repaid were you to either:
1 Die prematurely; or
2 Stop working, either through losing your job or by suffering a prolonged illness.
Your lender can repossess your home if you default on mortgage repayments and if you have family or dependants, they will be made homeless. You can take out life insurance and mortgage protection insurance to protect against repossession due to death or loss of income.
*The free mortgage consultation allows you to discuss your mortgage opportunities with one of our panel of FCA-regulated mortgage brokers. If you want to proceed, some mortgage products require a payment to the broker. You can disengage your Mortgage Broker before making a formal application, and no fee will be charged. SAM Conveyancing doesn't provide regulated mortgage advice.