When my wife Sheena and I got married 25 years ago, we decided to take out a joint life, first death policy. After spending so much money on our home, we wanted the cheapest option available to us.
Fast forward 25 years and so much in my life has changed. I still live in the family home, now with my two teenage sons and we have a dog, but Sheena sadly passed away earlier this year.
Now that Sheena has passed away, the one policy we had had paid out, so I no longer have a cover.
At the time of taking out the policy, we decided not to opt for RPI (Retail Price Index). I did not feel at the time, that our policy needed to be in line with inflation and after taking this option off, we forgot about it. As a result, the cover we had...
We were contacted by Matthew & Joanna to review their mortgage. Matt works as a cab driver and Jo works in a care home.
Having a mortgage, working and being parents, they both understood the reasons why they needed to take out Life insurance. The adviser who helped with the mortgage, also provided quotes at the time of the mortgage application. They decided they did not want to take this up at this time.
A few years later when we reviewed their mortgage, we asked about their life cover again. Life cover had quickly fallen off their to-do list as there were always other priorities, they decided to meet with the adviser again and go through their options.
The second discussion was again, around their life insurance needs and p...
Do you have a mortgage? Is it protected so that you or your family do not lose your home if you are diagnosed with a terminal illness or when you die?
So many people in the UK, have mortgages with no protection in place. If you are one of these people; have you thought about what would happen to you and your family, if you died and the family were left homeless? If you have a joint mortgage, could your partner keep up the payments if you were to die first?
Case Study - Sasha and Brian:
Sasha and Brian had 2 children under the age of 10. They recently purchased their family home, which they had saved so long for. Both work...
So many people are being diagnosed with a life-changing illness such as cancer, heart attack, stroke or you may have an accident where you may not be able to go back to the job you are doing. Would you lose your home as a result? Do you have anyone you could turn to financially? The most common types of insurances we may take out in our lifetime:Car insurance Home insurance Contents insurance Mobile phone insurance Travel Insurance
What about insuring you, your ability and capacity and earn, wha...
Have you thought about Income Protection?
We are surrounded by stories of people having cancer, heart attacks, strokes, car accidents, mental health breakdowns, to name a few major health situations which could happen to any of us at any time.
If you are working, what would happen to your monthly income if you suddenly lost your ability to work?
Would you be able to manage without your monthly income?
If you could not pay your mortgage, how long before you lose your home? How would you pay the food bills and which of your home comforts would you lose first? Can you and your family cope with this financial loss?
Income Protection will pay you a monthly,...
Refinance of a Bridging loan on a Buy to Let property which was purchased in a Ltd Company via auction. Clients bridging rate was 8.4% per annum and they wanted to exit the bridge on to a Term Loan.
Original purchase price was £480,000 and after works it was valued at £750,000.Problems
One of the two Directors has a CCJ. The clients were Non Owner Occupiers and have no other Buy to Let properties.
Property had not yet been rented as it had undergone extensive refurbishment work to add floor size and full modernisation.
The clients previous broker had made numerous mortgage exit applications on their behalf all of which were declined.Solution
We used a lender (which had previously decline...
Sairah is a qualified dispensing pharmacist with over ten years' experience. Her employer decided to retire due to ill health and offered her the option of buying their Pharmacy.
The pharmacy had a premium value of the £485,000 with a lease of 14 years.
Naturally, Sairah approached her bank to see if they could help with the purchase. However, they were unable to help due to Sairah not having a deposit of 25% to put towards the purchase.
Sairah was referred to Key Life Financial Services by another Pharmacist. During our first meeting, we completed a full review of her personal and financial standing. Sairah was concerned that not having a deposit would mean she would not get the loan.
We approached a High Street lender...