Life Cover

Everyday Mortgages covers the whole of the UK but some of the cities recently covered are; Birmingham, Bristol, Cardiff, Edinburgh, Glasgow, Leeds, Liverpool, London, Manchester, Newcastle & Nottingham.

What Is Life Cover?

Life Cover is a Protection policy that may pay out an amount of money (Sum Assured) if you die during the term of the policy. The policy can be set up to protect a mortgage or to ensure loved ones are not financially at risk if you died prematurely. The two main ways these policies are arranged is on a Level Term and Decreasing Term basis. These policies have no cash in value at any time and require underwriting prior to being agreed.

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Mortgage Product Types

A fixed rate is when the rate of interest your mortgage borrowing is calculated on will not move for a period of time. Usually 2-5 years. Longer terms may be available. A fixed rate provides security knowing your mortgage payments will not increase for a specified period of time.

However, the potential downside to a fixed rate is that if the base rate reduces during the fixed rate period you will not be able to benefit from reduced payments.

A tracker rate is when the rate of interest your mortgage borrowing is calculated on increases or decreases in line with a linked base rate. This will mean your payments could increase or decrease. Tracker rates provide more flexibility than fixed rates although borrowers must ensure they can afford their mortgages if the rate increases.

A capped rate is very similar to a tracker rate as the rate increases or decreases in line with the Bank of England Base Rate but will never exceed a specified top level – ‘the cap.’

The product is a niche product and is not always available.

A SVR mortgage is a loan at the lender’s normal mortgage rate – ie without any discounts or deals. It moves up and down at the lender’s discretion. This means your payments could increase or decrease.

A discount mortgage gives you a lower rate for an agreed period usually 1-5 years after which the rate will increase. A discount mortgage normally gives you a discount from the lenders Standard Variable Rate. This will mean your payments could increase or decrease. Borrowers must ensure they can afford their mortgage if the lender increases their Standard Variable Rate.

An offset mortgage allows your savings to work harder for you. It is a way to reduce the amount of interest calculated on your mortgage. For example if you have a mortgage of £100,000 and savings of £20,000, if you offset the savings you would only be charged mortgage interest on £80,000. This would either reduce your term or monthly payments. The £20,000 savings would generally still be accessible. The product to run alongside this type of mortgage would usually be a tracker rate although fixed rates are also available.

Why Use Everday Mortgages Ltd?

UK Wide Online Mortgage Broker

  • Fully CeMAP qualified adviser who provides full advice and recommendation
  • Work on your behalf and not on behalf of the lenders
  • Deal with all the administration and paperwork on your behalf
  • Offer advice on Life Cover, Critical Illness Cover, Income Protection and Buildings/Contents Cover
  • No obligation service
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