Insurances
Get tailored insurance advice direct with KR Mortgages.
Level Term Assurance
You choose the level of cover you need and over what term you want it to run. The cover is level throughout the term so if you were to pass away during this time the insurer will pay out the sum you are covered for. If the policy is on a joint basis then the policy cancels on payment of the first death. The policy finishes at the end of the chosen term and has no surrender or maturity value.
Decreasing Term Assurance/Mortgage Protection Life Assurance
You decide on the initial cover you want and the term. However each month this cover reduces and is therefore considered practical for capital and interest repayment mortgages as the cover under the plan should be sufficient to clear the mortgage balance on death. On a joint policy the policy ceases on the first death claim. The policy doesn’t offer a surrender or maturity value.
Critical Illness Mortgage Insurance
This is designed to make a payout on the diagnosis of an illness covered by the insurer. It can be on a single or joint basis and can be level or decreasing. It can also be incorporated under the two covers above for added protection.
Mortgage Payment Protection
This plan offers protection against accident, sickness, unemployment or all three combined. It will pay a pre-agreed monthly amount (usually equivalent to the mortgage payment) for a set period. Extra benefit can be taken to cover monthly bills and insurances. The policy can be on a single or joint basis.
Mortgage Income Protection
This can be used alongside a mortgage. A chosen benefit (usually up to 65% of your annual salary) can be applied with the benefit of being paid after a chosen waiting period. The benefit continues to be paid until you return to work or reach retirement. Full details are available on request.
Mortgage Advice
As with all financial agreements an individual’s credit history dictates which lender will be happy to assist with a mortgage and the amount they are willing to lend. If you are unsure of your history you can obtain for a small cost a copy of your credit file from such companies as Experian or Equifax.
Outstanding credit commitments such as loans, HP and credit card balances are taken into account when a lender calculates the amount they are willing to lend so be prepared to have this information to hand when you start the mortgage process. With lenders offering different affordability calculations these commitments can determine who we would approach on your behalf.
Outstanding credit commitments such as loans, HP and credit card balances are taken into account when a lender calculates the amount they are willing to lend so be prepared to have this information to hand when you start the mortgage process. With lenders offering different affordability calculations these commitments can determine who we would approach on your behalf.