Your home may be repossessed if you do not keep up repayments on your mortgage.

Mortgages in Carrickfergus

We have access to the  whole of market.  This means we can source suitable mortgages for most situations.

Type of mortgages:

  • Repayment or Capital and interest mortgage.
    This type guarantees your mortgage will be paid off by the end of the term if you keep up payments.
  • Interest only
    You only pay the interest and thus the intial capital sum borrowed remains outstanding.
  • Part Repayment
    Part interest only

We can offer fixed rates, tracker rates, variable rates and offset.
A fee of up to £395 is charged for mortgage advice.

Mortgage Life Cover / Critical Illness Cover Carrickfergus

It is essential to have the right insurance in place when it comes to protecting your mortgage. Unfortunately, you cannot rely on always being around for those who depend on you.

Mortgage cover is a decreasing term policy, which ensures your mortgage is paid off. As your mortgage decreases so does the Mortgage Protection cover decrease.

Mortgage life or Earlier Critical Illness is a decreasing term policy which ensures your mortgage is paid off if you die or contract a named critical illness within the term. This is the cheapest form of cover available.

Decreasing term insurance is not a savings or investment product and has no cash in value unless a valid claim is made. The length of the policy you take out should be the same as the mortgage term, otherwise you may not be fully protected.

Benefits of decreasing term assurance

  • Will ensure your family or dependants receive a cash sum to pay off your repayment mortgage when you die or contract a named critical illness.
  • Decreasing term assurance is cheaper than level term life assurance

Disadvantages of decreasing term assurance

  • The policy only pays out if you die or contract a named critical illness during the term
  • Cover reduces each year over the term. There’s no guarantee that it will cover your mortgage

Income Protection

Considering protecting your income should be taken very seriously given the limited government support available. Have you considered how you would pay the bills if you were sick or injured and couldn’t work? Income protection insurance is a financial safety net designed to help protect you, your family and your lifestyle in the unfortunate event that you cannot work or cope financially due to an illness or accidental injury preventing you from working.

No regular income will ultimately lead to financial struggles. Even if you were ill for only a short period of time, you could end up using savings to pay the bills. In the event that you suffer a serious illness, medical condition or indeed an accident, you may find that you are never able to return to work. Research shows that few of us could cope financially if we were off work for more than six months. Income protection insurance could provide a tax free monthly income for as long as required (up to retirement age) should you be unable to work due to long term sickness or injury.

Benefits of income protection

  • Income protection provides you with an income if you lose the ability to earn a living, so you can keep on paying the necessary expenses and maintain your independence
  • Adds to your financial security through offering a cover for you that includes loss through non–work related illness
  • You can freely choose your benefit period with income protection insurance
  • The repayment is consistent and tax-free

Disadvantages of income protection

  • You will be assessed based on the level of risk you carry which may be reflected in your premium payments
  • Most policies will not provide benefit for unemployment. Despite cover being provided for injury or illness
  • Some insurance providers will not provide a person with cover if they deem the person presents too great a risk to them

Accident and Sickness Cover

Accident and sickness cover is useful if you are concerned about whether or not you could cope financially in the event that you lost your job through ill health or redundancy. You can take out an accidental and sickness policy that is specific to a debt so that repayments will continue to be made in the event that you lose your income through accident or sickness.

It is important to note that most accident and sickness policies are time limited and will only pay out for a set period of time. This can range from a few months to a couple of years. Although, if you opt for a broader income protection policy, this will pay you a monthly amount until you recover or until the end of the policy term.

Benefits of accident and sickness cover

  • It’s a good idea if you think making your mortgage payments would be difficult if you were too ill to work and you don’t have any other protection to cover household bills
  • May be useful to think about if you don’t have a job which has sick pay or you’re self-employed

Disadvantages of accident and sickness cover

  • It only normally covers your mortgage plus a little extra, so you won’t have extra money to provide for other things like food, clothing, etc.
  • These types of cover pay for a limited time period, typically one to two years or until you return to work.

This payment protection insurance is optional. There are other providers of Payment Protection Insurance [Short-Term Income Protection] and other products designed to protect you against loss of income. For impartial information about insurance, please visit the website at www.moneyadviceservice.org.uk

Unemployment / Redundancy Cover

Unemployment or redundancy cover is designed to protect the unexpected. None of us know what’s around the corner when it comes to falling victim to redundancy or unemployment. Have you thought about how you would cope if you became a victim to one of these events? Without a regular monthly income, how would you manage financially to meet the demands of your mortgage or rent, utility bills and other outgoings?

Unemployment cover can provide a monthly tax-free cash sum that is usually based on between 40% – 60% of your gross earned income. Payment is made directly to you, allowing you to meet some or all of your financial commitments (depending on the level of cover taken out) while you recover or seek alternative employment. If your employer offers good salary related benefits if you are sick or injured, it can be sensible to buy separate unemployment cover.

Benefits of unemployment/redundancy cover

  • The mortgage repayments can be kept up to date so that there is no danger of defaulting with the possibility of repossession whist you look for new employment
  • You do not have to withdraw savings to pay bills

Disadvantages of unemployment/redundancy cover

  • The waiting period to receive money from a claim is between 30 and 90 days. This delay is the claim validation period to make sure the claim is justified
  • You must prove that you are redundant and that you are genuinely seeking employment

This payment protection insurance is optional. There are other providers of Payment Protection Insurance [Short-Term Income Protection] and other products designed to protect you against loss of income. For impartial information about insurance, please visit the website at www.moneyadviceservice.org.uk

Fortress Financial Services are an appointed representative of Intrinsic Financial Planning Limited and Intrinsic Mortgage Planning Limited, which are authorised and regulated by the Financial Conduct Authority.

The Financial Conduct Authority does not regulate auto enrolment, inheritance tax planning, trusts & wills.