Protection & Insurance
Your mortgage is one of the biggest financial commitments you’ll ever make—so why not protect it? At Magpie Nest Finance, we help safeguard your home and financial future with tailored protection and insurance options. From life cover to income protection, we ensure you have the right safety net in place, giving you peace of mind no matter what life brings.
Life Assurance
There are various types of life insurance available, but the aim behind this is to ensure that your family is financially protected should the worst happen to you.
Income Protection
This cover provides a monthly benefit in the even that you are taken ill or suffer an injury that prevents you from working.
Critical Illness Cover
Critical illness cover provides the policyholder the security of a tax-free lump sum payment if diagnosed with a critical illness as defined by the particulars of the insurer and the terms of their insurance.
Family Income Benefit
Family income benefit is similar to life cover, however instead of a lump sum payment this is paid out in monthly instalments to help with the day to day life and expenditure.
Buildings and Contents Cover
Family income benefit is similar to life cover, however instead of a lump sum payment this is paid out in monthly instalments to help with the day to day life and expenditure.
Insurance
Your mortgage is a major financial responsibility, and life’s uncertainties shouldn’t put your home at risk. At Magpie Nest Finance, we offer a range of protection policies designed to safeguard you and your loved ones from unexpected challenges.
Our team of specialist advisors at Cornerstone Mortgages & Finance are able to offer a variety of protection policies which include:
- Life assurance: Ensures your mortgage is paid off in the event of your passing, providing security for your family.
- Critical illness cover Pays a lump sum if you’re diagnosed with a serious illness, helping to ease financial burdens.
- Income protection Provides a monthly payout if illness or injury prevents you from working, keeping your finances stable.
- Buildings & Contents Insurance: Protects your home’s structure and your personal belongings from damage, theft, or unforeseen events.
With the right cover in place, you can enjoy peace of mind knowing your home and future are secure—no matter what life brings.
Mortgage FAQs
How much deposit do I need for a mortgage?
The deposit requirement depends on the lender and type of mortgage, but typically, you’ll need at least 5-10% of the property’s value. A higher deposit can help secure better interest rates.
How long does the mortgage application process take?
No life insurance is not required in order to get a mortgage however it is highly recommended that a suitable policy is taken out to protect the people that you leave behind.
Can I get a mortgage with bad credit?
Yes, but options may be limited. Some lenders specialize in bad credit mortgages, though they may require a higher deposit or charge higher interest rates.
What is an Agreement in Principle (AIP)?
An AIP is a statement from a lender indicating how much they may be willing to lend you, based on a basic credit check and financial assessment. It helps you understand your borrowing power before house hunting.
What fees are involved in getting a mortgage?
Mortgage costs can include lender fees, valuation fees, legal fees, and potential broker fees. It’s important to understand all associated costs before committing.
What’s the difference between a repayment and an interest-only mortgage?
A repayment mortgage means you pay both interest and part of the loan each month, clearing the debt by the end of the term. An interest-only mortgage requires you to pay only interest, with the loan balance due at the end of the term.
Can I overpay my mortgage?
Most lenders allow overpayments, but some have limits or early repayment charges. Overpaying can reduce your total interest and shorten your mortgage term.
What happens if I miss a mortgage payment?
Missing a mortgage payment could affect your credit score and lead to penalties. If you’re struggling, it’s best to contact your lender immediately to discuss possible solutions.
Insurance FAQs
Do I need life insurance for my mortgage?
It’s not legally required, but highly recommended. Life insurance ensures your loved ones won’t struggle to cover mortgage payments if something happens to you.
What is mortgage protection insurance?
Mortgage protection insurance covers your mortgage payments if you’re unable to work due to illness, injury, or unemployment, helping to prevent financial difficulties.
What’s the difference between critical illness cover and income protection?
Critical illness cover pays a lump sum if you’re diagnosed with a serious illness, while income protection provides regular payments if you’re unable to work due to illness or injury.
Can I get life insurance if I have a pre-existing condition?
Yes, but it depends on the condition and the insurer. Some providers may charge higher premiums, while others specialize in covering pre-existing conditions.
Does my mortgage lender provide insurance?
Some lenders offer insurance, but you’re not obligated to take it. Shopping around can help you find the best coverage and price for your needs.
How often should I review my insurance policies?
It’s good practice to review your insurance annually or whenever there’s a major life change, such as buying a new home, getting married, or having children.
What happens if I don’t have buildings insurance?
Buildings insurance is mandatory for mortgage approval. Without it, your lender may refuse to lend, and you could be financially responsible for any property damage.
Contact our
experts today
- 07894 213439
- 07894 213439
- mehidi@magpienestfinance.com
