Foundation Mortgages

Most mortgages on the market today offer “Initial Benefit Periods” where the product expires after a certain date, usually 2-5 years. After this period expires your mortgage typically reverts to the lenders variable rate which is not fixed and is traditionally higher than the initial benefit, although this is not always the case.

Remortgaging can be a great way to save money. Paying a slightly lower rate of interest could make a noticeable difference in your monthly mortgage payments, and in the long run, could save you thousands. Alternatively you may just want the stability of knowing what your monthly payment will be for the next few years. But remember – before you switch mortgage deals, be sure to check all the figures, including fees and early repayment penalties, as moving your mortgage for a lower rate than your current lenders variable rate may not be the most cost effective route for you to take..

Life assurance is a policy that will pay out a lump sum if the policyholder dies during the term of the policy and is designed to ensure the policyholder’s dependents receive financial support should the worst happen.

This money is usually used to fund expensive funeral bills, clear mortgage, loan & credit card debts and to ensure whoever you choose to look after your dependents has the money to do so.

Foundation Mortgages advise on all types of life assurance whether it’s protecting your property, income or loved one’s.

Critical Illness Cover (also referred to as CIC) will pay you a tax free lump sum if you are diagnosed with an illnesses specified by the policy. These usually include certain types of cancer, heart attack, stroke, brain tumour and others.

This money is usually used to fund expensive medical bills, and can also be used to clear debts to make your finances easier to manage whilst you are not earning.

Income Protection is the first insurance you should take out. How can you pay for any of your other outgoings without an income?

The truth is that, without your income, or perhaps your partner’s income, you will almost certainly struggle, especially if you go without an income for more than a few months.

Homemakers can also get cover, because although they may not actually earn an income, they do make a valuable financial contribution to the household by caring for children and looking after the home.

If you’re a home-maker (or your partner is), just think what would happen if you were sick or disabled. Who would look after the children? Who would look after the home? Chances are you’d have to pay for some help, or your partner might even have to give up work to support you. Either way there will be a financial impact, this is why home-makers should also have Income Protection.

The reason we believe everyone should have some form of income protection is because the State benefits system does not provide enough if you are unable to earn. You are far more likely to be unable to work due to illness than to die, which is why we feel income protection is more important to have than life cover. Some employers will pay you while you are sick so you should check the details before applying, but if your employer does not, or you’re self-employed, Income Protection is essential.

By using Foundation Mortgages, we will ensure that you only have the cover you need, or is most suitable given your circumstances.