Mortgage protection

mortgage_protection

At Torc24 we pride ourselves not just in helping you to secure the finance on your new home but making sure you safeguard your dream whatever life throws at you is just as important.

Once we have found you a suitable mortgage we will then turn our attention to helping you protect your home if the worst should happen. We can recommend a range of products including Mortgage protection, Critical Illness Cover and Income Protection.

Mortgage protection

This policy provides a lump sum designed to cover the existing mortgage balance in the event of death. There are many reasons why it is a good idea to take out a mortgage protection policy, the most obvious is to provide funds to pay off your mortgage should you die before it is paid off. This would mean that your dependents would continue to live in the property.

Critical Illness Cover

If you are diagnosed with a critical illness such as cancer or heart attack, it would be great to have your mortgage paid off and thus the financial stress of this removed at a very difficult time. Critical Illness Insurance is designed to provide you with financial protection in the event that you are diagnosed with a specified critical condition during the term of the policy. This is particularly important if you own a property and currently paying a mortgage. Whereas life assurance only pays out to your beneficiaries in the event of your death, if you are diagnosed with a critical illness, your insurer will pay out a tax-free lump sum directly to you. This can then be used to pay off your mortgage or even adapt your home to cater for any disability your illness may have inflicted. 

Income Protection 

Income Protection Insurance, also known as Permanent Health Insurance, is designed to provide you with a tax free income if you unable to work due to an accident or illness. This insurance allows you to concentrate on getting better rather worrying about how you are going to pay your bills.

Buildings Insurance & Contents Insurance

When you take out a mortgage, the lender will require that you have adequate buildings insurance, which insures the property against damage from a list of perils such as fire, flood, theft or third party malicious damage. Under the contents insurance aspect, you protect your belongings as well as the building and can enhance your cover to include personal items outside of the property for risks such as loss, theft or accidental damage.

YOUR HOME OR PROPERTY MAY BE REPOSSESSED IF YOU DO NOT KEEP UP REPAYMENTS ON YOUR MORTGAGE. YOU MAY HAVE TO PAY AN EARLY REPAYMENT CHARGE TO YOUR EXISITING LENDER IF YOU RE-MORTGAGE.

WE CHARGE A FEE FOR THE SERVICES WE OFFER IN RELATION TO THE ADMINISTRATION OF YOUR MORTGAGE APPLICATION. THE AMOUNT YOU PAY WILL DEPEND ON YOUR CIRCUMSTANCES BUT IS TYPICALLY £499. FEES ARE PAYABLE ON APPLICATION AND ARE NON-REFUNDABLE. WE WILL RECEIVE COMMISSION FROM THE LENDER WE PLACE YOUR MORTGAGE WITH AND WE WILL ALSO RECEIVE COMMISSION FROM THE INSURER IF YOU TAKE PROTECTION WITH THEM.

Mortgages are subject to status, valuation and lender criteria and are not available to persons under the age of 18.

Torc24 is a trading name of Spaull Ltd which is registered in England and Wales under company number 2509770, Registered Office is Cumbria House, 16-20 Hockliffe Street, Leighton Buzzard, Bedfordshire, LU7 1GN. VAT Registration Number is 500 2481 05.
For the activities of advising on regulated mortgages and non-investment insurance contracts Spaull Limited is an appointed representative of Connells Limited which is authorised and regulated by the Financial Conduct Authority. Connells Limited's Financial Services Register number is 302221. Most buy-to-let mortgages are not regulated.

Talk to us by calling 01442 860 700