Are You in Your Last Home? Very Likely…
The Government’s 2018 Autumn Budget has been and gone, and while there was a lot of good news, quite a few things were left unsaid.
Chancellor Phillip Hammond announced a stamp duty relief for first time buyers of shared ownership properties, but Helen Morrissey of Royal London says more needs to be done for the housing market:
“While the extension of this stamp duty relief will help first time buyers to get a step on the housing ladder we would argue that more can be done to make the housing market more liquid.
While first time buyers can buy a home what of those further up the ladder who cannot afford to either move to a larger home to accommodate their growing families or those looking to downsize.
We would urge the government to look at reliefs for those further up the housing ladder if we really want to free up the housing market.”
So, while first times buyers have been given a leg up, many people who have been on the property ladder for a long time could face staying in the same house for a lot longer.
For many, this extended stay could mean they or their spouse passing away in a house where mortgage payments are still due. When this happens, responsibility often falls to their spouse or their children and with less money coming in they may struggle to keep up with payments. Luckily, mortgage protection insurance can help your loved ones in such circumstances.
What is Mortgage Protection?
Mortgage Life Insurance is a policy where your premiums are paid into a lump sum received by your family should the worst happen. It will only cover the liability of the mortgage itself, but it will at least provide some peace of mind after your passing. So, make yourself a cup of tea, curl up on the sofa and protect your home sweet home by clicking the button below for your free, no obligation quote.