Let Us help you arrange your Critical Illness Cover

Caz Blake-Symes • October 23, 2023


Bristol Mortgages Online, Weston Mortgages Online, Bath Mortgages Online and Exeter Mortgages Online are all independent, whole of market, mortgage brokers that focus on finding a great deal and the best mortgage for you and your personal circumstances.

As an Independent Mortgage Broker, we are not only mortgage specialists, but we can also access the whole market for your insurance protection needs too.

 

Many banks and building societies and estate agents are “tied” to one insurer, and therefore cannot compete with an independent specialist like us on cost or benefits as they only offer one product. This is a complex area and, in our view, is sometimes a more important decision than the mortgage. Whereas a mortgage deal may only last two or three years, the right protection could last the whole term!

 

We therefore always have a free face to face consultation with you and one of our experienced advisers to discuss your individual requirements to help us with our personal recommendations.

We have listed below a brief description of some of the many types of protection currently available, which may help narrow down your choices. Please feel free to call us and we will arrange an appointment with you at home, in your office, at one of our offices or via Zoom.

 

Critical Illness Cover

What is critical illness cover?

Critical illness insurance will pay out if you get one of a number of a specific medical conditions or injuries listed in the policy. But be aware that not all conditions are covered and the policy will also state how serious the condition must be.

Most policies will also consider permanent disabilities as a result of injury or illness. A critical illness policy only pays out once and then the policy ends. Some policies will make a smaller payment for less severe conditions, or if one of your children has one of the specified conditions.

 

What is not covered?

Some serious illnesses might not be covered, for example, some cancers and conditions not listed in the policy. You probably won’t be covered for health problems you knew you had before you took out the insurance, and this type of insurance does not pay out if you die. What’s covered and what’s not, will be set out in the policy details so make sure you’re fully aware of them and that they cover your needs. We guide you through all the considerations to find the right policy to meet your needs.

 

How much does it cost?

Your monthly payments will depend on a number of factors, including:

  • age
  • whether you smoke or have previously smoked
  • health (your current health, your weight, your family medical history)
  • job (some occupations carry a higher risk than others and may mean you have to pay more each month)
  • the amount of cover you take out

 

Our experienced and knowledgeable Advisers will talk you through all the policy options enabling you to make an informed decision regarding the best level of protection.

 

Other types of Protection products include:

Permanent Health Insurance/Income Protection

Provides a long-term, Tax-Free income, if you are unable to work due to accident or sickness, if eligible. This ideally would provide an income up to retirement. Some providers offer shorter term income payment periods, for example to the end of a mortgage term or for two or five years.  If you are employed, this tends to commence from when your employer’s sick pay entitlement finishes. If you do not have sick pay or are self-employed, payments will commence as per your chosen deferment period, this is usually from 4 to 52 weeks.

 

Private Health Insurance

To provide cover to allow for any private medical treatment and may also provide an income while in an NHS hospital. Subject to limits and eligibility. This insurance may help avoid lengthy waits on the NHS by having a private consultation or procedure using this insurance.

 

Mortgage Payment Protection

Usually provides short term protection against sickness and/or redundancy. If you are eligible, cover can be from Day 1 or 30/60 days and lasts 12 - 24 months in either event.

 

Business & Commercial Cover

We will be delighted to provide you with quotations for any of the above insurance products. We also have access to excellent providers for Investment, Commercial and business Insurance.

Whether you are a sole trader, partnership or Limited company, Business protection is a vital safety net, and can take many forms, life and/or Critical Illness cover, Income protection, Key person or 'Key Man' insurance, and for Limited Companies, why not Let the Tax man pay for some of your life cover?

 

Home and Contents Cover

We will be pleased to run a comparison quote for either a new or existing policy for all your Home and/or Contents requirements.


Contact Us

For further details about the mortgage and protection products we offer as a fully independent mortgage broker, or any other mortgage information, book your FREE CONSULTATION with one of our expert Mortgage and Protection Advisers.

Bristol Mortgages Online             www.bristolmortgagesonline.com          Tel 0117 325 1511

Bath Mortgages Online                 www.bathmortgagesonline.com             Tel 01225 584 888

Weston Mortgages Online            www.westonmortgagesonline.com        Tel 01934 442 023

Exeter Mortgages Online               www.exetermortgagesonline.com         Tel 01392 690 888


Boost to buying power from changes to affordability tests

By Caz Blake-Symes • May 1, 2025
Adapted from Zoopla’s April 2025 Housing report I mage: The analysis uses average house prices from the house price index and for first-time buyers to assess mortgage payments at different mortgage rates applied to a 30- year mortgage, at different loan-to-values. One emerging trend that we expect to positively support market activity in the coming months is a relaxation in how lenders assess the affordability of new mortgages. While buyers focus on the mortgage rate they will pay, lenders also check whether the borrower can afford a 'stressed mortgage rate' at a higher level than the borrower will pay. ​ While the average 5-year fixed rate mortgage is around 4.5% today, many lenders are currently 'stress testing' affordability at 8-9%. This makes it harder to secure a mortgage without a large deposit. If average mortgage stress rates were to return to pre-2022 levels of 6.5% to 7%, this would deliver a 15-20% boost to buying power. ​ An average first-time buyer with mortgage repayments of £1,020pcm at a 4.5% mortgage rate would typically have to prove they could afford monthly repayments of £1,550pcm at an 8.5% stress rate. If the stress testing is relaxed to 6.5%, repayments would fall to £1,275pcm, boosting buying power. It's a similar pattern for the average homeowner, while the actual impact will vary by lender and type of borrower. ​ This change would consequently supporting demand and sales volumes, helping to clear the stock of homes for sale, rather than boosting house prices. Other existing rules and regulations that remain in place will continue to impact the availability of mortgage finance.  Comment from Phil Clark “This is potentially very exciting news and will give borrowers a greater choice of products if these rules are relaxed. Regardless of whether you are a First-time Buyer, Looking to move, remortgage or invest in property, there are a huge range of competitive mortgage deals on the market. I will be delighted to discuss your specific requirements and offer you the most suitable deal!” Please call Phil on 0117 3251511 or email info@swmortgages.com For more information about the Mortgage and Protection products we offer, please visit www.bristolmortgagesonline.com Your home/property may be repossessed if you do not keep up repayments on a mortgage or other debt secured on it.

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By Caz Blake-Symes • February 19, 2025
Adapted from BBC Article by Kevin Peachey, Cost of living correspondent 13 February 2025 Two major lenders launched mortgage deals on Thursday with interest rates of less than 4%, as competition picks up in the sector. The prospect of further cuts in the base rate by the Bank of England has given mortgage providers confidence to reduce their own rates. But the attention-grabbing sub-4% deals by Santander and Barclays will not be available to all borrowers, particularly first-time buyers, and may come with a hefty fee. The return of such deals might prompt other lenders to follow suit after a period of tepid competition. Nationwide, the UK's biggest building society, has said it will reduce some of its rates on Friday. Mortgage deals with interest rates below 4% have not been seen since November. Across the whole market the average rate on a two-year fixed deal is 5.48%. The typical rate on five-year deals is 5.29%, according to latest figures from Moneyfacts. Time to decide Some tracker and variable rate mortgages move fairly closely in line with the Bank's base rate, which was cut to 4.5% a week ago. However, more than eight in 10 mortgage customers have fixed-rate deals. The interest rate on this kind of mortgage does not change until the deal expires, usually after two or five years, and a new one is chosen to replace it. About 800,000 fixed-rate mortgages, currently with an interest rate of 3% or below, are expected to expire every year, on average, until the end of 2027. That means a higher monthly bill for many homeowners on their next renewal, but there are signs that the rate they could pay is on its way down.  Bank of England governor Andrew Bailey said the interest-rate setting committee expected to be able to cut rates further "but we will have to judge meeting by meeting, how far and how fast". This will affect savers who are seeing lower returns, but could bring better news for borrowers. The Bank's next rates decision is on 20 March. Message from Phil Clark “Regardless of whether you are a First-time Buyer, Looking to move, remortgage or invest in property, there are a huge range of competitive mortgage deals on the market. I will be delighted to discuss your specific requirements and offer you the most suitable deal!” Please call Phil on 0117 3251511 or email info@swmortgages.com For more information about Mortgage and Protection please visit www.bristolmortgagesonline.com
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