Questions to ask the broker

moozie_2

AndrewSmith wrote:

HI Moozie,

What are the insurances you are looking for information on?

Andy

Hello Andy

I haven't got the names right on these yet so apologies if I am not making sense but we would like to be covered for unemployment and critical illness. Although my OH would be able to carry on with the mortgage repayments and other costs if I were made redundant, I wouldn't be able to if he wasn't working. Also, if either of us fell ill, we would want to not have to worry about repayments.

We have a recent experience of someone close to us who had a critical illness for 2 years and they found it very hard managing the illness as well as the bills.

moozie_2

Joe_Bloggs wrote:

I think it is a good idea to plan where you would be when it comes to your next remortgage. Any thoughts ?
From were I stand my rate will be higher than moozies unless my brainwashing plan of the monetary policy committee works.
J_B.

We have given a lot of thought about where we will be in 2 years time. Firstly, I will be debt free or, at worse case scenario, very close to it (2 months) and my debt repayments will be re-directed to the mortgage and savings.

Secondly, we will have had 2 endowment policies mature which should pay over £20,000 as they stand today. This amount will be paid into the mortgage.

Thirdly, we will have both had pay rises. Our jobs are fairly secure (as much as that can be said about anything) and I am actively looking for a higher paid job. So we aim to have a higher amount available to pay off the mortgage monthly.

Based on all this, our re-mortgage will be for a mush shorter term than the 25 years we have now. Looking at 12 years but we will know for sure closer to the time.

I hope I am making sense but if you see a flaw in my thinking, please point it out as we are learning more and more each day