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Advice needed; Buying a property - mortage is AIP and now Connells want to introduce

edited 30 November -1 at 1:00AM in Mortgages & Endowments
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  • dunstonhdunstonh Forumite
    106.3K posts
    Part of the Furniture 10,000 Posts Name Dropper Combo Breaker
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    Most employees have the wrong idea about employer benefits. Typically the most misunderstood areas are income protection and pensions. Staff room myths tend to develop and get passed on with little basis of fact.
    I am an Independent Financial Adviser (IFA). The comments I make are just my opinion and are for discussion purposes only. They are not financial advice and you should not treat them as such. If you feel an area discussed may be relevant to you, then please seek advice from an Independent Financial Adviser local to you.
    Stop buying from brands that support cancel culture: Grolsch, Ikea, Kopparberg, Nivea, Octopus Energy.
  • homer_j_3homer_j_3 Forumite
    3.3K posts
    I agree - it always makes me smile when clients say

    "I have been speaking to <insert friend/colleagues/family member name here> and they have told me that I don't need the income protection and critical illness cover"

    You then reply, well why have they told you that?

    They reply, they say well the other bits a waste of money and thats all they have.

    You reply "whats your friend /colleague/family member do?

    They reply "Oh they work in the shop with me"

    you reply " Did they tell you which is the best mortgage too?"

    They reply "No"

    You reply "Im glad Im going to be able to tell you something that your friend isn't already an expert on then and I know something this person doesnt.

    The funny thing about it is that they are single and life cover is probably the last on the list of priorities but they just cant see that.

    In my opinion, mortgage protection should be compulsary like car insurance especially when you read that repo's are on the up and its all because people can't pay due to loss if income due to the things we try and help them avoid.
    I am a Mortgage Adviser
    You should note that this site doesn't check my status as a Mortgage Adviser, so you need to take my word for it. This signature is here as I follow MSE's Mortgage Adviser Code of Conduct. Any posts on here are for information and discussion purposes only and shouldn't be seen as financial advice.
  • Mr_helpfulMr_helpful Forumite
    3.2K posts
    I would tend to agree with Homer at least for Permanent health insurance but the ASU policies really are crap and poor value for money. Once again people dont realise they wont pay out until after your next mortgage payment is due so you still end up with late payments showing on the credit file which is not good when they relate to mortgages.
    I like to give people as many choices as possible to do what I want them to. (Milton H Erickson I think)
  • MortgageMammaMortgageMamma Forumite
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    It would be great if Permanent Health Insurance Policies were made compulsory - there would hardly be anyone claiming incapacity benefit or any of the other sickness benefits, of course I dont have anything against anyone genuinely ill and in need so dont misinterpret that! However, I'd hate to think how the insurance companies would fund the amount of claims and people that couldnt be bothered to return to work!

    Oh here I go daydreaming again.... :)

    MM
    I am a Mortgage Adviser

    You should note that this site doesn't check my status as a mortgage adviser, so you need to take my word for it. This signature is here as I follow MSE's Mortgage Adviser Code of Conduct. Any posts on here are for information and discussion purposes only and shouldn't be seen as financial advice.
  • I'm not dismissing the products I have all the relevant policies in place from my previous mortgage anyway, they will just need slight tweaks to reflect the higher value of the new property. - Its just I know that I will be offered what the advisor deems to be "competitively" priced Connell group products but he will be unable to tell me about the rest of the market .... so I like to be have my exisiting details to hand and know what's coming before the questions are asked, trying to stay 1 step ahead ;-)
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