Help please,life assurance & critical illness

shopaholicjules

Hi
I have spoken to London & country who have advised the best mortgage deal for me is a 3 year fixed rate on a 70k mortgage over 25 years. This works out at 5.29% with a monthly payment of 424.88.
Do you think this sounds ok, it is with the Alliance & Leicester with a £599 fee.
The homebuyers report I said is the middle one, they said the cost of this is £460, does this sound about right.
They are also advising on life & critical illness cover and said around £40 per month. Do I really need to have the critical illness as well. Forgive me, i haven't a clue about any of this.
Any advice appreciated.
Thanks
Jules

MortgageMamma

Hi Jules

Personally I would be looking for something without any fee#s for a 70k mortgage. The homebuyers report seems fairly priced. Life and critical illness cover, its always advisable if you can afford it but I tend to favour long term income protection policies over critical illness, as I feel they offer mroe value for money and long term security. Did your adviser at L&C actually take the time to advise you what life and critical illness cover does?

shopaholicjules

The guy from London & Country said that he couldn't find anything at that rate without any fees, he could find me a little cheaper rate but the fees were triple this.
As for explaining what life and critical illness cover did, he was saying all of these things and figures. i told him I do not know enough to comment as yet on what cover I want, i need to get reading up.
I have just had a quick look on the thread re life assurance and done a quick quote re company recommended covering 100,000 and the quote was less than £10 per month. I take it I would put critical illness or income protection on top of this.
Thanks
Jules

hokkers999

shopaholicjules wrote: »

Hi
I have spoken to London & country who have advised the best mortgage deal for me is a 3 year fixed rate on a 70k mortgage over 25 years. This works out at 5.29% with a monthly payment of 424.88.
Do you think this sounds ok, it is with the Alliance & Leicester with a £599 fee.
The homebuyers report I said is the middle one, they said the cost of this is £460, does this sound about right.
They are also advising on life & critical illness cover and said around £40 per month. Do I really need to have the critical illness as well. Forgive me, i haven't a clue about any of this.
Any advice appreciated.
Thanks
Jules

With regards to Critical Illness (your cancer's heart attacks strokes etc) if push comes to shove which would you rather lose..

..your mortgage or your home?

Seems simple to me.

*******

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