We’d like to remind Forumites to please avoid political debate on the Forum.
This is to keep it a safe and useful space for MoneySaving discussions. Threads that are – or become – political in nature may be removed in line with the Forum’s rules. Thank you for your understanding.
📨 Have you signed up to the Forum's new Email Digest yet? Get a selection of trending threads sent straight to your inbox daily, weekly or monthly!
Unsure where to start
pebbles01
Posts: 40 Forumite
We currently live in a shared ownership property and pay Halifax for TMPP (Life insurance, CI and the income protection element).
In terms of details, I'm 37 (earning £40k), DH 33 (earning £25k). The outstanding mortgage balance is only £34k, although we pay rent on the other half. We currently pay £189 per month for our SVR mortgage plus £59 per month for the TMPP product.
At the moment we may or may not move so I'm stuck with the mortgage rate. However I'm sure I must be able to get a better deal than the TMPP product. However where is the best place to start looking? Should I go to an IFA? I'm conscious our current product probably isn't suitable, as it would only clear the mortgage in the event of a death, and the remaining person would still have the rent to pay. Equally as it's through the mortgage provider, we must be massively overpaying. I just don't know how to go about finding a better deal.
In terms of details, I'm 37 (earning £40k), DH 33 (earning £25k). The outstanding mortgage balance is only £34k, although we pay rent on the other half. We currently pay £189 per month for our SVR mortgage plus £59 per month for the TMPP product.
At the moment we may or may not move so I'm stuck with the mortgage rate. However I'm sure I must be able to get a better deal than the TMPP product. However where is the best place to start looking? Should I go to an IFA? I'm conscious our current product probably isn't suitable, as it would only clear the mortgage in the event of a death, and the remaining person would still have the rent to pay. Equally as it's through the mortgage provider, we must be massively overpaying. I just don't know how to go about finding a better deal.
0
This discussion has been closed.
Confirm your email address to Create Threads and Reply
Categories
- All Categories
- 352.2K Banking & Borrowing
- 253.6K Reduce Debt & Boost Income
- 454.3K Spending & Discounts
- 245.3K Work, Benefits & Business
- 601K Mortgages, Homes & Bills
- 177.5K Life & Family
- 259.1K Travel & Transport
- 1.5M Hobbies & Leisure
- 16K Discuss & Feedback
- 37.7K Read-Only Boards