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Life insurance is designed to pay out a lump sum if you die and is there to help provide financial support to your loved ones so they can keep on paying the bills and continue to live how they always have. It could help them pay for the funeral, pay off the mortgage, clear any debts, cover childcare and education costs, or just cover general living expenses.
When it comes to life insurance, you can choose the amount of cover you need and the time period you need it for. There are also further options, such as single or joint policies.
Mortgage life insurance is there to specifically pay off your mortgage should you pass away. The most popular form of this type of insurance is a decreasing term policy which will cover a repayment mortgage so the amount of cover will decrease as your mortgage balance decreases. The alternative to decreasing cover is a level term policy which is usually taken by clients who have an interest only mortgage as you would need the amount of cover to remain level throughout your mortgage term and not decrease.
Business protection insurance helps business owners plan for the unexpected. It helps the business continue with minimal disruption even if a key employee or director dies, becomes critically ill or is seriously injured. Business protection is available for many types of businesses including partnerships, sole traders and limited companies. You can design it around your business’s specific needs.
Typical considerations are around how business loans could be repaid, covering the costs of replacing a key person, replacing lost profits or buying business shares back from the deceased person’s estate.
Business Protection is arranged by introduction only.
Family protection insurance is a life insurance which pays out a lump sum or specified income on the death of the policy holder. This gives a financial buffer to your family members, giving you the peace of mind that they are free from financial strain. Whilst mortgage protection is taken to protect the mortgage debt, family protection is taken to replace the loss of income to the household.
As we all know, the monthly expenditure that we all pay to keep a roof over our heads when factoring in council tax, utilities, groceries etc. is a significant figure each month. Even in the event that your mortgage is repaid from a life policy, this would leave your family needing to replace your lost income to help to continue to pay these bills. Family protection would help with ensuring your family can continue to pay the bills and stay in their home should the worst happen.
The best buildings / contents insurance is the one that suits your house or flat and the types of possessions you have inside. Depending on your living circumstances you may find that you only need buildings insurance cover or contents insurance cover for your home.
A buildings insurance policy will provide you with the money to cover the costs of repairing or rebuilding your home should it be damaged or destroyed. If you’re a landlord or a homeowner then buildings insurance will be crucial, but if you’re renting a property then buildings insurance is the responsibility of your landlord. However, as a tenant, you may wish to consider taking out contents insurance to protect your possessions.
When you’re buying or selling a house you need to arrange buildings insurance to cover the risk until the property is legally transferred. If you’re in the process of buying a house you should take out buildings insurance to cover you from the point at which you exchange contracts (not the actual completion date, which will be later).
Many of us would struggle to keep on top of our essential outgoings, such as your mortgage and rent if we lost an income due to illness or an accident. Income protection is a long-term insurance policy that makes sure you get a regular income until you retire or are able to return to work. Income protection can provide you with either a fixed monthly benefit amount or a percentage of your earnings following the deferred period. The deferred period is the period that you need to wait before you would need the policy to pay out and is usually linked to your employers sick pay so that your policy pays out once you receive a drop in your earnings.
We are much more likely to take out insurance on material goods, such as mobile phones and household contents, than we are to protect against the income that pays for those products. Protecting yourself, your standard of living, and your health is far more valuable than protecting your material possessions. The impact of losing an income is so much greater. If you are the main household earner, it can have a huge impact on yourself and your family if you aren’t able to work and this is why income protection is so valuable.
Critical illness insurance is designed to pay out a lump sum on the diagnosis of certain specified critical illnesses or medical conditions. These policies can vary based on the number of conditions that they cover and crucially the wording of these policies in how likely that they are to pay out. In fact, most providers offer the option of a standard plan and then a more enhanced plan with additional conditions covered including payouts for lesser conditions such as less advanced cancers.
Many people prioritise Life insurance over Critical Illness Cover, but the chance of you being diagnosed with a critical illness is much higher than dying. That’s why, in an ideal world, you need both.
This type of finance is essentially short-term finance usually where a quick purchase is vital such as auction purchase or that once-in-a-lifetime business opportunity. This allows purchases to complete in a much shorter timeframe than traditional funding and can often be measured in days rather than weeks or months.
Clients may wish to consider Bridging finance for a number of reasons with the most popular reasons we see being as follows;
Bridging Finance is arranged on an introduction only basis.
Are you looking to expand your business or have you realised that the cost of renting has become too great? If so, you might find that a commercial mortgage can offer business finance options you weren’t aware of.
Clients may wish to consider Commercial Finance for a number of reasons with the most popular reasons we see being as follows;
Commercial mortgages are not usually regulated by the Financial Conduct Authority.
Commercial mortgages are arranged on an introduction only basis.
Releasing equity can impact the inheritance you leave and any state benefits or local authority grants you receive. Before deciding whether to consider equity release, it is a good idea to speak with trusted family or friends. They could give you support or suggest other ways to raise the money you need. A lifetime mortgage is a long-term commitment which could accumulate interest and is secured against your home.
Equity release is not right for everyone and may reduce the value of your estate.
Equity release is arranged on an introduction only basis.
A holiday let mortgage will allow you to purchase a property that will be let out to paying holidaymakers, whilst also allowing you to personally use it as a holiday home each year. As the demand for staycations surge, there has potentially never been a better time to purchase a holiday let property. A holiday let mortgage is not to be confused with a buy to let mortgage which is a long-term rental or a mortgage for a holiday home which is a second home that will only be used by you and your family.
Most lenders will need a letter from a holiday let company confirming what income the property will generate per week during the low, mid and high seasons.
If you are worried about bad credit stopping you from getting a mortgage, know that we have helped hundreds of people find a lender and get approved, even those who have previously been bankrupt. There are various types of credit issues that can impact you being approved for a mortgage. These can range from late payments on a credit card to a default on a mobile phone bill, through to more serious CCJ’s (county court judgements) and a previous Repossession or Bankruptcy.
With any credit issues, it helps if these issues are historic and not recent. As time passes, it is easier for lenders to ignore any previous credit issues but they would need to know the full circumstances that led to the issues. It also helps if any issues are satisfied and not still outstanding so if you have any outstanding defaults or CCJ’s, getting these settled early will help.
We would always recommend getting a copy of your credit report so that we can fully understand your credit profile as this will help us when discussing your application with any lenders.
Whilst studying financial services and business studies in Huddersfield, I worked part-time in a local saddlery, until I began my professional career working for a legal firm for 3 years, where we specialised in insurance claims for road traffic accidents. As Chris grew his business, I joined him in 2014 when he began to expand the team to support his clients and I was his first member of staff. I now have 9 years of experience working within mortgage services, enabling me to confidently assist our clients through the various processes, ensuring a high standard of customer service through what can be a very stressful time.
Living in the countryside, I spent most of my childhood outdoors and working with animals. I have a particular passion for horse riding and spent many years taking lessons and putting in countless hours of hard graft mucking out at the neighbouring livery. My dreams came true when I turned 11 and I owned my very own pony, Badger. Over the next 7 years, together with my dog, Daisy, we had many adventures trekking out in and around Holmfirth and I hope one day to own my own horse again.
Outside of work, I am very much a home-bird and love spending quality time with my family and two young boys, Bradley and Harry. I treasure our holidays and breaks away, and am lucky enough to visit Spain every year with my in-laws. I love spending time outdoors with my boys exploring local parks and farms to visit the animals – always encouraging their inner equestrian side, of course!
I started my career in financial services with Yorkshire Bank in 1997. Prior to this, I had a number of part time jobs at Argos, Burger King and a local care home, although my first ever employment was doing a milk round and getting up at 4.30am for £16 per week!
After leaving Yorkshire Bank in 2007, I joined William H Brown estate agents where I had my first experience of being a broker and having to deal with all lenders and getting use to different rules on affordability and criteria. I then started my self-employed journey in 2008 as a mortgage advisor with Navigation Wealth Management within St. James’s Place.
In 2013, after surviving the financial crash of 2008 and the years after, I employed my first member of staff and currently I have a team of 4 (including my wife Claire) to help support my clients’ applications. In August 2022, I decided to leave Navigation Wealth Management and set up Chris Law Mortgages with a view to growing the business and taking on additional advisors to help support my clients.
I am married to Claire and we have 2 children, Gracie & Charlie plus a miniature dachshund named Bruno. When I am not in the office, my time is spent being Dad’s taxi be it taking Gracie to dance classes or Charlie to football. Away from the family, I love playing golf and going to the gym and I have a season ticket at Old Trafford watching Manchester United but please don’t let this affect you using our services!
Purchasing a new home can be a stressful process. We are here to help take the stress off your shoulders and walk you through the process every step of the way.
When you are thinking about buying a new home, you need to consider how much you can afford so that you can make sure you are searching and viewing realistic properties. Book in a free consultation so that we can help guide you through a detailed affordability assessment to give you the confidence to start your property search. We will help to get you an approval in principle certificate so that you can prove to any estate agents that you are in a strong position as this is often requested by selling agents before they will let you book in a viewing.
At Chris Law Mortgages we will take into consideration your personal situation to help you choose the right mortgage for you.
How it works
You buy a share of the property and pay rent to a landlord on the rest. The share you can buy is usually between 25% and 75% of the property and you can take out a mortgage to help buy your share. You will need to pay a deposit which is usually between 5% and 10% of the share you are buying. This means that you can purchase a property with a much smaller deposit than you would if you were purchasing 100% of the property under a traditional purchase.
You can also look to increase the share of the property in the future which is known as ‘staircasing’. If you buy a larger share, you will pay less rent as the amount of rent you pay will be based on the landlord’s share. As your income increases in the future, you have the potential to grow your share over time and will hopefully be able to increase your share to 100%.
In terms of investment, property is still seen as a worthwhile and prudent place to put your money. This is particularly true for the medium to long term and it is not purely the domain of the wealthy. Many people have invested and continue to invest in property via Buy to Let mortgages with the objective being to generate income or capital growth or hopefully both. Buy to Let mortgages are a great way to diversify investment or supplement pension income with regular rental contributions.
Whether you are looking for your first investment property or looking to grow your portfolio, we are here to help.
We can also help with Let to Buy mortgages for clients looking to keep their existing home as a rental property in order for them to move to a new property. Typically, equity is released from your current home to help put down a deposit on your new onwards residential purchase.
Most lenders assess Buy to Let / Let to Buy affordability based on the expected monthly rental income that the property will generate although there a few lenders who will assess applications on an overall affordability model. These lenders will take your personal income and expenditure into consideration in addition to the expected monthly rental income that the property will generate to calculate a maximum mortgage amount.
We strongly advise you to speak with a tax specialist before committing to purchasing a Buy to Let property as there could be tax implications for you to consider. This is especially the case when deciding whether to purchase the property in your personal name or through a Limited Company.
At Chris Law Mortgages, we have experience dealing with first time landlords through to professional landlords with over 100 properties.
Not all Buy to Let Mortgages are regulated by The Financial Conduct Authority.
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