Something new, that deep down, you already knew!

A colleague of mine relayed a story to me a couple of days ago, which struck a chord with me, for my own customers; and it goes like this.

"About 4 months ago some friends of mine asked me about getting a mortgage to purchase a home - he is a Major in the army and is coming to the end of his career and they wanted to return to the area where their friends are; they found a house and we sorted a mortgage & we had a few typical complications etc - but last Friday the mortgage finally completed and they went about moving to their new home over the weekend.

On at least 4 occasions I had a conversation about sorting protection as he was leaving the forces, and on every occasion the client agreed that they needed to do something but would ‘’sort it later ‘’

I didn’t push it as they were friends and I didn’t want to seem overly aggressive; however, on Monday of this week, 3 days after completion & whilst clearing the garden and having a bonfire, Mr Client got caught on fire (accidentally) and ended up in his local Intensive Care Unit with 3rd degree Burns all over his arm, body and face;

… luckily he is alive and will live to tell the tale, and he is still in the army so he will be looked after financially, but possibly only for 6 months…we shall see.

Thank God it wasn’t anything worse / fatal etc , but it struck me….just how many clients that we come across leave it until completion etc to deal with this stuff and don’t have the back up of Life/income cover from their employers ??!!

I learnt a big lesson and I was kind of relieved if I’m honest. But I should have known better than to let them keep putting it off...."

So, I think the headline speaks for itself. We know we should consider suitable protection against the unexpected and we all probably delay doing something about it. It's nothing new. We generally put decisions off like this due to cost, but that cost can be immeasurable if the worst was to happen.

Im happy to discuss your needs to see how we may be able to assist, just give me a call on 01785 878 555.

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THINK CAREFULLY BEFORE SECURING OTHER DEBTS AGAINST YOUR HOME
REPAYING YOUR DEBTS OVER A LONGER PERIOD CAN REDUCE YOUR
PAYMENTS BUT COULD INCREASE THE TOTAL INTEREST YOU PAY.

 

YOUR HOME MAY BE REPOSSESSED IF YOU DO NOT KEEP UP
REPAYMENTS ON A MORTGAGE OR ANY OTHER DEBT SECURED ON IT

 

CALLS ARE RECORDED FOR TRAINING AND MONITORING PURPOSES

Legal Information

.The Money Bee, which is a trading style of Promise Solutions Ltd and is authorised and regulated by the Financial Conduct Authority– Number 681423. Registered in England, company number 04822774. Data Protection Reference Z8661889
Registered Office: 2nd Floor, Fullard House, Neachells Lane, Wolverhampton, WV11 3QG.

Terms and Conditions

There may be circumstances where we need to charge a fee.  In these instances, we will notify you at an early stage which could be £125.00 upon application and an arrangement fee up to 1% of the advance subject to a maximum of £2500.00, on receipt of the mortgage offer.

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2nd Floor, Fullard House, Neachells Lane, Wolverhampton, WV11 3QG.

2 out of 3 borrowers get a lower rate than our representative example of a regulated secured loan below:

 

Mortgages and Remortgages

Representative example

£80,000 over 240 months at an APRC OF 4.3% and a discounted variable annual interest rate for two years of 2.12% at £408.99 per month followed by 36 payments of £475.59 and 180 payments of £509.44. The total charge for credit is £39,873 which includes a £995 broker/processing fee and £125 application fee. Total repayable £119,873.

 

Secured / Second Charge Loans

Representative example

£63,000 over 228 months at an APRC OF 6.1% and an annual interest rate of 5.39% (Fixed for five years – variable thereafter) would be £463.09 per month, the total charge for credit is £42,584.52 which includes a £2,690 broker/processing fee. Total repayable £105,584.52.

 

Unsecured Loans

Representative example

£4,000 over 36 months at an APR OF 49.9% (fixed) and an annual interest rate of 49.9% would be £216.21, total charge for credit is £3,783.56. Total repayable £7,783.56.