Our Client’s Story: The Importance of Financial Protection

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The client had originally came to us to arrange a mortgage for a house she was purchasing. She was advised to consider her options in regards to life & critical illness insurance. Maybe she felt she didn’t need it, being in her early 30s, like most of us thinking that it’ll be something we may need in the future. But after some consideration and guidance from our specialists, she decided to take out a life and critical illness policy.

With our review service, we got back in touch with our client a couple years later as her mortgage was due to expire and it is part of our service to contact the client prior to expiry.

Whilst in touch she spoke to our protection specialist, Julia. The client had told Julia that since taking out her policy she had been diagnosed with malignant melanoma, a form of skin cancer, but has now made a full recovery and is back at work as normal.

Greater Financial Stability

Moreover, she didn’t know she was entitled to make a claim on her critical illness policy but Julia advised her to do so. Her claim has now been accepted and she will receive a payment of around £125,000. She now has greater financial stability and could potentially use this to pay off her mortgage or cover any losses she may have suffered during her illness.

Who Should You Speak To

Our protection team talk to a number of people who don’t have any cover and don’t realise the importance of ensuring that protection is in place. This is a prime example as to why the team emphasise the importance of protection and why it shouldn’t be overlooked.

For more information and advice on what protection solutions are right for you – speak to our protection specialists. Freephone 01224 316200 or fill in our online enquiry form.

Is Now The Time To Switch Mortgage in Aberdeen?

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If your mortgage is currently on your lenders’ standard variable rate, you could be potentially paying over the odds on your mortgage. A report from HSBC stated if those on the standard variable rate switched their mortgage, they could be saving up to £4,000 each per year [1]. With the Bank of England base rate currently at 0.1% [2], now could be a good time to lock in a new mortgage rate. Mortgage rates are currently low, but it does look like they could be increasing. In fact figures published by the latest Moneyfacts UK Mortgage Trends Treasury Report show that some mortgage rates have increased for the third consecutive month [3]. Homeowners looking to remortgage should speak to a mortgage broker who will be able to provide information and advice on the best options available for individual circumstances.

What should you do with your current mortgage?

First, check out your current financial situation:
  • When your rate is due to expire (it may already have expired).
  • How much you are paying each month for your mortgage.
  • Your current mortgage rate.
Many people are not aware that they have been automatically transferred onto their lenders’ standard variable rate but this can mean that you are paying more than you need to.

What we do

Aberdeen Mortgage Company have access to competitive remortgage deals that includes exclusive deals not available direct from lenders on the high street. Once you become a client of ours, we’ll contact you 5 months before your mortgage rate expires to ensure you don’t end up paying more than you should on your mortgage. For more information on switching your mortgage, request a callback to speak to one of our expert mortgage advisers or call 01224 316200 _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ Source: [1] HSBC, Homeowners paying thousands a year too much by sticking with a standard variable rate mortgage, 2017 [2] Bank of England, November 2020, bankofengland.co.uk [3] Mortgage Rates Rise for Third Consecutive Month https://moneyfacts.co.uk/news/mortgages/mortgage-rates-rise-for-third-consecutive-month/ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ Your home may be repossessed if you do not keep up repayments on your mortgage.
This firm charges a fee of up to £395 for mortgage advice. The amount of fee will depend on your circumstances and will be discussed and agreed with you at the earliest opportunity.
Lifetime Finance Group Limited trading as Aberdeen Mortgage Company is an appointed representative of PRIMIS Mortgage Network, a trading name of First Complete Limited, which is authorised and regulated by the Financial Conduct Authority for mortgages, protection insurance and general insurance products. The Financial Conduct Authority does not regulate some forms of Buy to Let. Lifetime Finance Group Limited.

Movember: The Importance of Financial Protection

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This month men all over the country will be growing out their facial hair for Movember as a fun way to raise awareness of men’s cancer and mental health risks.

We all think “It won’t happen to me”. But most of us know of someone either directly or through friends and family that have been affected.

Prostate Cancer was the most common cancer found in males, in 2017. It was the second most common cancer of cancer death in the UK in 2017. [1]

Testicular Cancer in the UK has more than 6 cases diagnosed every day, around 2,400 new testicular cancer cases every year (2015 – 2017). Incidence rates for testicular cancer in the UK are highest in males aged 30 to 34 (2015-2017). In the 1970s, around 7 in 10 men diagnosed with testicular cancer survived their disease beyond ten years, now it’s around all men. [2]

Mental Health Awareness

Men’s mental health awareness is also important to the Movember Foundation. Suicide rates are over three times higher among men than women in the UK [3]. When you combine that with research from 2015 that found 70% of managers didn’t believe stress, anxiety or depression were valid reasons for taking time off work, [4] it’s vital to overcome the stigma surrounding mental health in the workplace and among men.

What’s Your Plan?

What would you do if you were diagnosed with cancer or another illness? What would happen if you were unable to work due to an illness or injury? Having critical illness cover and income protection can help you cope financially with these situations. Many providers also offer access to support during what can be an overwhelming and difficult time.

Speak to our expert protection advisers about financial protection. Call 01224 316200 or request a callback.

Lifetime Finance Group Limited trading as Aberdeen Mortgage Company is an appointed representative of PRIMIS Mortgage Network, a trading name of First Complete Limited, which is authorised and regulated by the Financial Conduct Authority for mortgages, protection insurance and general insurance products.

Sources:

  1. Cancer Research UK, Prostate Cancer, 2020
  2. Cancer Research UK, Testicular Cancer, 2020
  3. Samaritans, Suicide Facts & Figures, 2018
  4. Telegraph, 2015, 7 in 10 bosses do not think mental illness merits time off work