Required Protection.

Mortgage Repayments Protection

A Policy covering Accident, sickness and unemployment.

• Cover for up to a year if you become sick, have an accident or become unemployed through no fault of your own.

• Providers recommend that you protect 100% of your mortgage and related costs. These are your interest payments, capital payments, endowment, and mortgage repayment protector premiums and buildings insurance costs.

• It should also have some amount of accidental death cover

• The cover should start when you complete the mortgage or when you complete your mortgage repayments application.

Costs depend on what you are protected for and are based upon the amount to be protected.

Income Replacement Protection

A policy which covers against longer term sickness.

• It provides a tax free income which can be used to maintain your mortgage payments.

• You can select the level of cover you require up to 65%of you earnings.

• You can decide how long you want the cover to last; usually your intended retirement age.

• Benefits can be paid to you if you return to work in a reduced capacity. Or to a lower salary because of illness or incapacity.

• You may need a medical before your provider will accept you for cover.

• It does not cover you for unemployment.

Home Insurance

A policy which covers Buildings, Contents and personal possessions.

• You must have buildings insurance on a property you have borrowed money to buy.

• Although contents insurance is not essential it very wise to have this as well.

• Many contents policies also give you the option of having cover for accidents.

• You can also have cover for any legal costs.

• The cost of buildings cover will vary upon circumstances, ie. the area you live in and rebuilding costs etc.

As far as contents cover goes you generally pay for what you need.

Wills

Co-buyers and Co-investors need to make a will if they want to be absolutely sure their estate goes to those whom they wish to benefit.

• A will is one of the most important documents a person can ever make.

• It will avoid anguish, uncertainty and long term administrative delays.

• It enables quick release of much needed funds to your family.

• It gives complete peace of mind.

• It stops the state deciding on who gets your estate.

• Click here to view a selection of Solicitors from our providers directory.

ukpropertyclub recommend that you use a reputable solicitor.

Declaration of Trust

All Parties when Co-buying need to enter into a Declaration of Trust.

• A Declaration of Trust helps stipulate how much each person pays towards the property.

• It stipulates their responsibilities regarding maintenance and giving notice.

• It helps to protect all co-buyers' interests should relationships breakdown.

• It also covers investment amounts, deposits, portion of the mortgage payments and responsibilities etc.

• ukpropertyclub can provide it's members with a downloadable Standard Declaration of Trust.

• Click here to view a selection of Solicitors from our providers directory.

Co-habitation agreement

Co-Owners are advised to draw up a co-habitation agreement that covers the practicalities of Co-habitation and which lays out house rules.

• It should be kept simple, fair and flexible.

• It should contain everything within reason as long as it is agreed upon by all parties.

• Click here to view a selection of Solicitors from our providers directory.

ukpropertyclub can provide it members with a downloadable Standard Co-habitation Agreement.