Money Matters By Chris Morgan
Better Premiums & Longer Terms Available!
Throughout the last 10 years, since the launch of HIV Life Assurance in 2009, I have seen a number of changes in the way that Life Insurance cover has been offered to applicants living with HIV. The original policies offered between 2009 to 2013 were for limited terms only of between 5 and 10 years.
Between 2003 and 2004 Life Insurance Companies in the UK started to offer applicants longer terms of between 20 and 25 years, which of course were much more suitable for people protecting their families and mortgages. This led to an increase in the popularity of HIV Life Assurance.
Fast forward to the 10 year anniversary of HIV life Insurance products and we are now seeing significantly lower premiums being offered to applicants. This is due to the latest statistics relating to HAART therapy that have become more available to insurers, giving them more confidence relating to the potential claims experience within the policies they are offering.
So much so that with this “Third Generation” of products, insurers are offering lower premiums and better terms than ever before for people living with HIV. For two groups of people this is a very welcome change and they should be seeking professional advice from specialists like Unusual Risks.
- For those who already have cover, it would certainly be worth reviewing their policy as they may be able to get either more cover for their money or be able to reduce their current premiums. Either way this is a significant development for the consumer
- For those seeking new cover, they have more choices and better policy options like never before. Consumers previously may have had to compromise on their levels of cover, or their options restricted due to budget.
Applicants are now able to look at higher amounts of cover to meet their needs, which means more protection for families and mortgages. However, what still hasn’t changed is the very complex nature of the medical information required and underwriting requirements of insurers.
In fact, due to product pricing changes and insurers tightening their belts ahead of Brexit, the product is still as difficult to obtain as ever before. Applicants should seek advice from HIV life Assurance specialists Unusual Risks, as it was ourselves that led the campaign to secure Life Assurance for people living with HIV in the UK.
Many of you will be aware I’ve consulted with the Insurance industry on these issues for 20 years and it was my campaign secured the introduction of Life Assurance for people living with HIV in the UK. Two decades of experience in this field means that you have access to advice to the very best advice.
No financial adviser in the UK has more knowledge of HIV Life Assurance!
Contact us for a quotation today 0845 474 3075
Unusual Mortgages – New’s Bulletin
DEBT CONSOLIDATION – OVERCOMING ADVERSE CREDIT SITUATIONS
Remortgaging to pay off debt – If you’re a homeowner remortgaging can, if the right mortgage is found, improve your situation. By releasing capital and paying off debts, you could re-structure your monthly costs.
A re-mortgage is when you replace your existing mortgage with a new one. It can mean changing products with your existing lender or switching to another mortgage lender completely.
You should always get expert Independent Mortgage Advice, to make certain you’re making the right decisions. There are two main ways that re-mortgaging can improve your situation:
- You can release Equity that’s in your property in a lump sum and use this to repay your other short-term debts, like credit cards and bank loans.
- It might reduce your monthly mortgage payment, freeing up money to repay your other debts, like credit cards and bank loans at a faster rate.
How remortgaging works – A mortgage lender will base your application on a number of things including:
- Your credit file, if you have CCJ’s, defaults and arrears you will definitely need specialist independent mortgage advice.
- The value of your house, via an independent valuers report
- How much you want to borrow, being within the lenders re-mortgaging and capital raising criteria
- The purpose of the Equity Release being suitable according to the lenders criteria
- The amount you earn and your current outgoings. They will assess your Income and Affordability
If you’re currently in arrears with your mortgage or any other debts, your credit file will be effected and you will definitely need to seek specialist mortgage advice, as high street lenders are unlikely to be able to assist.
If you’re currently on a mortgage deal that hasn’t ended, for example a fixed term for three years, there’ll probably be an early redemption fee to pay if you remortgage, so an Independent Mortgage Adviser will need to check if this is good advice for you.
In principal it is a very good idea to look at consolidating debt, especially in light of any potential economic uncertainty. If you are looking to re-structure your finances or need to raise capital for any purpose then give Unusual Mortgages a call to check if you could improve your situation.
15 Minute Mortgage Assessment – Unusual Mortgages offer a 15 minute free mortgage assessment over the phone to assess your ability to raise capital. We will assess your options across 70 lenders on our research list, from which we tailor bespoke solutions for our clients.
If you have been turned down for a mortgage or are worried about approaching lenders due to the way you have been treated in the past, why not give us a call. Within 15 minutes you will know if your hopes and aspirations are a reality, with a sound opinion from one the most experienced mortgage brokers in the United Kingdom.
If you require more information on Life Insurance, Life Assurance Equity Release, Capital Raising or Debt Consolidation contact Unusual Mortgages on UK 0845 474 3075 or International +44 1404 45397, email at enquiries@unusualmortgages.co.uk