Services
Mortgage Types
We look at different types of mortgage to best fit your needs. Fixed rates, Trackers & Variable deals are some of the mortgages we take into account. For example, we can search for the best deal for a 15 year mortgage or illustrate 30 year mortgage rates. We offer a very individually tailored approach.
We have access to a huge range of mortgage lenders and can help you find the right option, no matter whether you classify as a first time buyer mortgage, new homes mortgage, self-employed mortgage, re-mortgage or even buying to let as an investment mortgage. Our advisors can use our in-house mortgage calculator to work out how much your mortgage will be. They will also use this tool to assess mortgage affordability and determine current mortgage interest rates.
A mortgage is a loan secured against your home or property. You home or property may be repossessed if you do not keep up repayments on your mortgage.
First Time Buyers
We understand that it’s not easy for first time home buyers. At Vincent Donegan & Co we have access to a panel of the best mortgage lenders for first time buyers. We will provide you with a dedicated mortgage advice team who will be with you at every step of the journey. You may have questions about first time buyer deposit and best mortgage rates for first time buyers. We can talk you through all of the available options. Our Mortgage advisors will calculate exactly how much you can borrow, how much everything will cost, and walk you through the entire purchasing process from start to finish. We can source mortgages from lots of lenders – Nationwide, Nat West, Halifax & Bank of Ireland Mortgages to name but a few.
Remortgaging
Whether you’re looking to remortgage to get a better deal or to raise money for home improvements, then it’s important to look around at what’s available rather than stick with the same lender you’re with now. The good news is that there is still a wide range of re-mortgage deals available & we’re here to find the right one for you.
Think carefully before securing other debts against your home.
Securing short term term debts against your home could increase the term over which they are paid and therefore increase the overall amount payable. You may have to pay an early repayment charge to your existing lender if you remortgage.
Home Movers
If you’re looking to move house, then it makes sense to look at what mortgage deals are available rather than simply taking your existing one with you. We can take the worry away from you and make sure everything runs smoothly so that you can exchange contracts on time.
Self Build
Another area we can help with, building your own home can be a stressful process without worrying about the finance. We are here to help and can look to finance this through staged payment mortgages to ensure you can build your dream home.
Buying to Let
If you’re thinking of buying a property as an investment, then getting the right buy to let mortgage could be the best move you make. Ensuring you have a competitive mortgage deal could make all the difference to how successful your investment is. As your local mortgage experts, we’ve got access to a wide range of buy to let mortgages and can compare buy to let mortgage rates and give expert advice on which one is right for your buy to let venture.
Most forms of buy to let mortgages are not regulated by the financial conduct authority
Life Insurance
We all want to do the best for our families, and keep them properly protected on every occasion. Overlooking the need for life cover could mean that you’d leave your family with money worries at the worst possible time.
If you need convincing that life insurance is a good product to buy, ask yourself this question. If you were to die, how much money would your family have to live on? Many families would find themselves running short of money quickly. Your salary would stop, but the household bills would keep coming in.
A payout from a policy could make the difference between your loved ones facing a financial struggle at a challenging and emotional period in their lives and being able to maintain the kind of lifestyle they enjoyed when you were still around.
These plans have no cash in value at any time and will cease at the end of the term. If premiums are not maintained, then cover will lapse.
Life insurance
Life Insurance is cover you take out for a set number of years. You agree the term of the policy at the outset, usually between 10 and 25 years. That’s why you will often find this type of policy referred to as term insurance.
Most people tailor their policy to ensure that their financial commitments would be met in the event of their death, so policies are often aligned with the term of a mortgage or other loan. Banks and building societies usually require some form of life insurance as a condition of granting a mortgage.
Mortgage Payment Protection
What it does – Mortgage payment protection policies are designed to cover the cost of your mortgage payments if you’re sick, have an accident or become unemployed and can’t work.
How it works – Generally, the policy will start paying out either 31 or 60 days after you are unable to work. Most policies will payout for a maximum of one year.
What you need to Know- State benefits aren’t generous and only a few employers will continue to support their staff through a long illness, so income protection policies can help families through difficult financial times.
Accident Sickness and Unemployment
What it does –This policy provides cover so that if you are unable to work because you’re injured or sick, or through no fault of your own, you have lost your job.
How it works –In the event of a claim, you will receive a predetermined percentage of your monthly income, usually for a period of up to 12 months. Payments are made after a waiting period of up to 12 months. Payments are made after a waiting period of at least a month. If you choose a longer waiting period, your premiums are likely to be lower.
What you need to know – Accident, sickness and unemployment cover differs from mortgage payment protection which is designed specifically to cover your repayments on a specific debt such as your mortgage. It differs from income protection insurance in that it includes unemployment cover.
Critical Illness
What it does – Critical illness cover pays out a tax-free lump sum if you are diagnosed with a major illness, including cancer and heart disease. Actual illnesses covered in a policy may vary between providers.
How it works – Many insurers will make part payment on an early-stage diagnosis of a condition specified in the policy, the percentage will vary from company to company.
What you need to know – Many people buy a combined life and critical illness policy, and it makes sense to do so. In this case, a payment would be made on either diagnosis of a critical illness as defined in the policy, or death, whichever is the sooner. If the cover is combined in this way, the policy premium is usually cheaper than it would be for the separate policies, as there is only ever one lump sum paid out by the insurance company.
Plans may not cover all the definitions of a critical illness. The definitions vary between product providers and will be described in the key features and policy document, if you go ahead with the plan.
Home Insurance
Home insurance is vital to protect the roof over your head and all your possessions. It’s simple to arrange and acts like a shock-absorber, protecting thousands of families each year from the financial effects of life’s unwelcome events like burglary, loss, fire & flood.
Choosing from hundreds of policies on offer can be daunting. That’s where using a Mortgage and Insurance adviser can be of real help in finding you the best and most suitable deal for you.
Buildings Insurance
This type of policy covers the bricks & mortar and permanent fixtures of your home. So if it’s damaged as a result of events like storms and floods, fire, vandalism or water damage from leaking pipes, your policy will cover the cost of repairs to your property.
The amount of buildings insurance you need should represent the cost to rebuild your home, not its full market value which can be a lot higher. Your adviser will be able to help you calculate the right level of cover for a property of your type, size and construction.
You will generally need to have buildings insurance in place under the terms of your mortgage loan, and you will be required to include the name of your insurer on the policy schedule.
Keeping costs down
You may also find that you get a better deal if you buy buildings and contents insurance together. Most policies have a standard excess charge which means you agree to pay the first part of any claim, for example the first £100 or £150. If you agree to pay a higher excess you might get a cheaper policy. Always compare what’s covered by a policy, not just the price – the key policy information or a good adviser will help you do this. Some might be cheaper than others, but they may not offer the same level of protection.
Please contact us to to provide the details we need to give you with a personal quote.
Contents Insurance
Contents Insurance policies are designed to cover your possessions from loss, damage or theft. Insurers define ‘contents’ as all those things you’d take with you if you’d moved house. So most policies include things like furniture, carpets, curtains, electrical goods, clothes and valuables such as watches and jewellery.
The amount of cover you’ll need, referred to as the ‘sum assured’ needs to be adequate for your needs so that you don’t risk being underinsured. Being underinsured would mean that your insurer might restrict the amount they would payout in the event of a claim.
Valuable Items away from home- You can get cover for belongings you have with you when you’re away from home. When taking out a policy, you’ll be asked if you require insurance for various items such as mobile phones, laptops, jewellery and cameras. There is a usually a limit on the value of any one item, and you may need to specify the items you want to insure.
Cover for additional risks- For further peace of mind, many people opt to pay for additional cover under their policy. You can for additional cover under their policy, You can for instance, add insurance for legal expenses, home emergencies, drains and plumbing, freezer breakdown, accidental damage to home contents and accidental damage for personal possessions away from home.
Landlords Buildings Insurance
As a landlord you normally have a buy to let mortgage, just like a residential mortgage your lender will insist that you have suitable buildings insurance in place. Even if your fortunate enough not to have a mortgage, unless you can afford to rebuild your investment from scratch you should have suitable buildings insurance in place.
What isn’t covered?
Your cover is based on what your investment property would cost to rebuild. You can check whether you have enough buildings insurance through the Building Cost Information Service (BCIS) website. It has an online tool to help you calculate the sum you should insure your building(s) for, in case your home has to be entirely rebuilt. Often you can find the rebuild costs of your property on the valuation or survey report.
You need to tell your insurer if you extend your property, for example with a loft conversion or conservatory. Your belongings are not covered – these need to be covered separately with contents insurance.
If you let your property on a furnished basis you should check with your adviser what is covered as landlords contents insurance is normally much more restricted than standard home contents insurance policies.