Lucy Williams on the one question every homeowner should be able to answer and why protection belongs in every mortgage conversation.
There's a moment in almost every mortgage appointment where I ask a question that makes the room go quiet: "If you couldn't work for six months, what would pay for this house?"
Most people have never been asked. Some guess their employer would look after them, then we check, and it's full pay for four weeks, then statutory sick pay, which wouldn't cover most mortgage payments on its own, let alone the rest of life. Some say savings, then we count the months those savings would actually buy. Very few people like their answer.
I don't ask it to frighten anyone. I ask because arranging a mortgage without asking is only doing half the job. A mortgage is a promise to pay every month for decades, and life doesn't promise you decades of good health and steady work in return.
The fixes are more ordinary and usually more affordable than people expect. Income protection replaces part of your monthly income if illness or injury stops you working, for as long as you're off or until the policy ends. Critical illness cover pays a tax-free lump sum if you're diagnosed with a condition your policy covers, money that can clear the mortgage or simply remove every financial decision from the worst year of your life. Life insurance makes sure the people you love keep the home if the worst happens. Most of my clients end up with a blend, sized to their mortgage and their family rather than a one-size answer.
And because we're independent, whole-of-market advisers, the recommendation is built from across the market including reading the policy definitions that decide whether a claim actually pays, which is the part nobody sees on a price comparison site.
So here's my ask: answer the question. If you know what would pay for the house, brilliant — you're rarer than you think. If you don't, bring it to your next mortgage review, or call us on 01792 399155. Ten minutes of an honest conversation now is worth a lot more than hoping.
Your home may be repossessed if you do not keep up repayments on your mortgage.
.jpg)