How it works
1. About you and your circumstances
This is the most important part of the process and key to us being able to determine what you need to be able to maintain your current lifestyle in the event of an unexpected personal or work related event which affects your income.
One of our qualified independent financial advisers will take you through the assessment, which typically would take 1-2 hours, asking you for relevant information about your income, home, health, family situation and any plans for your retirement. So for example, when looking at the nature of your work, we need to know if you’re employed or self employed and if employed, we would ask to see your employment contract and other HR policies around sickness and redundancy to see what type of cover and payments you would be entitled to. If you don’t have these to hand, as your IFA we can liaise direct with your HR dept, on your behalf, to obtain the information we need.
If you’ve already got a mortgage in place, we would need to know the type of mortgage you have, how many years left on the term and the current rate of interest. We can access this information from your mortgage offer or from your lender, on your behalf. We would also ask to see any documents relating to insurance cover you already have for yourself or on your home as quite often these may provide some personal cover in other areas which you may not be aware of.
Free budget planner
Prior to our meeting, we’ll provide you with a free budget planner which we ask you to complete and bring with you to our meeting. It’s surprising how many people haven’t prepared a budget and don’t know their outgoings each month. Once you’ve completed your budget, you’ll be really pleased you have! It’s a lot easier than you might think and absolutely crucial to us selecting the right mortgage and cover that you can afford.
Documents you need to bring to the initial meeting:
- If you have a mortgage, bring your mortgage offer if you have it
- Employment contract & HR policies detailing sickness benefit & redundancy terms
- Any protection &personal insurance policy documents
- A completed budget planner*
*please let us know if you need help completing your budget planner.
As part of the assessment, we’ll ask you about your plans for the future and whether there’s a likelihood that anything may change, perhaps you’re planning a family or thinking of starting your own business.
2. Your personal ‘Mortgage & Protect’ quotation
By using the information we have gained about you, we’ll be able to correctly diagnose the right level of cover that you need under the ‘Mortgage & Protect’ umbrella, this may include mortgage cover or family, income or life protection. All the hard work of figuring out what cover you do and don’t need is done for you. You’ll be secure in the knowledge that you’ve got the right protection in place to protect your lifestyle now and for the future.
You’ll be given a quote, which we’ll run through with you, which is tailored to your specific circumstances and within your personal budget, prioritising what matters most and what’s most important to you. And because we strongly believe in keeping it simple at Regency, we’ll outline everything in writing, using jargon-free, plain and simple language at all times.
Mortgage & Protect makes financial planning simple, affordable and worry free.
How much does the ‘Mortgage & Protect’ service cost?
Our initial assessment is always free and then our costs thereafter are simple and transparent. Once we’ve agreed the level of cover you require, we will run through the costs and give you the option of paying a set fee (which may have the benefit of attracting tax relief for businesses) or you can spread the cost over the life of the product. We will always outline and agree the preferred method before we go ahead.
Your home or property may be repossessed if you do not keep up repayments on your mortgage. There may be a fee for mortgage advice, the precise amount of the fee will depend upon your circumstances but we estimate that it will be £250.
