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Health Insurance and Buying a New Home: Why They Go Hand in Hand

Buying a new home is an exciting milestone but also a significant financial commitment. While health insurance may not seem directly related, it plays a crucial role in safeguarding your finances and supporting your ability to maintain your home. AKA, if you look after yourself, you can look after all the rest of life. Here’s why health insurance and buying a new home go hand in hand:

1. Peace of mind for long-term planning.

Homeownership is a long-term investment, and maintaining your health is essential to enjoying it. Health insurance ensures access to regular check-ups, preventive care, and treatments that keep you healthy and able to work or support your household.

2. Integration with Critical Illness or Income Protection Insurance.

Many homebuyers consider additional coverage, such as critical illness or income protection insurance, which often tie into health-related scenarios. These policies provide financial support if you’re unable to work due to a health condition, ensuring mortgage payments can still be met.

3. It can offer stress reduction during a major life transition.

Buying a home is a stressful process, and health issues can add another layer of anxiety. Health insurance minimises the burden of medical worries, knowing you have the best care available. Allowing you to focus on settling into your new home.

Tips for Aligning Health Insurance with Homeownership

•    Review Your Policy: Ensure your health insurance plan provides the coverage you and your family need. Especially if moving to a new area with different healthcare providers or facilities. But take note of the details. For example, you won’t need pregnancy coverage if you already have your family.
•    Bundle Coverage: For a holistic financial safety net, consider combining health insurance with other protection policies, like life or income protection.
•    Plan for Emergencies: Create a budget that includes health insurance premiums alongside your mortgage and other homeownership costs. You can build this into your monthly payments so it’s set and forget!

Health insurance can act as a safety net to ensure your health doesn’t affect you day-to-day.

Would you like advice on choosing health insurance or integrating it with other financial plans? Chat with us today for a bespoke plan catered directly to your needs. 

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A fee may be charged for mortgage advice. The exact amount will depend on your circumstances.

Our standard fee for mortgages is £395 and this is paid when the mortgage is offered. We charge a fee of £295 for First-Time Buyers. Other fees may apply depending on the complexity of the work involved or loan amount. The maximum fee we can charge is £795.

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THINK CAREFULLY ABOUT SECURING OTHER DEBTS AGAINST YOUR HOME.

YOUR HOME OR PROPERTY MAY BE REPOSSESSED IF YOU DO NOT KEEP UP REPAYMENTS ON YOUR MORTGAGE OR ANY OTHER DEBTS SECURED ON IT.

BUY TO LET MORTGAGES ARE NOT REGULATED BY THE FINANCIAL CONDUCT AUTHORITY.

EQUITY RELEASE: THIS IS A LIFETIME MORTGAGE. TO UNDERSTAND THE FEATURES AND RISKS, PLEASE ASK FOR A PERSONALISED ILLUSTRATION. CHECK THAT THIS MORTGAGE WILL MEET YOUR NEEDS IF YOU WANT TO MOVE OR SELL YOUR HOME OR YOU WANT YOUR FAMILY TO INHERIT IT. IF YOU ARE IN ANY DOUBT, SEEK INDEPENDENT ADVICE.


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