IFA Howard Reuben
As an avid reader of Property118.com I was very interested to read a couple of recent articles 1) Should landlords buy life insurance and 2) What happens when a landlord dies – both of which touched on the subject of what happens to the BTL mortgage contract if a borrower / landlord dies and also what happens to the property(ies) in this situation too.
What caused me to carry out some further detailed research in this matter, however, is that it was quite clear, not only from the comments left by readers but from my own experience as a Financial Adviser with 20 years business practice working in the BTL mortgage and insurance sector, and also as a portfolio landlord myself, that different people think different things will happen to their estate when they die. Continue reading Life Insurance for Landlords – IFA readers letter
I had a really interesting discussion about life insurance yesterday with a lady I’ve respected for many years. I will not embarrass her by publishing her full name as she doesn’t know I’m writing this. Some people reading this (former clients of The Money Centre in particular) and the lady in question if she reads it, will know who I’m referring to though. I will call her Ms T. She was one of the best buy to let consultants we ever had working at The Money Centre and always finished in the top 10 fee earners every year. Ms T literally went from being our tea lady to becoming an Associate Partner in the business whist bringing up two lovely daughters as a single parent. She also managed to buy a few properties for investment too so I think you can begin to see why I have such respect and admiration for her achievements.
When The Money Centre pulled out of the buy to let mortgage market back in 2009 Ms T decided to become a financial advisor. She obviously still arranges lots of buy to let mortgages but what really surprised me was when she told me that landlords also ask her to arrange their life insurance. Most of the landlords I talk to aren’t interested which is why we never sold life insurance at The Money Centre. Ms T said that’s what she used to think too but her opinion now has completely changed and she explained why. Continue reading Should buy to let landlords buy life insurance?
Ever since I got into this business I have avoided SVR (Standard Variable Rate) mortgages or discounted/fixed rate mortgage products that revert to an SVR like the plague. Now I’m not talking about bank base rate trackers or LIBOR rates, they are fine. I prefer bank base rate trackers myself but that’s another story and I’m rambling now so I will move on. Continue reading The Dangers of SVR’s (Standard Variable Rate) Mortgages