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Too many people in the UK don't have the right insurance to protect them and their income. But why should you bother taking out a plan that just means more costs each month?

The first thing to think about is what would happen should you fall ill or have an accident and suddenly lose your main income – how much could you and your family afford then? How many months would you be able to pay your mortgage before you went into arrears? Also, how long would your family be able to stay in the home if you were to die? People who do not have enough insurance know the answer – not long.

With critical illness cover, life insurance and income protection you can sleep happy knowing that any eventuality will be covered with financial products that cost just a few pounds a month.

Also, how much extra cash do you have each month – how much more could you afford to pay on your mortgage? If the answer is 'not much' then that's fine, but if you needed the extra money you would be in trouble. What would happen if your area suffered a flood and your home was washed out? What about if you suffered a fire? Could you afford a new roof or a new boiler or new windows should they be damaged?

With the right home insurance you can be sure that your income will not be jeopardised by accidents or acts of god. While you can probably do more to improve your finances, those you do have will be safe with the right insurance.

None of these products should cost you a fortune, but you must be sure to get the right ones. Talk to a mortgage broker about talking out sensible, affordable insurance to protect your mortgage and your home.

To keep up with the latest news and comments on the mortgage market please visit the Mortgage Broker Blog.

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If we are to recover from the great recession it is going to happen very slowly – but new data from the Council of Mortgage Lenders reveals that we are going in the right direction.

It found that gross mortgage lending in February increased to an estimated £9.2bn, a 6% rise from £8.7bn in January. It says the market jumped thanks to low mortgage figures at the very start of the year after the Government's stamp duty break ended.

And while lending in February was down 6% on the £9.7bn recorded a year ago, the CML says the first two months of this year are broadly in line with its forecast for lending of £150bn for 2010, which would be a slowly steady improvement on mortgage lending in 2009.

Paul Samter, economist at the CML says: "As we look forward, we expect emerging signs of improvement as confidence in the economy grows and we move past the election. But with activity unlikely to pick up much in the short term, we would expect to see further modest volatility in the coming months."

Slight increases in mortgage lending is always a good sign for those looking to move onwards and upwards on the housing ladder. It means lenders are happier to lend, it means more borrowers are able to afford mortgages and it means your attempts to get hold of mortgage finance might be a little more successful – but talk to a mortgage broker about exactly how successful your endeavours may be.

SOURCE: CML, 18/03/10

To keep up with the latest news and comments on the mortgage market please visit the Mortgage Broker Blog.

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New figures suggest that the number of new mortgages on the market are coming back with a bang – from a low of just 1,209 mortgages in April 2009 there are now 2,053 products today, a 70% increase.

According to Moneyfacts.co.uk, there has been a significant increase in the number of mortgages available to UK borrowers since the start of the year. Furthermore, it is the higher loan to value mortgages that are witnessing the biggest percentage increases as lenders continue to relax their credit criteria.

It says there has been a 333% increase in the number of 95% LTV since April 2009 and an 114% increase in 90% LTV loans during the same period. There has also been a 169% increase in 80% LTV loans and a 21% increase in 60% LTV mortgages.

Michelle Slade at Moneyfacts says: “By increasing the numbers of mortgages, lenders are showing that they are open for business. Increased availability brings increased competition and the mortgage market is finally seeing some of the most competitive deals of the last few years. Lenders are becoming more accommodating with their lending criteria, which bodes well for increasing the competitiveness of the mortgage market.

“For a long time, borrowers with a small deposit have had few options. Many will be hoping the positive trend continues, with increased competition reducing the cost of high LTV mortgages."

To have the chance to choose from as many of these 2,053 products as possible you need to go to a whole of market mortgage broker – the more choice you have the better the chance you have of finding the right loan.

SOURCE: Moneyfacts.co.uk, 16/03/10

To keep up with the latest news and comments on the mortgage market please visit the Mortgage Broker Blog.

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You may be enticed into taking out a mortgage with a great headline rate – but do you know what else is included in the mortgage?

Many people just look for the headline rate and think that is all that have to consider. But there is much, much more to a modern mortgage than the initial rate – there are fees and charges, penalties and caveats, limits and small print and terms and conditions that will make your head spin.

In particular, Moneysupermarket.com has warned that many low rate mortgages come with very uncompetitive standard variable rates that they will resort to after their discount period.

Hannah-Mercedes Skenfield, mortgages channel manager at moneysupermarket.com, says: "It is worth being aware that, as a discount product some mortgages are vulnerable to changes in the lender's SVR offering. We are currently seeing a lot of discrepancy between lenders' SVR deals with a difference of 3.95% between the lowest SVR rate and the highest."

So the only way to be sure about your long-term validity of mortgage is to ask an expert. If it looks like a great rate, ask an expert what is under the bonnet of the loan. And if it looks too good to be true then it probably is – so be sure of what you are getting into by going through a professional mortgage broker.

SOURCE: Moneysupermakret, 11/03/10

To keep up with the latest news and comments on the mortgage market please visit the Mortgage Broker Blog.

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There are now more mortgages available to customers of whole of market mortgage brokers than at any point in the last 15 months, proving once again that the best place for mortgage choice is through an independent mortgage broker.

According to mortgage broker search engine Mortgage Brain, intermediary mortgage figures are at their highest since December 2008.

It says the total number of broker mortgages on its sourcing system hit 4,876 at the start of this month, up 9% from last month. In fact, it says that the number of broker mortgages has now risen for eight consecutive months.

But it is not just the number of products that has improved – it says that product availability has also improved by 79% compared to this time last year, and is up by a massive 95% from six months ago. So more people are able to get more mortgages, which is encouraging news.

Mark Lofthouse, chief executive of Mortgage Brain, says: “The current, mid and long-term analysis of our data is really starting to show a clear picture of market stability and the forward movement that is been made in mortgages. We are now regularly seeing increases in product availability in all areas, which is particularly encouraging.”

If you want to be able to have the choice of thousands of mortgages, you need to talk to a mortgage broker. A bank will only offer you their small range and the internet can only show you a selection of all the loans that are on offer. But a whole of market mortgage broker can source the whole market to find you the best mortgage.

SOURCE: Mortgage Brain, 05/03/10

To keep up with the latest news and comments on the mortgage market please visit the Mortgage Broker Blog.