Buying a home is one of the biggest financial decisions many of us will make. At Barlow Irvin, we help clients navigate the mortgage side of things—and just as important is ensuring your home and your financial wellbeing are protected. Here’s why it matters, and what you should check.
Why protection cover is a key part of homeownership
When you take out a mortgage, you’re committing to regular repayments over many years. If something unexpected happens, such as illness, injury, or redundancy, it could place that commitment at risk.
Protection cover such as life insurance, critical illness cover, or income protection doesn’t remove the risk entirely, but it can give you much greater peace of mind.
It’s not just about your mortgage. Your home is more than a property: it’s a hub of memories, potentially your biggest investment, and for many the foundation of family life. Protecting the home and lifestyle you’re building makes sound sense.
Three key areas to consider
Life and Mortgage Protection
If you were to pass away unexpectedly, would your loved ones be able to cover the mortgage repayments and stay in the home that you’ve created together? A life policy sized appropriately to your mortgage can reduce that burden, and help your family retain the home without added stress.
Critical Illness Cover
Surprisingly, many homeowners assume being ill won’t affect their finances, but it does. If you’re diagnosed with a serious condition, treatment, recovery time or long-term change to your ability to work may affect your income. Critical illness cover can provide a lump sum at a crucial time.
Income Protection
In the event you’re unable to work due to injury or illness, this type of cover can replace a portion of your income and help meet ongoing mortgage repayments and living costs. For homeowners, this is especially valuable, as your home may remain your largest outgoing.
How protection fits with your mortgage plan
At Barlow Irvin, our advice doesn’t end once the mortgage offer is secured, we believe it’s just as important to align protection cover with your borrowing. Here’s how we approach it:
- We review your current mortgage commitments, deposit, and personal situation.
- We explore protection options that make sense for your lifestyle, budget, and future goals.
- We ensure that cover remains appropriate as circumstances change – job, health, dependants, home value.
- We highlight any gaps (for example, cover ending too early, or inadequate sums) and the risks those pose.
Common mistakes homeowners make and how to avoid them
- Assuming employer cover is enough. Some people rely solely on work-provided schemes, which might not cover mortgage size, length, or lifestyle changes.
- Ignoring likely changes in life. Your home might increase in value, your mortgage term might extend, you may start a family, and your protection needs may shift accordingly.
- Leaving cover until later. Often, people focus entirely on securing the mortgage and leave the protection decision until after moving in, when premiums or circumstances may be less favourable.
Next steps you should take
- Review your insurance and protection policies today – what’s in place, what’s missing?
- Align them with your mortgage size, term, and personal situation – are they sufficient?
- Speak with a protection specialist – our own expert, Jade, can help you understand what cover best suits your needs and ensure your home and finances are fully protected.
- Revisit your arrangements at each major life change – — moving home, changing job, starting a family, or shifting mortgage terms.
Want to talk through your protection options and how they relate to your mortgage?
Contact us at Barlow Irvin and we’ll guide you through the process, clearly and without jargon.
Stay safe, stay well, and keep your home protected.
