Financial considerations
Insurance
In the rush of financial matters it's very easy to forget to arrange property insurance on your new home. This needs to be in place from the moment that you reach completion, since from that point onwards you are the legal owner of the property. Also, most mortgage providers make it a condition of lending you the money that you should have adequate insurance cover. Most home insurance policies include cover for both buildings and contents and some have further cover for personal possessions.
The Co-operative Insurance
One policy, four great cover options
- buildings
- contents and Personal Possessions
- travel
- caravan.
Why make two or three payments for different insurance policies when you can mix and match with The Co-operative Insurance to create one great value policy that covers everything you need? You choose the cover you need and The Co-operative Insurance roll it into one easy and convenient policy with one premium, one renewal date and one policy document.
- up to £500,000 rebuilding costs cover as standard under Buildings
- up to 16% off your buildings and contents premium for buying online
- 1/3 off contents premium when you buy buildings and contents insurance together
- earn separate generous No Claim Discount scales of up to 40% for buildings and contents plus the option to protect once the full entitlement has been earned
- HomeRescue Plus for just 12p for the first year
- Choice of paying monthly by Direct Debit or annually by debit/credit card.
Plus, there are a host of complimentary extras:
- free Legal Expenses Insurance, up to £50,000
- free Legal Advice Helpline
- free HomeRescue Emergency Helpline
- free Pre-Travel Advice and Emergency Travel Assistance Helplines (with the Travel option only).
Find out more about The Co-operative Home Insurance.
Will writing
Another thing that's very easy to overlook when buying a new home is your Will. If you've already made a Will, buying a new home is an important time to review your arrangements because it usually means you've increased your assets. If you don't have a Will buying a new home is a sensible time to think about writing one. Here are some of the reasons why it's a good idea to make a Will:
- A Will ensures that it's you who chooses how your estate is shared out rather than the government.
- A Will can help you mitigate your inheritance tax liabilities.
- A Will can ensure that an unmarried partner will inherit your property.
Will writing is something that The Co-operative Legal Services can help you with. They offer a range of legal services for our customers which includes writing Wills.
For further information on The Co-operative Legal Services’ Will Writing Service, please call 0845 603 5450 Call charges.
YOUR HOME MAY BE REPOSSESSED IF YOU DO NOT KEEP UP REPAYMENTS ON YOUR MORTGAGE.
