Paisley Mortgages

01/09/2026

Could your family keep the home if the unexpected happened?

A mortgage can run for decades, but a household’s income can change overnight. Illness, a serious diagnosis, redundancy and death create different financial problems, and no single insurance policy necessarily covers them all.

Most homeowners understand the need to insure the building they live in. Buildings insurance is commonly required under the terms of a mortgage because it helps cover the cost of repairing or rebuilding the property following specified events.

Protecting the property itself, however, is only part of the financial picture.

What would happen to the mortgage if illness prevented one of the household’s main earners from working? Could the family manage after a serious diagnosis, an unexpected redundancy or the death of a partner?

The answers may involve a combination of savings, employer benefits, state support and insurance. Each has limitations, and different protection products are designed to respond to different events.

Understanding those differences is the first step towards building a financial safety net.

Start with four difficult questions

Homeowners should consider what would happen in four separate circumstances:

illness or injury prevents someone working for a prolonged period;
a member of the household is diagnosed with a serious medical condition;
an income is lost through involuntary redundancy; or
one of the household’s earners dies.
A policy that could help in one situation may provide no benefit in another.

Income protection, for example, is a long-term insurance policy designed to provide a regular income if illness or injury prevents the policyholder from working .

Critical illness cover usually pays only when a diagnosis or medical procedure meets one of the definitions in the policy.

Life insurance ordinarily pays following the death of the insured person, while accident, sickness and unemployment cover is normally designed to provide shorter-term support following specified events.

No policy should be assumed to cover every reason for losing an income.

Income protection and prolonged illness

Income protection is a long-term insurance policy designed to provide a regular income if illness or injury prevents the policyholder from working.

It will normally replace only part of the policyholder’s earnings rather than their full salary. Depending on the policy, payments may continue for a fixed claim period or until the policyholder returns to work, retires or reaches the end of the policy term.

Important features include:

the percentage of earnings that can be covered;
how the policy defines incapacity;
the deferred period before payments begin;
how long a valid claim can be paid;
medical and occupational underwriting;
exclusions;
whether benefits can increase with inflation; and
whether premiums are guaranteed or reviewable.
The definition of incapacity is particularly important. A policy may assess whether the claimant can perform their own occupation, a suited occupation or, under some contracts, any occupation.

The precise wording will determine when the policy may pay.

Income protection does not normally cover redundancy or general unemployment.

How much sick pay might you receive?

Before considering insurance, employees should check what their employer already provides.

Some employers offer occupational or contractual sick pay above the statutory minimum. This may provide full salary for a period before reducing to half pay or ending.

The amount, duration and eligibility conditions vary. Any entitlement should be checked in the employment contract, staff handbook or workplace benefits policy.

Eligible employees may also receive Statutory Sick Pay through their employer.

For the 2026/27 tax year, the weekly rate is £123.25 or 80 per cent of average weekly earnings, whichever is lower. From 6 April 2026, Statutory Sick Pay became payable from the first full day of sickness absence and the previous lower earnings threshold was removed.

At the maximum rate, £123.25 a week is equivalent to approximately £534 a month when averaged across a year.

Statutory Sick Pay can generally be paid for up to 28 weeks5. It also applies to eligible employees in Northern Ireland, although the administration of benefits and wider sources of public support can differ across the UK.

Self-employed people do not receive Statutory Sick Pay because it is paid by an employer to an eligible employee. Other support may be available depending on individual circumstances.

Critical illness cover and a serious diagnosis

Critical illness insurance usually pays a one-off lump sum if the policyholder is diagnosed with one of the medical conditions covered by the policy and the diagnosis meets the insurer’s definition.

The money may be used for any purpose. This could include reducing a mortgage, replacing lost income, funding treatment, adapting the home or meeting other household costs.

Critical illness cover does not pay for every illness.

Policies contain a defined list of conditions and medical criteria. The severity required for a claim can differ between conditions and insurers.

Some policies may make smaller payments for specified less severe conditions. A full claim will commonly bring the relevant cover to an end, although this depends on the contract.

It is therefore important to compare definitions and policy terms, rather than considering only the number of illnesses listed.

Life insurance and those left behind

Term life insurance generally pays a lump sum if the insured person dies during the policy term and the claim meets the policy conditions.

The payment could be used to reduce or repay a mortgage, replace lost income, meet childcare costs or provide broader financial support for dependants.

There are several forms of cover.

A decreasing-term policy provides an amount of cover that reduces over time and is commonly arranged alongside a repayment mortgage.

A level-term policy maintains the same amount of cover throughout the agreed term.

Family income benefit is designed to pay a regular income for the remaining policy term following a valid claim, rather than providing the entire benefit as one lump sum.

The appropriate amount of cover may need to reflect more than the outstanding mortgage. Childcare, household expenditure, other debts and the loss of future earnings may also need to be considered.

Life insurance does not generally provide an income simply because the insured person is unable to work.

ASU and mortgage payment protection

Accident, sickness and unemployment insurance can help with repayments by paying a set amount for a limited period, often up to 12 or 24 months, after a waiting period.

Depending on the policy selected, it may cover:

accident and sickness;
involuntary unemployment; or
a combination of these risks.
Mortgage payment protection insurance is intended to help meet mortgage payments for a limited period following a covered event. Some policies may also provide an additional amount towards other household costs.

These policies usually pay a pre-agreed monthly benefit after a waiting period and for a limited claim period. MoneyHelper says payment protection policies may pay for periods such as 12 or 24 months, depending on the product.

Unemployment cover does not insure against every form of job loss.

Exclusions may apply to resignation, dismissal, voluntary redundancy, the end of a fixed-term contract or redundancy that was known or reasonably foreseeable when the policy was taken out.

The risks covered, waiting period, benefit amount and claim duration must all be checked in the individual policy.

Which policy responds to which event?

The main types of protection serve different purposes.

Income protection may provide a regular payment when illness or injury causes a loss of earnings.

Critical illness cover may pay a lump sum following a diagnosis or procedure that meets a covered definition.

Life insurance may provide a lump sum or regular income following the insured person’s death.

ASU or mortgage payment protection may provide short-term monthly payments following specified accidents, sickness or involuntary unemployment, depending on the cover selected.

There can be overlap.

In some circumstances, the same illness could result in valid claims under both critical illness and income protection policies, provided the separate definitions and claim conditions of each contract are satisfied.

Equally, someone could be unable to work because of illness without meeting the medical definition required for a critical illness payment.

For income-based policies, claim payments may also take account of continuing earnings, employer benefits or other income where the policy limits the total proportion of earnings that can be replaced.

Holding several policies does not mean that each will necessarily pay or that every stated benefit will be paid in full.

Check your workplace benefits

Employer-provided benefits can form an important part of the household safety net.

These may include:

occupational sick pay;
group income protection;
death-in-service benefits;
private medical insurance; and
employee assistance services.
Death-in-service cover normally applies only while the employee remains eligible under the employer’s scheme. It may end when the person changes jobs or leaves the organisation.

Group income protection and enhanced sick pay may also change or disappear following a change of employer.

Workplace benefits should therefore be checked whenever someone moves role, changes working arrangements or becomes self-employed.

Calculate the household protection gap

The starting point should be the household budget, not an insurance product.

Add up the essential monthly commitments that would continue after illness, redundancy or death:

mortgage payments;
council tax or domestic rates;
utilities;
food;
insurance;
childcare;
transport;
minimum debt repayments; and
other unavoidable expenditure.
Then calculate what income and resources would realistically remain.

These may include:

employer sick pay;
Statutory Sick Pay;
a partner’s income;
accessible savings;
workplace benefits;
possible state support;
existing insurance; and
any statutory or contractual redundancy payment, considered alongside how long it may need to support the household.
It can be useful to repeat the exercise for different periods.

A household may be able to manage for three months using savings but face a substantial shortfall after six months or a year.

One policy may not solve every problem

There is no universal combination of protection products that suits every homeowner.

A household with substantial savings and generous employer benefits may decide that additional income protection is unnecessary or choose a longer deferred period.

A self-employed person may place greater importance on protecting income because they do not receive employer sick pay or Statutory Sick Pay.

Parents of young children may consider the financial consequences of death particularly significant, while someone living alone may be more concerned about replacing their own income after illness.

Affordability matters too.

It may be better to prioritise the risks that would have the greatest financial impact than to arrange several policies whose premiums may become difficult to maintain.

Cover will normally remain in force only while required premiums continue to be paid, unless an applicable waiver-of-premium benefit operates under the policy.

Review protection when circumstances change

Protection arrangements should be reviewed following major changes such as:

buying or moving home;
increasing the mortgage;
changing employer;
becoming self-employed;
getting married or separating;
having children;
taking on additional debt;
receiving a significant change in income; or
using a substantial amount of emergency savings.
Existing cover should be checked to ensure the insured amount, term, deferred period and policy structure remain appropriate.

A review does not necessarily mean buying additional insurance. It may confirm that the existing cover is suitable, identify unnecessary duplication or reveal that workplace benefits now meet more of the household’s needs.

The adviser’s view

A mortgage is arranged using the household’s income and circumstances at a particular point in time.

Protection planning considers how the household might cope if those circumstances changed.

An adviser can help establish what support is already available through employment, savings, state provision and existing insurance. They can then identify any potential shortfall and explain which options may be relevant.

Not every household will need every type of cover.

The purpose of a protection review is to identify the financial risks that matter most, understand the limitations of existing arrangements and decide whether those risks should be managed through insurance, savings, workplace benefits or a combination of these.

To review how your mortgage and household finances could be affected by illness, a serious diagnosis, redundancy or death, please contact us.

Should you fail to disclose or misrepresent a fact, then you risk the insurer only paying part of a claim, declining to pay all claim and possibly, declaring the policy invalid.

Your home/property may be repossessed if you do not keep up repayments on a mortgage or other debt secured on it.

There may be a fee for mortgage advice. The precise amount of the fee will depend on your circumstances.

Think carefully before securing other debts against your home/property.

The FCA does not regulate some forms of Buy to Lets.

31/08/2026

Could hotter summers change what you look for in your next home?

Britain’s latest heatwave has left many households struggling with sleepless nights, overheated bedrooms and homes that take hours to cool down. As periods of extreme heat become a more important consideration, buyers may need to think differently about what makes a property comfortable, efficient and affordable.

For generations, British homes have been designed primarily around one challenge: keeping warm.

Buyers routinely look for double glazing, insulation, efficient heating and a strong Energy Performance Certificate rating. These features remain important, particularly when winter energy bills can place significant pressure on household finances.

But the latest heatwave has exposed the other side of the problem.

A home that retains heat efficiently during winter may still become uncomfortable in summer if it has large unshaded windows, limited ventilation or bedrooms directly beneath the roof.

For buyers searching for their next home, summer comfort is becoming harder to ignore.

A bright, sun-filled room may look attractive during a viewing, but it could become difficult to sleep, work or relax in when temperatures rise.

The heatwave questions buyers should ask

A short property viewing rarely reveals how a home performs during a prolonged hot spell.

A room may feel pleasantly warm in spring or autumn, yet become stifling during July. A top-floor bedroom may retain heat long after sunset, while a glass extension may be too hot to use for parts of the summer.

Before making an offer, buyers should ask:

Does the property become uncomfortably hot during warm weather?
Which rooms are most affected?
Does the home cool down overnight?
Are fans or air-conditioning units regularly needed?
Can windows be opened safely when temperatures fall?
Is there effective shading on the sunniest windows?
Have the current owners made any changes to reduce overheating?
The seller’s answers will not replace an independent assessment, but they may reveal a problem that is difficult to spot during a brief visit.

Five signs your next home may struggle in hot weather

1. Large windows with little shade

Large windows can fill a home with natural light, but they can also allow substantial amounts of solar heat into the property.

East-facing rooms may warm quickly in the morning, while south and west-facing rooms can receive strong sunlight for long periods later in the day.

Conservatories, roof lights, glass extensions and floor-to-ceiling windows can be particularly vulnerable.

Look for features that limit direct sunlight, such as:

external shutters;
awnings;
roof overhangs;
suitable blinds;
nearby trees; and
solar-control glazing.
Double and triple glazing can help reduce winter heat loss, but they do not automatically prevent a room from overheating in summer.

2. Bedrooms directly beneath the roof

Top-floor flats and loft conversions can become some of the hottest parts of a building.

The roof absorbs heat throughout the day, which can leave bedrooms uncomfortably warm long after outdoor temperatures have started to fall.

This can be particularly disruptive at night, when a room that cannot cool down may affect sleep.

Ask whether fans or portable air-conditioning units are used regularly and whether the windows can be opened safely overnight.

The presence of cooling equipment is not necessarily a concern. It may, however, indicate that the room is difficult to keep comfortable without additional electricity use.

3. Windows on only one side of the property

Homes are often easier to cool when air can move through them.

Windows on opposite sides of a property can create cross-ventilation once the temperature outdoors becomes cooler than the temperature inside.

This may be more difficult in flats with windows on only one side, internal bathrooms or rooms facing busy roads where noise and pollution make it impractical to leave windows open.

Check:

which windows open;
how widely they open;
whether there are trickle vents;
whether extractor fans work;
whether air can move between rooms; and
whether any mechanical ventilation system has been maintained.
Opening windows during the hottest part of the day may allow more warm air inside. Ventilation is often more effective later in the day or overnight, once outdoor temperatures have fallen.

4. A heavily glazed extension

Glass extensions and conservatories can look impressive during a viewing.

However, they may become extremely hot during a heatwave and difficult to keep warm during winter unless they have been designed with appropriate glazing, shading, ventilation and insulation.

Buyers should consider whether the space can realistically be used throughout the year.

Ask whether blinds, roof vents, fans or cooling equipment are needed during summer and how expensive the room is to heat during colder months.

A room that is uncomfortable for several months of the year may offer less usable living space than the floor plan suggests.

5. No practical way to install cooling or shading

Some homes can be adapted relatively easily. Others may be more complicated.

Leaseholders may need permission from the freeholder or managing agent before fitting external shutters, awnings, air-conditioning equipment or a heat pump.

Planning, noise and building requirements may also apply, depending on the property and its location.

Before buying a property that appears prone to overheating, consider whether improvements would be permitted, practical and affordable.

Is insulation part of the problem?

Insulation should not be blamed for overheating by itself.

Properly installed insulation slows the movement of heat through a building. It helps retain warmth during winter and can delay external heat entering during summer.

The problem arises when heat enters a property but cannot escape easily.

A well-insulated and airtight home still needs suitable shading, glazing and ventilation. Without them, heat from sunlight, cooking, appliances and occupants can build up indoors.

The goal is not simply to create a home that holds heat. It is to create one that manages heat effectively throughout the year.

Could air conditioning become more common?

Air conditioning has traditionally been viewed as a luxury in British homes.

Repeated heatwaves may change that perception, particularly for top-floor flats, loft conversions, home offices and heavily glazed properties.

Portable air-conditioning units can cool individual rooms, but they may be noisy, take up floor space and require a hose to vent hot air outside.

Fixed systems may be more effective, although installation can be costly and may require an external unit.

Air conditioning also increases electricity use, so buyers should consider the running cost as well as the purchase price.

It may be more sensible to reduce the amount of heat entering the property first through shading, suitable glazing and improved ventilation, then consider mechanical cooling if those measures are not enough.

Can a heat pump cool the home?

It depends on the type of system.

Most air-to-water heat pumps installed in UK homes provide space heating and hot water. They should not automatically be assumed to provide room cooling.

Air-to-air heat pumps distribute heated or cooled air through indoor units and can provide warmth in winter and cooling in summer.

They do not normally produce domestic hot water, so another system is usually needed.

Buyers considering a property with a heat pump should ask:

what type of system is installed;
whether it provides cooling;
when it was last serviced;
whether warranties remain in place; and
what the typical running costs have been.
Do not rely on the EPC alone

An Energy Performance Certificate can provide useful information about a property’s estimated energy efficiency and possible improvements.

However, it does not tell buyers everything about how the home will feel during a heatwave.

It may not reveal that a west-facing bedroom becomes extremely hot in the evening, that traffic noise prevents windows being opened or that a glass extension is uncomfortable during summer.

A good EPC rating should therefore be treated as one part of the assessment, not a guarantee of year-round comfort.

What can a survey tell you?

A mortgage valuation is carried out primarily for the lender. It is not a detailed inspection of the property’s condition.

Depending on the type and scope of the survey, a buyer’s survey may identify visible problems affecting the roof, windows, damp and ventilation. It may also recommend further investigation by a heating, ventilation or energy specialist.

A standard survey may not assess how hot the property becomes during summer or test the performance of heating and ventilation systems.

Buyers who are concerned about overheating should raise the issue with the surveyor before the inspection.

Building standards and regulations differ across England, Scotland, Wales and Northern Ireland. Buyers considering a newbuild or recently altered property should check which requirements applied when the work was completed and seek local professional advice where appropriate.

What could it cost to make a hot home more comfortable?

The cost will depend on the property and the scale of the problem.

Potential improvements may include:

suitable blinds or curtains;
external shutters or awnings;
ceiling fans;
improved roof insulation;
upgraded ventilation;
solar-control glazing;
an air-to-air heat pump; or
fixed air conditioning.
Some measures may be relatively straightforward. Others may require specialist installation, professional advice or permission from a freeholder or local authority.

Buyers should obtain appropriate quotations rather than assuming the work will be inexpensive.

Why this matters to your mortgage budget

The latest heatwave is a reminder that the purchase price and mortgage repayment are not the only costs involved in owning a home.

A property that is difficult to keep cool could require immediate spending on shading, ventilation or cooling equipment. It may also lead to higher electricity use during future hot spells.

Buyers who borrow to the maximum available amount may have less financial room to deal with these costs after completion.

A lender’s affordability assessment determines how much it may be prepared to lend. It does not calculate how much a household should borrow after allowing for repairs, maintenance, energy costs and improvements.

This is where early mortgage planning can help.

A broker can explain how different loan amounts, deposits and mortgage terms may affect the monthly repayment. This can help buyers decide how much they are comfortable borrowing while retaining funds for the property itself.

The broker’s view

Hotter summers could change the way buyers assess their next home.

Natural light, large windows and loft rooms may be attractive, but buyers should also consider whether those features could make the property difficult or expensive to keep comfortable during a heatwave.

Before making an offer, look beyond the photographs, floor plan and EPC rating.

Ask how the home performs in hot weather, check whether it can be ventilated and shaded effectively, and consider the cost of any improvements that may be needed.

The amount a lender is prepared to offer is not necessarily the amount you should borrow.

Leaving room in the budget for maintenance, adaptation and unexpected costs can be just as important as securing a competitive mortgage.

Your home/property may be repossessed if you do not keep up repayments on a mortgage or other debt secured on it.

There may be a fee for mortgage advice. The precise amount of the fee will depend on your circumstances.

Think carefully before securing other debts against your home/property.

The FCA does not regulate some forms of Buy to Lets.

27/08/2026

24/08/2026

New First Time Buyer ISA planned and what it could mean for aspiring homeowners

The Government plans to replace the Lifetime ISA with a new savings account designed solely to help first-time buyers purchase a home. But several important details, including the bonus and property price limit, have yet to be decided.

First-time buyers could eventually be offered a new, more flexible way to save for a deposit under plans announced by HM Treasury.

The proposed First Time Buyer ISA would replace the Lifetime ISA for new savers and would be available to first-time buyers aged 18 or over, with no upper age limit.

Unlike the Lifetime ISA, savers would not receive the Government bonus as money is paid into the account. Instead, the bonus would be added when the savings are used to purchase an eligible first home.

The change means savers whose plans change could withdraw their own money without facing the current Lifetime ISA withdrawal charge.

However, the First Time Buyer ISA is still at the consultation stage. The final bonus, savings allowance, property price cap and launch date have not yet been confirmed.

Why is the Lifetime ISA being replaced?

The Lifetime ISA was launched in 2017 and can be used either to purchase a first home or to save for later life.

Savers can currently contribute up to £4,000 each tax year and receive a 25 per cent Government bonus, worth up to £1,000 annually. An account must normally be opened before the saver turns 40, and contributions can continue until the age of 50.

However, the account has attracted criticism because of the charge applied when money is withdrawn for a reason other than an eligible home purchase, retirement after age 60 or certain exceptional circumstances.

The standard 25 per cent withdrawal charge does more than recover the original Government bonus.

For example, someone paying £4,000 into a Lifetime ISA would receive a £1,000 bonus, taking the balance to £5,000 before any interest or investment movement. A 25 per cent charge on £5,000 would remove £1,250, leaving the saver with £3,750.

The saver would therefore lose the £1,000 bonus and £250 of the original amount contributed.

The Treasury Committee has also raised concerns that the Lifetime ISA’s combined homebuying and retirement purposes make the product complicated and could result in some people selecting unsuitable savings or investment strategies.

How would the new account work?

Under the Government’s current proposal, the new First Time Buyer ISA would be available to UK residents aged 18 and over who are saving to buy their first home.

There would be no upper age limit, reflecting the fact that many people are purchasing their first property later in life.

Savers would be able to choose between cash and stocks and shares versions of the account. Interest and eligible investment growth within the ISA would remain tax-free.

The Government bonus would be calculated using the net amount paid into the account, meaning total contributions after any previous withdrawals. It would not be calculated on interest or investment growth.

To qualify for the bonus:

the account would need to have been open for at least 12 months;
the property would need to be the saver’s first home and main residence;
the purchase would need to be made with a regulated mortgage; and
the property would need to fall within the scheme’s price limit.
Cash buyers and those purchasing using unregulated financing arrangements would not qualify for the bonus.

Would there still be a 25 per cent bonus?

That has not yet been decided.

The Government is consulting on the relationship between three important elements of the scheme:

the amount someone can save each year;
the percentage bonus paid by the Government; and
the maximum eligible property price.
The current Lifetime ISA offers a 25 per cent bonus on contributions of up to £4,000 a year and permits purchases costing up to £450,000 anywhere in the UK.

The new First Time Buyer ISA could use different figures. The consultation suggests, for example, that a lower annual savings allowance or property price cap could potentially support a higher percentage bonus.

No final decision has been announced, so prospective buyers should not assume that the existing £4,000 allowance, 25 per cent bonus or £450,000 property limit will be retained.

What happens to existing Lifetime ISAs?

People who already hold a Lifetime ISA will not be required to close it.

The Government says existing holders will be able to continue saving into their Lifetime ISA under the current rules indefinitely.

They would also be able to open a new First Time Buyer ISA and use funds from both accounts towards the same eligible property purchase. However, they would only be able to contribute to either a Lifetime ISA or a First Time Buyer ISA within the same tax year, rather than paying into both.

Lifetime ISA funds could not be transferred directly into the new account because the saver will already have received a Government bonus on those contributions.

Should first-time buyers stop paying into a Lifetime ISA?

Not necessarily.

The replacement account has not yet launched and some of its most important features remain undecided. A Lifetime ISA may continue to be useful for an eligible person who understands its restrictions and expects to purchase a qualifying property.

However, anyone considering opening or contributing to a Lifetime ISA should understand the withdrawal charge, the £450,000 property limit and the requirement for the account to have been open for at least 12 months before it can normally be used for a first-home purchase.

Savers should also consider whether they may need access to the money for another purpose and whether a cash or stocks and shares account is appropriate for their expected buying timescale.

Investments can fall as well as rise, which means someone using a stocks and shares ISA could receive back less than they invested, particularly if they need to withdraw the money over a relatively short period.

The broker’s view

The proposed First Time Buyer ISA could remove one of the most controversial aspects of the current Lifetime ISA by allowing savers to access their own contributions without a withdrawal penalty if their circumstances change.

Removing the upper age limit could also make Government-supported deposit saving available to a wider group of aspiring homeowners.

However, the success of the scheme is likely to depend on the eventual bonus, annual allowance and property price cap.

The current £450,000 Lifetime ISA limit can already present difficulties in higher-priced areas. Until the final rules are published, buyers should avoid making long-term plans based on the assumption that the limit will increase or that the new account will be more generous.

The Government consultation closes on 18 August 2026. The final design and implementation timetable will be confirmed following the consultation process.

Saving a deposit is only one part of preparing to purchase a home. Prospective buyers may also benefit from reviewing their likely mortgage affordability, credit commitments, purchase costs and available deposit options before beginning their property search.

Your home/property may be repossessed if you do not keep up repayments on a mortgage or other debt secured on it.

There may be a fee for mortgage advice. The precise amount of the fee will depend on your circumstances.

Think carefully before securing other debts against your home/property.

The FCA does not regulate some forms of Buy to Lets.