Picture this. You’ve finally found your forever home. You can sit back, relax and enjoy your lifestyle. But would you be able to keep your home if the unimaginable happened?

The hard reality is that each year one million people in the UK find themselves unable to work due to a serious illness or injury (Source: Money Helper – Please be aware that by clicking on to the above links you are leaving the Honey website. Please note that Honey Financial Solutions nor HL Partnership Ltd are responsible for the accuracy of the information contained within the linked site(s) accessible from this page).

It’s uncomfortable to think about but you must plan for the unthinkable. Just in case.

There are many reasons why you might not be able to afford to stay in your home. Redundancy, ill health, the death of a loved one to name a few. The perfect time to think about this difficult topic is when you’re organising your mortgage. Let’s face it, it’s not the kind of topic that crops-up over dinner.

Whether you’ve had your mortgage for one day or one decade, you never know what’s around the corner.

Here are some pretty uncomfortable but incredibly important things to think about:

Your emergency fund

Do you have one? Would it cover all your outgoings? How long would it last; days, weeks, months or years?

Your savings

Would you want to use your savings if you lost your income? What are you planning to use your savings for? Maybe it’s a new car, supporting the kids going to university or towards a future house purchase. If you are happy to use your savings to support you after a loss of income, how long will they last?

Help from family or friends

Would you feel comfortable asking family or friends for help? If you are happy to ask how long could they support you with your monthly outgoings or maybe they could clear a large debt? How would you pay them back?

Are you expecting money in the future?

When would this money be available to you? How long will you be able to sustain your monthly outgoings or will it help to pay off a large debt?

Are you insured?

Do you have adequate cover? Would it cover your outgoings and any large debts? Will it provide a monthly income? When will the policy payout? Who will receive the policy payout?

Nobody likes to think about losing their income, critical illness or death. It’s often awkward, uncomfortable and, quite frankly, bleak but incredibly important too.

Honey Financial Solutions are here to help guide you through your options. Your circumstances, financial, family and lifestyle, are unique to you. We aim to make sure you have complete peace of mind should the unthinkable become a reality.