Building and contents insurance
At Yomo Finance, we understand the importance of protecting your most valuable assets – your home and its contents. That's why we offer comprehensive building and contents insurance solutions tailored to meet your specific needs and provide you with peace of mind. Contact our team in Aylesford to book an appointment.
What does building insurance cover?
Building insurance is designed to cover the physical structure of your property, including the walls, roof, floors, and permanent fixtures and fittings. Building insurance policies provide protection against a wide range of insured perils, such as:
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Fire, lightning, and explosions
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Storms, floods, and earthquakes
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Theft, vandalism, and malicious damage
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Subsidence
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Accidental damage to fixed glass, sanitary fittings, and underground pipes
In the event of damage caused by an insured peril, the Building Insurance will cover the cost of repairing or rebuilding your property, ensuring that your home is restored to its pre-loss condition.
Make sure you have contents insurance
While building insurance protects the physical structure of your home, Contents Insurance safeguards your personal belongings and household items. Contents insurance policies provide coverage for a wide range of items, including:
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Furniture and appliances
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Clothing and personal effects
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Electronics and home entertainment systems
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Jewellery and valuable items
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Bicycles and sports equipment
Contents insurance policies also offer protection against various risks, such as fire, theft, accidental damage, and natural disasters. Additionally, we provide coverage for personal liability, ensuring that you are protected in the event of accidental injury or damage to a third party's property.
Tailoring your coverage
At Yomo Finance, we understand that every homeowner's needs are unique. That's why we offer a range of options to tailor your building and contents insurance coverage to your specific circumstances:
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Coverage limits: Determine the appropriate coverage limits based on the value of your property and personal belongings, ensuring that you are adequately protected in the event of a claim.
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Additional coverages: Explore optional add-ons or endorsements, such as coverage for valuable items, home office equipment, or accidental damage protection.
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Bundled policies: Consider bundling your building and contents insurance policies for added convenience and potential cost savings.
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How much can I borrow?A typical mortgage applicant can expect to borrow four and half times their annual income. This should not be affected by your employment type unless your income is low or you have a poor credit score.
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What deposit will I need?There is no specific deposit requirement needed by self-employed applicants and the minimum deposit usually needed for a standard residential mortgage is 10%. That being said, with a short trading history, you will increase your chances of securing a mortgage if you are able to offer more than the minimum deposit requirement. This can also give you access to more competitive mortgage rates.
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Do I have access to the Help to Buy scheme if I’m self-employed with one years’ accounts?All of the government home ownership schemes were created to help those applicants who would struggle to get a mortgage under normal circumstances. This extends to self-employed applicants and, although there will certainly be less availability if you have fewer years of accounts available, Yomo Finance will be able to help you. All of the government home ownership schemes were created to help those applicants who would struggle to get a mortgage under normal circumstances. This extends to self-employed applicants and, although there will certainly be less availability if you have fewer years of accounts available, Yomo Finance will be able to help you.
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What documentation is needed for a self-employed mortgage application?Tax returns, business accounts and possibly a reference from an accountant. This all depends on whether you are a sole trader, a director of a Limited Company or are in a partnership.
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How many years of accounts do I need to provide?Usually, two to three years of accounts. However, you can get a mortgage with one year's books.
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Can I get a mortgage if I am a contractor or freelancer?Yes, but you may need to provide more evidence of income stability. Typically you would need 12 months history.
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How do lenders assess self-employed income?They typically look at your average income over the past two to three years.
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What can I do to improve my chances of getting a mortgage as a self-employed individual?Keep thorough records, pay your taxes on time and maintain a good credit score. You should also limit the amount of expenses you put through in order to maximise your income.
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Are there specific lenders that specialise in self-employed mortgages?Yes, some lenders are more flexible with self-employed applicants.
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How does fluctuating income affect my mortgage application?Lenders prefer stable and predictable income but may consider averages.
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What is the impact of a limited company structure on getting a mortgage?Your income may be assessed differently, focusing on salary and dividends.
-
Are interest rates higher for self-employed mortgages?They can be, depending on the perceived risk by the lender but most do not charge higher interest rates for self-employed applicants.
-
How much can I borrow?A typical mortgage applicant can expect to borrow four and half times their annual income. This should not be affected by your employment type unless your income is low or you have a poor credit score.
-
What deposit will I need?There is no specific deposit requirement needed by self-employed applicants and the minimum deposit usually needed for a standard residential mortgage is 10%. That being said, with a short trading history, you will increase your chances of securing a mortgage if you are able to offer more than the minimum deposit requirement. This can also give you access to more competitive mortgage rates.
-
Do I have access to the Help to Buy scheme if I’m self-employed with one years’ accounts?All of the government home ownership schemes were created to help those applicants who would struggle to get a mortgage under normal circumstances. This extends to self-employed applicants and, although there will certainly be less availability if you have fewer years of accounts available, Yomo Finance will be able to help you. All of the government home ownership schemes were created to help those applicants who would struggle to get a mortgage under normal circumstances. This extends to self-employed applicants and, although there will certainly be less availability if you have fewer years of accounts available, Yomo Finance will be able to help you.
-
What documentation is needed for a self-employed mortgage application?Tax returns, business accounts and possibly a reference from an accountant. This all depends on whether you are a sole trader, a director of a Limited Company or are in a partnership.
-
How many years of accounts do I need to provide?Usually, two to three years of accounts. However, you can get a mortgage with one year's books.
-
Can I get a mortgage if I am a contractor or freelancer?Yes, but you may need to provide more evidence of income stability. Typically you would need 12 months history.
-
How do lenders assess self-employed income?They typically look at your average income over the past two to three years.
-
What can I do to improve my chances of getting a mortgage as a self-employed individual?Keep thorough records, pay your taxes on time and maintain a good credit score. You should also limit the amount of expenses you put through in order to maximise your income.
-
Are there specific lenders that specialise in self-employed mortgages?Yes, some lenders are more flexible with self-employed applicants.
-
How does fluctuating income affect my mortgage application?Lenders prefer stable and predictable income but may consider averages.
-
What is the impact of a limited company structure on getting a mortgage?Your income may be assessed differently, focusing on salary and dividends.
-
Are interest rates higher for self-employed mortgages?They can be, depending on the perceived risk by the lender but most do not charge higher interest rates for self-employed applicants.
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