We currently live in a shared ownership property and pay Halifax for TMPP (Life insurance, CI and the income protection element).
In terms of details, I’m 37 (earning £40k), DH 33 (earning £25k). The outstanding mortgage balance is only £34k, although we pay rent on the other half. We currently pay £189 per month for our SVR mortgage plus £59 per month for the TMPP product.
At the moment we may or may not move so I’m stuck with the mortgage rate. However I’m sure I must be able to get a better deal than the TMPP product. However where is the best place to start looking? Should I go to an IFA? I’m conscious our current product probably isn’t suitable, as it would only clear the mortgage in the event of a death, and the remaining person would still have the rent to pay. Equally as it’s through the mortgage provider, we must be massively overpaying. I just don’t know how to go about finding a better deal.