Insurtech leader UnderwriteMe has reacted to the news of the return of 100% mortgages by reminding mortgage advisers to prioritise protection to ensure their clients don’t put themselves at risk of a financial complications later on.

Potential homebuyers, advisers and UnderwriteMe have welcomed the return of 100% mortgages as they will help younger people get onto the property ladder without having to save for a large deposit or ask family to provide or guarantee such a deposit. But with memories of the 2008 financial crisis still front of mind, it’s important that mortgage advisers remind today’s homebuyers of the need to plan for every eventuality, including the consequences of being unable to work due to illness or injury.

UnderwriteMe’s Phil Nash said, “The return of 100% mortgages will help young people, particularly renters, to buy their first property. Many will be extremely excited that owning their first home will be a reality. But they also need to consider the future consequences of being unable to work due to illness or injury. However, a conversation about income protection and critical illness cover is essential.The protection conversation should be a priority for any mortgage, but with 100% products, it’s even more crucial.”

UnderwriteMe believes one of the main reasons protection conversations aren’t converting into policies is the extra time, on top of all the mortgage advice and paperwork, that comes with recommending a protection add-on. Multiple applications and the underwriting process can complicate the process.

Nash continues, “UnderwriteMe is committed to helping mortgage brokers by cutting down the time it takes to arrange a protection policy for their clients. Our Protection Platform makes their job easier with one form producing a fully underwritten quotation from eight product providers on our system. It’s quick, easy, and will help mortgage advisers ensure their clients have the protection they need.”