News & Articles

What happens to your loved ones when you die?

So many people are being diagnosed with a life-changing illness such as cancer, heart attack, stroke or you may have an accident where you may not be able to go back to the job you are doing. Would you lose your home as a result? Do you have anyone you could turn to financially? The most common types of insurances we may take out in our lifetime:

Car insurance Home insurance Contents insurance Mobile phone insurance Travel Insurance

 

What about insuring you, your ability and capacity and earn, wha...

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Income Protection - Statistics & Case Studies

Have you thought about Income Protection?

We are surrounded by stories of people having cancer, heart attacks, strokes, car accidents, mental health breakdowns, to name a few major health situations which could happen to any of us at any time.

If you are working, what would happen to your monthly income if you suddenly lost your ability to work?

Would you be able to manage without your monthly income?

If you could not pay your mortgage, how long before you lose your home? How would you pay the food bills and which of your home comforts would you lose first? Can you and your family cope with this financial loss?

Income Protection will pay you a monthly,...

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Case Study: Refinance of a Bridging Loan

Refinance of a Bridging loan on a Buy to Let property which was purchased in a Ltd Company via auction. Clients bridging rate was 8.4% per annum and they wanted to exit the bridge on to a Term Loan.

Original purchase price was £480,000 and after works it was valued at £750,000.

Problems

One of the two Directors has a CCJ.  The clients were Non Owner Occupiers and have no other Buy to Let properties.

Property had not yet been rented as it had undergone extensive refurbishment work to add floor size and full modernisation.

The clients previous broker had made numerous mortgage exit applications on their behalf all of which were declined.

Solution

We used a lender (which had previously decline...

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Gifting money for a deposit – what you need to know

Parents and grandparents keen to help their offspring get onto the housing ladder are increasingly helping them out with the money they need for their deposit. This can help reduce Inheritance Tax (IHT) too, but you need to be aware of the rules.

Everyone has a yearly ‘gift’ allowance for IHT and can give away up to £3,000 each year. If you don’t use it, you can carry over any unused allowance from one tax year to the next up to a maximum of £6,000. This means you could give away up to £6,000, or £12,000 for a couple.

Wedding gifts

You can also make small gifts of up to £250 per person per tax year to as many people as you like. Weddings are another opportunity to hand over cash to lo...

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How can you pay your mortgage if you lose your income?

Losing your income can cause major financial upset. However, there are policies which are designed to protect your income in such situation, giving you peace of mind.

Income protection

If you were to become unable to work due to an accident or illness, these policies are designed to replace a proportion of your income. There are also policies available that will cover you, it you are made redundant although these will cost more. Long-term income protection will cover you until you reach retirement, while shorter-term income protection policies are cheaper and will only pay out for a set period of time.

Mortgage payment protection

This will cover your repayments for a cer...

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Leasehold homes - what you need to know

In the UK, flats are commonly owned on a leasehold basis, while houses are normally sold as freehold properties. Many leases are granted on a 99-year basis, while some can run for as long as 999 years.

If you buy a leasehold property, you’ll own the property but not the land it stands on. By contrast, buying a freehold property means that you own both the building and the land it occupies.

The outstanding term of the lease

Once a lease has less than 80 years left, it becomes harder to get a mortgage and it can be expensive to renew the lease for a further term.

The advice is that to avoid potentially having to pay tens of thousands of pounds to renew it, buyers should look for a proper...

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Energy Performance Certificates (EPC) & Minimum Energy Efficiency Standards (MEES)

The Energy Performance Certificate (EPC) rating system was introduced in England and Wales in 2007. An EPC is required whenever a property is constructed, sold or rented out. An EPC shows how much energy a property uses and how it rates in terms of energy efficiency based on factors such as insulation, heating and hot water systems, ventilation and fuels used. Properties are given a property rating from A (most efficient – shown in dark green) to G (least efficient – shown in red).

What new standards have been introduced?

On 1st April 2018, new Minimum Energy Efficiency Standards (MEES) for residential and commercially let properties were introduced. The aim of the standards is t...

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Home Insurance – a closer look at the add-ons

Home insurance acts like a financial shock-absorber and protects thousands of families each year from unexpected and unwelcome loss, damage and expense.

Whilst standard policies can cover buildings and all the things kept in a home such as TVs, furniture, carpets and personal belongings, you can also choose additional cover for specific risks and tailor the policy to meet your needs.

Accidental damage

As the name suggests, this provides cover for unintentional one-off accidents that harm your possessions. So, if paint gets spilt on your carpet, or you drop your laptop and smash it, then you’d be able to make a claim.

...

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Life insurance – setting the record straight

It’s too expensive

Not so. Life insurance is far less expensive than many people imagine. We can help you find a deal that fits your budget and you can always take out additional cover later on.

I’m too young to need cover

Protection policies aren’t just for older people. The younger and fitter you are when you take out a plan, the cheaper the premiums will be. Leave it too long and you could find yourself paying a much higher price.

I get cover at work — I don’t need more

The amount you’re covered for might not be sufficient for ...

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In The News (April 2019)

HELP FOR ‘MORTGAGE PRISONERS’

Good news for the estimated 140,000 homeowners trapped on high interest rate home loans with unregulated or inactive firms, who have been unable to switch to a more cost-effective loan. The Financial Conduct Authority Chief Executive has now written to the Chair of the Treasury Committee, raising concerns over the issue and detailing plans to publish a consultation paper this spring.

NUMBER OF HOUSEHOLDS RENTING JUMPS 61% IN 10 YEARS

Office for National Statistics1 data shows that the rental market has continued to grow steadily over...

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