The Value of Mortgage Advice from a Financial Adviser
Posted by siteadmin on Thursday 23rd of March 2023
Harry and Sam have been staying with Harry’s dad in his two-bedroomed terrace for just over a year while they save up a deposit for their first house. The lack of space and privacy has proved challenging to say the least and would now like to start searching for their own house.
Despite having saved up a good deposit, friends have warned the couple they would have no chance of getting a mortgage due to their working situation. Sam is a self-employed, successful roofer, but has only been working for himself for two years. His friends have to...
How to improve your chances of passing a mortgage affordability assessment
Posted by siteadmin on Thursday 23rd of March 2023
Getting on the housing ladder can feel like one of the hardest and longest processes in the world and the cost of living crisis is probably not helping. You need to come across as attractive buyers for lenders to consider you, but there are many factors that can reduce how much lenders are willing to let you borrow for your home.
How do lenders decide whether to offer you a mortgage?
If you’re applying for a new mortgage, remortgaging or increasing your current mortgage, lenders are required to carry out an affordability assessment. This i...
Make the most of your tax wrappers
Posted by siteadmin on Wednesday 8th of March 2023
It’s a good idea to know how your investments are taxed when selling them. Here are some of the ways you can organise your assets to make them tax efficient.
One of the worst things about earning money is that you have to pay tax. Whether it’s your salary or the interest you’ve earned on your investments, the taxman will almost always take a chunk. If you sell stocks or bonds for a profit, you may need to pay capital gains tax (CGT). The good news is that if you put your investments in a tax wrapper you can shield them from the taxman...
Spring clean your finances
Posted by siteadmin on Wednesday 8th of March 2023
The start of a new year is a great time to review your finances – whether it’s your savings and investments, mortgages or insurance policies.
Higher interest rates and the rapid increase in the cost of living are likely to be affecting many areas of your finances. The start of the year is the perfect time to think about any concerns you may have and to ensure you’re making the most of your money.
Savings
After many years of low rates, savings accounts have made a substantial comeback following a series of interest rate rises from the ...
Use them or lose them: Here’s a guide to your annual tax allowances, including ISAs, pension contributions and gifts – and why it’s important to make the most of them.
Posted by siteadmin on Wednesday 8th of March 2023
At this time of year, one of the most beneficial things you can do for your money is to review your annual allowances. Make sure you’re using those that are available to you so you don’t pay more tax than necessary. The end of the tax year is on 5 April 2023 and it’s not possible to roll over most of these allowances to the following year, so if you don’t use them, you lose them.
Personal allowance
The standard personal allowance is £12,570 – the amount of income you can earn without having to pay tax on it.
Marriage allowance
If you’re ...
Think twice: Why cancelling your financial protection during the current cost of living crisis could be a bad idea
Posted by siteadmin on Wednesday 8th of March 2023
Centuries ago, Benjamin Franklin announced that “By failing to prepare you are preparing to fail”.
This is especially true when it comes to ensuring your personal finances are protected from the rainiest of days. However, with the rising cost of living likely putting pressure on your spending, you may be considering cancelling your cover, even when this could leave you more vulnerable than before. Read on to discover some of the reasons you should consider prioritising your financial protection over other cost of living worries.
Rising cos...
What does the cost of living crisis mean for your retirement savings?
Posted by siteadmin on Wednesday 8th of March 2023
With inflation at its highest level in 41 years and energy prices skyrocketing, the cost of living crisis has dominated headlines since inflation began to creep up from historic lows in mid-2021.
While the Covid pandemic began the inflationary increase, this was further exacerbated by the war in Ukraine pushing up energy and food prices even further.
Following such an extended period of price rises, you may be concerned about your household finances and long-term plans.
Rising inflation affects everybody differently depending on their cir...
Home Insurance Explained
Posted by siteadmin on Monday 30th of January 2023
One wet and windy evening, Alex and Megan decided to take advantage of their newborn, Ellie, falling asleep in her moses basket by getting an early night. Picking up the basket from its regular spot in front of the fireplace, they crept upstairs. No sooner had they settled in bed when they heard a massive crash from the living room. They ran back downstairs to find a pile of rubble in the exact spot Ellie had been sleeping just minutes earlier.
Aware the incident could have been much worse, the couple were still left with an enormous mess t...
Junior ISA
Posted by siteadmin on Monday 30th of January 2023
In the 2022 Autumn Budget, it was revealed that the Junior ISA (JISA) spending limits would remain at £9,000 for the 2023/2024 tax year. The JISA limit was last changed in early 2020, when it was doubled from £4,500 to its current level.
JISA and CTFs both benefit
JISAs replaced Child Trust Funds (CTF) in 2011, but those who still hold CTF will continue to benefit from the increased allowance. Both JISA and CTF are a tax efficient way to build up savings for a child. It is not possible to have both a JISA and a CTF.
Savings for children
...The value of an offset mortgage
Posted by siteadmin on Thursday 12th of January 2023
Taking out an offset mortgage enables you to use your savings to reduce your mortgage balance and the interest you pay on it.
Offset mortgages can help you save money over the course of your deal as there’s less interest to pay over the longer term. Interest rates on offset products can be higher than on an equivalent standard repayment deal, but thanks to the savings placed aside, these are charged on a smaller loan amount. This means you will pay less mortgage interest while the savings are offset.
An offset mortgage can help to lower ...
