As we begin to emerge from the pandemic, and the news is full of increased waiting lists for routine surgeries, many people are looking at private medical insurance to fill the gap. But how are insurance companies reacting to the challenges of access to your GP, the difficulty of getting a prompt consultant referral, or follow on therapy planning?Read more
With the end of the 2020-2021 tax year on 5 April 2021, here are a number of ideas to make the most of your tax allowances and available tax reliefs.Read more
With 2020 behind us and a new year ahead, now is a great time to re-evaluate your protection needs. If last year taught us anything, it’s to prepare for the unexpected.Read more
Sadly, there is much evidence that fraudsters are taking advantage of Covid-19 and the number of scams increased in 2020 and continues to rise.Read more
Being a first time buyer can be confusing at the best of times, and the current coronavirus pandemic brings even more challenges. But don’t panic. There are still ways that you can buy a home and we are here to tell you what they are.
At the start of the 2020, there was a record number of 95% LTV mortgage options, meaning lots of lenders were happy with a 5% deposit. But those golden days have temporarily disappeared for now thanks to covid.Read more
The government’s Help to Buy equity loan scheme has been running since 2013 and has assisted over 270,000 people step onto the property ladder.
From 16 December 2020 however, first-time buyers can start applying for the governments new Help to Buy equity loan scheme.Read more
Protecting the most important part of your business
Running your own business is hard. Whatever it might be, you are constantly making sure that you are earning enough to not only pay for all your overheads but to also pay yourself a decent salary, otherwise what is the point?
The problem is that you are sometimes so focused in the areas that you know best and making sure that your business, contents, vehicles and other tangible assets are insured adequately in the event of fire, theft, accidental damage or anything else that may interrupt the smooth running of your company that you forget about protecting the most important part of your business – you and your key employees in the event of incapacity.
This is where Executive Income Protection comes into its own.Read more
The world of investment is changing, especially where it is no longer possible to ignore statements from our own UK Government making it clear that change is happening.
The Climate Change Act 2008 committed the UK to an 80% reduction in carbon emissions relative to the levels in 1990, to be achieved by 2050. In June 2019, secondary legislation was passed that extended that target to “at least 100%”.Read more
November 2020 and the world is still in the midst of the Global pandemic that is Covid-19.
Lockdown, and the easing of restrictions, has led us to living life and looking at life differently and more closely.
But how often should we be looking at our financial wellbeing?Read more
Autumn has arrived and with it the sense of something hovering over the horizon – no, not Christmas, something more exciting… peak re-mortgage season. The next few months often see increased demand for re-mortgages and this year may be even busier due to the pandemic. Now is the time to start doing your research.
Around this time of year, you will hear the phrase “we’d like to be in by Christmas” from people buying houses, you may even have said it yourself. This is one reason why autumn and winter see a high number of cessations, or in other words, many mortgages come to the end of their initial term of two, five or however many years. When this happens, your interest rate will switch to the Standard Variable Rate (SVR).
The SVR is often higher than your initial rate, meaning your monthly payments could increase. Think of it as the mortgage equivalent to Amazon giving you the first three months of Prime half price. Once those months are up , you will be paying the standard subscription.
Re-mortgaging can be a way of saving money on your monthly repayments. You could see a more significant reduction if you have saved some pennies during lockdown and can pay off more of your loan – although this could incur an early repayment charge, so check your paperwork.
By re-mortgaging, you could switch from a tracker product with variable payments to a fixed rate option where you pay the same each month. These benefits might sound especially appealing in the current climate where unemployment is on the up and finances are being squeezed.
The coronavirus pandemic has made lots of things more complicated and re-mortgaging is one of them. But, don’t despair yet!
Many mortgage lenders have introduced policies about applicants who are or have been on furlough, and placed restrictions on loan to value, use of overtime income and bonuses and have made things especially restricted if you are self-employed. However, in many cases you can arrange a product transfer with your current lender without such policies applying to you. This might be frustrating if your current lender does not offer the best deal but it’s likely to still be better than switching to the SVR.
If you are not sure about your options and your eyes are glazing over at the mere thought of interest rate comparisons, you may want to speak to your adviser.
We can help you find the best option for your circumstances and guide you through the process. Whether you decide to speak to us, or handle matters yourself, you should get started sooner rather than later.
Typically, re-mortgaging can take four to eight weeks. However, in the current post-lockdown, pre-Christmas busy period it could take longer. Some lenders are taking up to 2 months to process and underwrite a mortgage application. It is best to get ahead of the game.
Your home maybe repossessed if you do not keep up repayment on your mortgage.