In the eighties until 2009, an interest-only mortgage was a popular option. Now, however, many of these mortgages are coming to the end of their term and money must be found to pay off the original capital sum borrowed. So, what should you do if you have an interest-only mortgage? Firstly, you need to [...]
The first question our mortgage advisers are usually asked is "How much can I borrow”? In the past, mortgage lenders based the amount you could borrow mainly on a multiple of your income. This was often referred to as the loan-to-income ratio. Mortgage criteria have now changed. This worked by looking at your salary [...]
One of the most difficult conversations you probably will have with your parents is what plans have they made for their financial future. It’s a balancing act between your parents feeling that they are not losing financial control and you being aware that they have some form of plan in place. All this while [...]
With an ageing population, more people than ever are looking for ways to pay for later-life care. In this article, we will look at the options available and how we can help you with financial planning at what often is a difficult time. If you are not eligible for State funding you are referred to as [...]
So, what is equity release? Firstly, equity release is designed for homeowners aged 55 and over to release money from the property they live in without having to make any regular repayments. There are two types of equity release- Lifetime Mortgages and Home Reversion Plans. Both are regulated by the Financial Conduct Authority. Using [...]
By Rachel Efetha, Chartered Financial Planner, based in Bedford, Bedfordshire. According to the insurer, LV= the UK worker will change jobs every five years on average. Assuming you have a new pension for every job, the average 40-year-old will have accumulated five Pensions. Below are the top three reasons why you should review your [...]
Many people perceive pensions to be overcomplicated. However, the basic principle is a simple one. First of all, it is worth understanding the benefits of saving into a pension scheme and not just relying on the State Pension. The State Pension will provide you with a foundation, but for most of us, it may [...]
Many mortgage borrowers are now making overpayments to reduce the impact of higher interest rates. A recent study undertaken for Barclays Bank found that nearly a quarter of homeowners overpaid their mortgage. Should you consider overpaying your mortgage? Why should you overpay your mortgage? Overpaying allows you to save on your interest payments. [...]
If you are dreaming of retirement, spending some time getting your financial affairs in order is a good idea. This will help you to realise if you can afford to retire with a standard of living that you are used to, or if making a few financial sacrifices will help you achieve your end [...]
In this article, we will look at what a Lasting Power of Attorney is, what it does and why you should be considering drawing one up. So, what is a Lasting Power of Attorney? A Lasting Power of Attorney (LPA), are legal documents that can be used to help you safeguard your financial future. [...]
