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 John Cossons, Mortgage and Protection Designer. With the ever-increasing cost of living, is your retirement income keeping up? We are all feeling the pressure of the rising cost of fuel to heat our homes and keep our cars moving, along with the relentless increase in the general cost of living. You may have [...]
By Rachel Efetha, Chartered Financial Planner with Anstee & Co. A while ago, I visited two sets of completely unrelated new clients who are both in a very similar position. Both the husbands are tradesmen and both the wives run the office for them under a limited company. Both got in touch as their [...]
Whether it’s called Estate Duty, Capital Transfer Tax or now Inheritance Tax (IHT) death duties have been around for centuries. The purpose of these taxes has always been the same. To raise revenue for the Chancellor. Initially, the tax was aimed at only the very rich but over the years the bar has lowered [...]
By John Cossons, Equity Release Adviser. I have helped several clients who have interest-only mortgages. They planned to repay their existing mortgage by downsizing. This means selling their existing property and buying something less expensive, to clear the mortgage. However, in the current property market, they have had problems selling the property in time [...]
Care Plans or to give them their technical name – Immediate needs annuities. These types of plans are designed to provide an income for life in exchange for a lump sum investment. The income from the annuity is paid out regardless of how long, the plan holder, may live. These types of plans are [...]
It is only natural that after being with someone for a while that your finances become entwined. You will be surprised by how many financial products and agreements you will share with your ex-partner. These agreements may be in the form of a mortgage, credit card, car loan or even everyday utility bills. You [...]
Getting remarried in later life can impact your financial plans. By contrast, younger people are now less likely to marry, while marriage rates for men over the age of 60 and women over the age of 50 are increasing. These figures show that people are also choosing to cohabit either as a forerunner to [...]
Divorce for those over the age of 55 is on the rise. Often referred to as “silver separators”, later life divorce can present many financial challenges. Running two homes can potentially be more costly than running one large house. With two properties there is also two sets of everything to pay for, including household [...]
Living well into and past your 90’s is a real possibility today. Life expectancy is certainly getting longer for both men and women. For some this sounds exciting, for others it’s a worry about how they will afford to live. Whichever way you look at it, it certainly complicates things, especially your finances. That's [...]
