The BoE has raised interest rates meaning bigger mortgage bills for some homeowners.
It’s probably more than you think. Find out how they could help you here.
Our regular newsletter is available on our website to download. It is packed with articles, ideas and information to help you improve your financial well-being. To download your free copy, click here Articles - The value of advice - Cohabiting couples should make a Will - Why it makes sense to spread your investments - How has COVID-19 affected your retirement? - Home improvements to add value to your home - Want to avoid retirement remorse - Now could be a good time to remortgage To download your free copy, click here
Buying a home takes careful preparation and planning. As well as finding a property you like, you need to get your finances in good order before lenders review them and assess your ability to make repayments on your loan. Save up During the recent lockdown, many lenders pulled their ‘high loan-to-value (LTV)’ products which typically only require a deposit of 5% or 10% (often first-time buyers) to take out a mortgage. The good news is that lenders are returning to the high LTV market, but you may need to act quickly to secure the deals. This is where we can help as we have our finger on the pulse. Save as much as you can towards a deposit. Open a dedicated savings or investment account and make sure it’s paying a competitive interest rate. Check your credit score Even if you’re remortgaging or moving up the housing ladder your credit history will be important. A good credit rating can help you secure a better mortgage deal, with a lower interest rate. The general rule is the higher the score the better, and the more likely you’ll be accepted for a mortgage or other credit. If you’re looking to take out a mortgage or remortgage, check your credit score regularly. You can usually get a simple overview for free and it pays to check with several different sources. Credit Karma, Equifax, clear Score and Experian all offer a service to help you understand your rating. If you find it is lower than expected there are ways to improve it: Pay more than your minimum payments on credit cards Bring your overdraft down Close unused credit accounts Register for the electoral roll Budgeting It’s important to review your income and outgoings. If you have accounts, memberships or subscriptions that you no longer use, it makes sense to close them down. Prospective lenders will also look at the debt you currently have, including whether your current account is in credit. If you have any savings, it makes sense to pay off loans and credit cards but be sure to leave yourself enough saved to cover emergencies. Support from families Research carried out suggests the bank of Mum and Dad or even the bank of Gran and Grandad will help to buy 175,000 homes during 2020 by lending or giving you cash to help with a deposit or acting as a guarantor. Get some good advice As qualified and professional mortgage advisers we know what a good deal looks like, we know the market and we’ll do the hard work for you YOUR HOME MAY BE REPOSSESSED IF YOU DO NOT KEEP UP REPAYMENTS ON YOUR MORTGAGE.
Our latest newsletter is packed with articles, ideas and information to help you improve your financial well being. Please browse the contents below and click on the link below and at the bottom to read our newsletter in full. Download our Summer Newsletter here Financial Advice Don't underestimate the power of financial advice to you Take Control of your Investments How our technology can benefit you Pension Choices There is no 'one size fits all' for your pension savings Changing Workplace How changing work patterns affect your retirement planning Crowdfunding Don't rely on crowdfunding to support your healthcare needs Financial Protection plans Look beyond the price of your life assurance and critical illness premiums Why you should get Mortgage Advice Getting a mortgage is one of the biggest financial decisions you'll ever make. Get it right! Download our Summer Newsletter here
Over recent years many investors have become used to a variety of political, financial and economic factors impacting markets, from the Brexit Referendum and subsequent prolonged uncertainty, to the global financial crisis and even further back to the dotcom bust in the early noughties. Although markets do not respond well to periods of uncertainty, fluctuations go hand in hand with stock market investment; and while market movements can be concerning, experience has taught us to expect the unexpected. It is important to remember that some market turbulence is inevitable; markets will always move up and down. As an investor, putting any short-term fluctuations into historical context is useful. Investors with diversified portfolios, who stay in the market, have typically been rewarded over time. Plan and focus, be strategic Instead of being too worried by turbulence, the best strategy is to be prepared. It is best to stick to your well-defined plan and diversify your holdings, as well as expecting and accepting market movements. Your plan will be tailored to your objectives, in line with your attitude to risk and will take into account your financial situation, which will stand you in good stead to weather short-term market fluctuations. In it for the long haul Even though it can be difficult to ignore daily market movements, it is vital to focus on the long term, and remember that turbulence also presents investment opportunities. Investment requires a disciplined approach and a degree of holding your nerve if markets descend. Investment professionals know that markets can fluctuate and will inevitably go down as well as up from time to time. The worst investment strategy you can adopt is to jump in and out of the stock market, panic when prices fall and sell investments at the bottom of the market. Keep calm and carry on As Rudyard Kipling wrote, it is important to “keep your head when all about you are losing theirs” – a clear head will certainly stand you in good stead through these challenging times. Market turbulence is a timely reminder to keep your investments under regular review – that is what we do best. Please rest assured we closely monitor fluctuations, so your money has the best chance of growing for the future. The value of investments can go down as well as up and you may not get back the full amount you invested. The past is not a guide to future performance and past performance may not necessarily be repeated.