The challenges of getting on the property ladder today

Posted by siteadmin on Thursday 7th of February 2019

It’s near impossible to escape news of the property market and the struggle aspiring homeowners face. With multiple challenges to taking the first step on the property ladder, the number of young homeowners is declining.

According to the annual English Housing Survey, 64% of the population owned their own home in 2017/18. While a slight increase on the previous year, it’s still below the 2003 peak of 71%.

When you look at younger generations it’s clear that the obstacles of purchasing a home are having an impact. Today, less than four in t...

How long could you survive without your income?

Posted by siteadmin on Thursday 7th of February 2019

If your income were to suddenly stop, how long would you be able to continue your current lifestyle for? If you made cutbacks, how long would your savings last for?

It’s not something anyone wants to think about, but the truth is, people lose their income every day. Understanding how you’ll get by should something happen can put you in a better position financially and reduce the stress experienced if you’re affected. There is a range of unexpected reasons why your regular income may stop, either in the short or long term, from being involv...

Seven steps to take when you’re passing on wealth to loved ones

Posted by siteadmin on Thursday 7th of February 2019

If you’re in a position to support loved ones financially, it can be difficult to know what to do. How should you go about passing on your wealth, helping to improve their financial security? There is more than one option for you to consider, as well as the impact it could have on your own financial situation.

With younger generations often struggling to secure their financial future, a gift can help them find their feet. However, you need to balance the good it can do for your loved ones with the impact on you and the most efficient way of...

Why regular financial reviews are critical for achieving aspirations

Posted by siteadmin on Thursday 7th of February 2019

You’ve set out a financial plan and followed the course of action you were advised on. Now, you can simply kick back and forget about it, right? Wrong. Effective financial planning is about much more than simply coming up with an initial strategy. Regularly going back to your plan and checking in with your financial adviser or planner is crucial for ensuring it remains suited to your needs and aspirations. It should be, at least, on an annual basis.

As with all of life’s plans, things go awry, opportunities can present themselves or you may...

Are your cash savings delivering the best returns?

Posted by siteadmin on Thursday 7th of February 2019

From a young age, we're told to save for a rainy day. Hopefully, it's a message that's instilled some good money habits into adulthood, setting you on the right path for future goals, be it retiring early, buying a property or travelling. But, while we’re told to save, rarely do we talk about the importance of interest rates and growing your savings.

When you’re putting money away, you undoubtedly want it to grow and not just through your own contributions either. As the cost of living rises thanks to inflation, the value of money held in a...

The importance of longevity when planning for the future

Posted by siteadmin on Thursday 7th of February 2019

When you’re planning your financial future, you’ve probably considered how much you need and how much you can afford to put away. But when you’re planning your retirement, have you factored in longevity?

At a time when retirees can access their retirement savings far more flexibly and in a way that suits them, longevity risk has become a reality for many. Considering your morality isn’t something to look forward to. However, it’s something you need to include when taking steps to ensure your financial security in retirement.

If you don’t h...

If you’ve been saving into a pension throughout your working life, you might be closer to the Lifetime Allowance than you think. Going over the threshold could mean facing additional tax charges on your future income and, as a result, some members are opting to leave their scheme. However, that’s not always the best option. 

What is the Lifetime Allowance?

Currently set at £1.03 million, the Lifetime Allowance is the total amount you can save into pensions over your life. It can seem like a figure that’s far-off, but when you consider you’...

The pros and cons of purchasing an Annuity at retirement

Posted by siteadmin on Thursday 7th of February 2019

Since Pension Freedoms were introduced in 2015, more of us are choosing to access our pensions flexibly when we reach retirement. With greater choice, the number of retirees opting to purchase an Annuity is falling, but is it still a route you should consider?

While an Annuity provides you with a guaranteed income throughout retirement, figures from the Financial Conduct Authority (FCA) show it’s an option that’s falling in popularity. Instead, retirees are increasingly favouring Flexi-Access Drawdown. This allows you to adjust the amount o...

No deposit mortgages on the rise: The options available

Posted by siteadmin on Tuesday 20th of November 2018

Pulling together a deposit is often one of the biggest challenges for first-time buyers. If it’s a difficulty you or a loved one is facing, you may be pleased to hear that the number of ‘no deposit’ mortgages is growing.

Research from Post Office Money suggests that one in ten first homes are now purchased without a traditionally saved deposit. The figure rises even further in London to 14%. High rents, rising property prices and low wage growth have left many first-time buyers struggling to save enough to place the typical 5-10% of the pro...

More people are choosing equity release; but is it a good idea?

Posted by siteadmin on Monday 19th of November 2018

Homeowners and retirees looking to boost their incomes are increasingly using equity release products.

Giving homeowners a way to access the wealth tied up in their property, equity release can be an attractive option. It can give you a lump sum or pay over several smaller amounts. There are two main equity release options:

  1. Lifetime mortgage: This is where you’d take a mortgage out on your home but retain ownership. You can choose to make repayments on the loan if you have enough income. Alternatively, you can allow the interest to accum...