USING OUR EXPERIENCE AND EXPERTISE

Our purpose is to help our clients to achieve their objectives and enjoy financial security. We can call on many years of experience and expertise and seek to deal with all matters in a speedy and efficient

manner with the greatest degree of professionalism possible. Here are some recent client comments:

“Wanted someone with a track record of stability and we knew the owner. Absolutely met our expectations.”

– Mr & Mrs R R of West Sussex

“Many thanks for all your patience, guidance and expertise in arranging this for us.Your help is very much appreciated.”

– Mr & Mrs PL of Surrey

“I wanted to improve on the high interest rate I was paying. Sovereign Finance gave me sound advice on how to achieve this and I am thrilled with the outcome and results.

– Mrs AG of East Sussex

“I am impressed.Many thanks for the good work.”

– Mrs KC of West Sussex

SOME TIPS FOR THOSE OF US GROWING OLDER (OR WITH FRIENDS OR RELATIVES GROWING OLDER!)

• If income is tight, consider the possibility of renting out a room or two. You can earn up to £7,500 a year from this free of any tax.

• As we reach a point where some help is needed with our affairs, we should consider taking out a Lasting Power of Attorney to ensure there is someone who will be able to assist when needed.

• Make sure you are not paying more tax than you need to. The new taxation of savings income and of dividends may work out in your favour.

GETTING OLDER – WHAT ABOUT THE LIFETIME MORTGAGE?

The Lifetime Mortgage is not a completely new arrangement but over the last few years their flexibility and interest rates have improved. Borrowing is based on age and percentage of value of the property. There are no income requirements to be met. The youngest age allowed is 55 and in the case of a married couple or partners, the youngest of the two must be 55 or older. It must be your main residence. The level of borrowing starts at about 21% of property value at age 55 and goes up to about 46% at age 80. So on a property worth £200,000, that would be £42,000 borrowing at age 55 and £92,000 borrowing at age 80.

You can have the option of paying the interest so that the borrowing does not increase or allowing the interest to be added to the amount borrowed. In either case the mortgage and any interest owing is paid off on the eventual sale of the property. The Lifetime Mortgage can also be moved to a new property (subject to property value).

WHAT IS THE VALUE OF A PARENT?

Research has been done on the financial value of a parent based on what it would cost currently to replace the activities they do in raising a family.

 Taking into account cooking, cleaning, transport, childcare, etc., it works out as an average of £631 per week for the parent at home and £448 for the parent who is working. Over half of the parents contacted in the survey had no financial protection in place. The cost of taking out simple life assurance is not huge. A woman or man aged 30 can insure themselves for £200,000 for under £10 per month each, or under £15 per month for a joint policy (non-smokers and without major medical complications).

We can speedily provide you with quotes.