tag:blogger.com,1999:blog-90739538819735365272024-03-06T02:23:37.090+00:00Sovereign FinanceSovereign Financehttp://www.blogger.com/profile/08317538637644612801noreply@blogger.comBlogger407125tag:blogger.com,1999:blog-9073953881973536527.post-57525680809960018692021-02-16T09:14:00.002+00:002021-02-16T09:14:48.647+00:00Stamp Duty Holiday<p> The Chancellor announced the savings on Stamp Duty (Stamp Duty Land</p><p>Tax) available until the end of March next year. This is likely to give the</p><p>market quite a boost. As the purchase process can take some months,</p><p>you would need to move quickly to secure that saving. If you buy a</p><p>residential property for £500,000 before March next year, you will have</p><p>saved £12,500. If it is a buy-to-let property that you buy for £500,000 you</p><p>will have to pay the extra 3% Stamp Duty on additional properties (£15,000</p><p>on a property bought for £500,000) but you will still have saved £12,500</p><p>on a £500,000 purchase. Also, the Stamp Duty Holiday can benefit those</p><p>looking to gift a property, or part of a property, to a family member and avoid</p><p>the Stamp Duty that could otherwise be payable.</p><p>Note: The current rush motivated by the Stamp Duty Holiday is likely to turn into</p><p> a slump come April next year.</p><p>Strategically, therefore, with a Boom and Bust possibility on the horizon, if you need your</p><p>property to value as high as possible for a sale or a remortgage or a Lifetime Mortgage,</p><p>it is probably best to do it in the next several months.</p>Sovereign Financehttp://www.blogger.com/profile/08317538637644612801noreply@blogger.com0tag:blogger.com,1999:blog-9073953881973536527.post-48373848474068928872020-03-16T10:37:00.000+00:002020-03-16T10:37:24.745+00:00MAXIMISING YOUR STATE PENSIONIn order to get the maximum State Pension you need to have paid National Insurance premiums (or received credits when raising children, for example) for a certain number of years. The new State Pension which came into force in April 2016 requires 35 years of National Insurance credits. Those who have had years credited from before 2016 will need to consult HMRC to find out what is required for them. Where there is a shortfall it is possible in some cases to make additional payments which will increase what will be received at State Pension Age. The changes in the State Pension Age has also affected the requirements. This can be of particular relevance to low earners generally, and women who have had breaks in their employment record. Recently we had two women clients who only found out that they were falling short of their National Insurance requirements because they consulted HMRC. By making these additional payments they were able to substantially increase the State Pension they will receive. One found it successful to consult www.gov.uk/personal-tax-account. We also suggest using the State Pension Forecast site – www.nidirect.gov.uk/articles/check-your-state-pension.<br />
Note: Some good news about State Pensions – they have a guaranteed increase of 3.9% from April 2020. Under current rules the State Pension is increased by what is called the “triple lock”, which is the highest of the three indices – earnings growth, price inflation or 2.5% per annum.Sovereign Financehttp://www.blogger.com/profile/08317538637644612801noreply@blogger.com0tag:blogger.com,1999:blog-9073953881973536527.post-28485628122718289722020-03-11T09:16:00.000+00:002020-03-11T09:16:47.830+00:00GETTING OLDERIt happens. It is a bit hard to avoid! A useful checklist for putting matters in order along the way could be as follows:<br />
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1. Get a Will made, if you have not already done so. Dying without a will leaves a problem for those left behind. If the will was made more than 5 or 10 years ago, review it.<br />
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2. Get a Lasting Power of Attorney done. Most people have had the experience with a family member or friend where they reached a point where they could not deal confidently with key decisions regarding their health or finances and would benefit from help from someone they can trust. The Lasting Power of Attorney (LPA) puts an arrangement in place so that the named person or persons can act on their behalf.<br />
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3. If you are single and your possessions, including your property, are worth in excess of £325,000, or if you are married and the value of your joint estate exceeds £650,000, find out how Inheritance Tax affects you and see if there are some simple actions you can take to minimise or avoid gifting Inland Revenue 40% of part of your estate.Sovereign Financehttp://www.blogger.com/profile/08317538637644612801noreply@blogger.com0tag:blogger.com,1999:blog-9073953881973536527.post-75540815553928261812020-03-05T10:53:00.000+00:002020-03-05T10:53:58.041+00:00PASSING PENSIONS DOWN THE GENERATIONSHaving sent that letter to nominate your beneficiaries, it is worth looking further at the range of options that may be available with the new Flexi-Access Drawdown Pension schemes (and older style pensions can be transferred to the new Flexi-Access pensions) which provide more choices of how you can choose to pass the money on when you die. The majority of older pensions will simply pay out a lump sum to the named beneficiary(s). This lump sum is tax-free if the person concerned is younger than 75 when he dies. If they are 75 or over when they pass away, the lump sum is taxed as if the beneficiary had earned it as income. This can result in a substantial tax charge.<br />
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If your pension is a new style Flexi-Access Drawdown, or if you transfer your existing pension to one, you can nominate anyone you want as a beneficiary, regardless of whether they are family or not. It is also possible to pass the pension, or part of it, to a beneficiary as a pension, as opposed to just a cash lump sum. Thus a person could pass his pension as a pension to a child or even grandchild and the child or grandchild would be able to access it immediately regardless of their age. And the pension benefit could be passed down the generations even further.<br />
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This opportunity won’t be of use to everyone, but it can have substantial income tax and inheritance<br />
tax benefits so it is important to know what your options are. If you have a question on this, please<br />
contact your pension provider or contact us.Sovereign Financehttp://www.blogger.com/profile/08317538637644612801noreply@blogger.com0tag:blogger.com,1999:blog-9073953881973536527.post-11439246637543890792020-02-24T09:44:00.000+00:002020-02-24T09:44:38.280+00:00MONEY PURCHASE PENSIONSWith Money Purchase / Defined Contribution pensions (those that the majority of people have now where the value of the pension is based on the value of the fund(s) in which it is invested) there are more choices. It is worth finding out what you can do so you can make the choice that best suits your wishes. The first thing to do in all cases is to work out who you want the money to go to and write a letter to the pension provider to this effect, and keep a copy of the letter in your files.<br />
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You can always change this at any time by writing a new letter to cancel the old one and lay out new beneficiaries.Sovereign Financehttp://www.blogger.com/profile/08317538637644612801noreply@blogger.com0tag:blogger.com,1999:blog-9073953881973536527.post-31241858673246982412020-02-17T11:37:00.000+00:002020-02-17T11:37:12.885+00:00FINAL SALARY PENSIONSFinal Salary/Defined Benefit pensions (those based on the number of years worked and the salary)<br />
usually only allow for a pension after your death to be paid to a dependant. If your wishes are different to that you should make contact with the pension provider and discuss the matter.Sovereign Financehttp://www.blogger.com/profile/08317538637644612801noreply@blogger.com0tag:blogger.com,1999:blog-9073953881973536527.post-30206328815176652602020-02-10T10:01:00.001+00:002020-02-10T10:01:43.703+00:00WHAT HAPPENS TO YOUR PENSION WHEN YOU DIE?There are a few points about dealing with pensions in the event of a death that we want to explain in case they may apply to you or someone you know. We have had a few cases recently where an understanding of pension options on death was vital to achieving the best results. It is worth avoiding future problems by taking a bit of time now to make sure you have the best possible arrangements.<br />
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The first point about pensions and death benefits is to ensure that the value of your pensions pass to the people that you want to have them, and also that they are done in the most tax-efficient way. Nominating beneficiaries for pensions can usually be done by simply writing to your pension providers and putting in writing what your wishes are in this regard. If you do not do that, you run the risk of the money ending up where you did not want it to go, perhaps even, the Government! It is important to understand, however, that if you nominate beneficiaries, it does not guarantee that the pension scheme administrators will pay the pension to them. The pension trustees/administrators have a responsibility to look into the deceased’s situation and have a right to use their discretion. However, they normally would act according to the deceased’s written wishes unless there is a good reason not to.Sovereign Financehttp://www.blogger.com/profile/08317538637644612801noreply@blogger.com0tag:blogger.com,1999:blog-9073953881973536527.post-25360263058841292692020-02-03T10:32:00.000+00:002020-02-03T10:32:13.967+00:0039 years!Sovereign Finance enters its 39th year of trading in 2020. With the new Government it looks like it will be a year of changes although BREXIT is likely to still remain the focus of political attention for some time to come. As regards personal finances, our view continues to be Stay Calm and Carry On. We will need to wait and see what changes will be made in tax and personal allowances but they are unlikely to be altered before the new tax year.Sovereign Financehttp://www.blogger.com/profile/08317538637644612801noreply@blogger.com0tag:blogger.com,1999:blog-9073953881973536527.post-49784000377248484122020-01-27T11:05:00.001+00:002020-01-27T11:05:19.216+00:00STRIVING TO MEET EXPECTATIONSHere are a few recent client comments:<br />
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“Thank you so much for all your help and patience.” - Mr & Mrs I S of Heathfield<br />
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“We know you and trust you and you have helped us in the past.” - Mr & Mrs M C of East Sussex<br />
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“Thank you for all your help and advice over the years (it must be 25-30 years).” - Mr & Mrs R J of Kent<br />
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By survey what our clients value and why they continue to come back to us, is our efficient, independent and unbiased advice – utilising our extensive knowledge and know-how gained over the last 38 years.Sovereign Financehttp://www.blogger.com/profile/08317538637644612801noreply@blogger.com0tag:blogger.com,1999:blog-9073953881973536527.post-4224025325060424682020-01-21T10:41:00.002+00:002020-01-21T10:41:58.476+00:00INSURING YOURSELFIf you have no one dependant on you and your income, there is little sense in taking out life assurance. However, if you have children or a spouse depending on you, or a business partner, you might wish to take out life assurance.<br />
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The simple form of life assurance – term assurance – can be very inexpensive. Do feel free to ring us for a quote. We do not charge for providing quotes and, if you then wish us to arrange the life assurance, normally there is also no charge for doing that.<br />
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Sovereign Financehttp://www.blogger.com/profile/08317538637644612801noreply@blogger.com0tag:blogger.com,1999:blog-9073953881973536527.post-18686531586876140322020-01-14T10:42:00.000+00:002020-01-14T10:42:02.776+00:00TAKING THE BENEFITS – THE RETIREMENT MENU Minimum Age 55<b>Cash please:</b> You can take a maximum of 25% of the value of your pension funds. For example, if you had a pension with a value of £50,000, you could take £12,500 free of tax. (Note: this applies to personal pensions; the rules are different for Final Salary Schemes where the benefit is based on the salary and years of service.)<br />
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<b>All as cash please!</b> In fact you can withdraw the total value of your pensions as cash. The downside is that the amount you take, over and above your 25% tax-free element, is subject to tax as if you earned it in the Tax Year you take out the cash. This can result in a very substantial tax bill so do check out the tax ramifications before acting!<br />
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<b>Income please</b> (after you have taken your tax-free cash) Option 1: Take a guaranteed income for life (Lifetime Annuity). Option 2: Take a guaranteed income for life but at a higher level if you have a serious medical condition or problematic medical history, or history of smoking (Enhanced Annuity). Option 3: Take a fixed income for a period of time (usually 5 years) and have a guaranteed amount left at the end of the term so you can then review your options again (Temporary Annuity). Option 4: Transfer your pension fund into a Flexi-Drawdown Pension. You can then leave the money invested at any risk level that suits you and you have the option to withdraw a regular amount of income or take an occasional lump sum. (Note: For all of the income or cash withdrawals listed above, once you have had your tax-free cash, will be taxed as earned income.)Sovereign Financehttp://www.blogger.com/profile/08317538637644612801noreply@blogger.com0tag:blogger.com,1999:blog-9073953881973536527.post-55295678290596597852020-01-03T09:48:00.001+00:002020-01-03T09:48:42.961+00:00INVESTMENT BOND – A USEFUL FINANCIAL TOOLIf you are willing to take risk with some of your savings, one useful and historically successful tool, is an Investment Bond. Within the wrapper of the Investment Bond your money is invested in funds that invest in stocks and shares and bonds and property, etc.. The Investment Bond has special features. One of the most attractive one is that you can withdraw up to 5% (of the amount you originally invested) in each 12 month period free of tax in the year you withdraw it. It is considered a partial return of capital, i.e. of your original investment. Note: Ultimately there is a tax reckoning when the bond is cashed in but usually tax would only be chargeable on the profits made with the bond if the person concerned is a higher-rate taxpayer when he encashes it. Another feature is that the monies held in an investment bond currently are excluded in the calculations of savings when local authorities work out eligibility for funding nursing home care.Sovereign Financehttp://www.blogger.com/profile/08317538637644612801noreply@blogger.com0tag:blogger.com,1999:blog-9073953881973536527.post-70110422063958103082019-12-16T11:13:00.000+00:002019-12-16T11:13:40.210+00:00“RETIREMENT” PLANNINGA majority of the work we are doing currently concerns “retirement”. It is not a word we care to use<br />
as it implies a person will give up useful work and do little or nothing. We prefer to view it as a change of operating basis – of being able to move away from what one has had to do to make money, to other activities which one simply wants to do. Of course, there still does need to be adequate money available which is the reason why you should plan for this changeover.<br />
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Pensions are the source of income in later years for most people. They start with the new State Pension which currently pays £168.80 per week for those who have put in at least 35 years of work (and paid National Insurance in those years or were credited with years – for example, when raising children).<br />
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For the employed there are also occupational or workplace pensions. While the days of the best company pensions have faded into the past, they can still provide an excellent source of income in retirement with both the employer and employee having contributed. The self-employed need to establish their own pensions and make adequate payments if they are going to have their pension providing a reasonable amount of income. With people moving jobs more frequently there is often a number of smaller pensions from one’s work history. The main advantages of pensions is that you receive tax relief on what you invest into it (up to an annual maximum amount). For the Basic Rate taxpayer for example, the £1.00 they put into their pension will get 25p more added by the Government so it turns £1.00 to £1.25 overnight without risk. And a Higher Rate taxpayer gets even more tax relief.Sovereign Financehttp://www.blogger.com/profile/08317538637644612801noreply@blogger.com0tag:blogger.com,1999:blog-9073953881973536527.post-87573624561743806092019-12-06T09:28:00.002+00:002019-12-06T09:28:25.843+00:00THE TIME LORD AND WILLSDo you know that you can go back up to 2 years before a person died and make amendments to their will? You can use what is called a Deed of Variation. As long as all the beneficiaries agree to the proposed changes, the will can be altered either to save on tax or just to make the result fairer to all beneficiaries. Of course, there does need to be a will in the first place, so do make sure you have one and it is up to date. (And do think seriously about arranging LPAs – Lasting Powers of Attorney).Sovereign Financehttp://www.blogger.com/profile/08317538637644612801noreply@blogger.com0tag:blogger.com,1999:blog-9073953881973536527.post-79789453944183835062019-11-27T11:07:00.000+00:002019-11-27T11:07:26.364+00:00BORROWING LIMITED BY AGEIn working out what they think a borrower can afford, lenders will consider the borrowers’ ages, since, at some future point, their income may be reduced or stopped altogether. 10 years ago most lenders set a limit of age 65 as the maximum age to which they would lend. This made it difficult for older people to get a long enough mortgage term to make the payments affordable. In recent years, however, this maximum age has moved to 70 for most lenders and even 75 and above for others – depending on the nature of the income the borrowers have.<br />
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There is an exception where age can be, in fact, an advantage in borrowing. What are called “Lifetime Mortgages” rely only on the ages of the borrowers and the value of the property. It is only<br />
available for those aged 55 or older and who have considerable value in the property as the level of<br />
borrowing even for the oldest borrowers is capped at about 50% of the property value. For those<br />
stuck with an Interest-Only mortgage coming to an end, a Lifetime Mortgage can provide a useful<br />
exit strategy. For example, a person aged 60 with a property worth £200,000 could get a Lifetime<br />
Mortgage of up to about 34%, i.e. £68,000. One aged 65 could get up to about 38% of the property<br />
value, i.e. £76,000 and a person aged 75 could get up to about 49% of the value, i.e. £98,000 on a<br />
property valued at £200,000. Do contact us if you would like to discuss the options available to you.Sovereign Financehttp://www.blogger.com/profile/08317538637644612801noreply@blogger.com0tag:blogger.com,1999:blog-9073953881973536527.post-49109756255079990402019-11-19T11:23:00.003+00:002019-11-19T11:23:34.326+00:00BORROWING OPTIONSA home is also an investment which historically as proven to be one of the best investments one can make. As the mortgage reduces as you pay it off, the share of the property you own (your “equity”) increases. It means that it can also be used as security to raise funds to achieve other objectives you might have in your life.<br />
Your mortgage provider will, of course, want to be satisfied that you can afford to pay back what you are borrowing and will want proof of your income(s). While different lenders calculate affordability in different ways, a good rule of thumb is borrowing being limited to 4.5 times one’s salary or other guaranteed income. So, if your salary was £25,000, most lenders would consider giving you a mortgage of 4.5 x £25,000, i.e. £112,500 (subject to credit status).Sovereign Financehttp://www.blogger.com/profile/08317538637644612801noreply@blogger.com0tag:blogger.com,1999:blog-9073953881973536527.post-85854327557079117762019-11-08T10:27:00.000+00:002019-11-08T10:27:24.042+00:00THE HOMEHaving and protecting a home is a financial priority for most of us. This ensures that we cannot be moved on by a landlord and gives us the freedom to decorate it or change it as we want. As the majority of us do not have the funds to buy a house outright, it means that getting (and paying!) a mortgage is an essential requirement. Currently the property market is pretty static – another result of the political uncertainty. On the plus side, however, this has meant that mortgage interest rates have remained at record low levels. This makes it a good time to take out, or change to, an interest rate fixed for a reasonable term. We consider the five year fixed rates to look pretty attractive. If you have a mortgage, it would be a good time to ring up your lender and find out what they can offer. You can then make other enquiries to other lenders (or using the services of an independent mortgage broker such as ourselves) and decide the best route for you to take.Sovereign Financehttp://www.blogger.com/profile/08317538637644612801noreply@blogger.com0tag:blogger.com,1999:blog-9073953881973536527.post-90982114249014312242019-10-31T11:03:00.000+00:002019-10-31T11:03:25.431+00:00KEEP CALM AND CARRY ONPolitical uncertainties tend to shake confidence in a country. As the value of money and successful trade rely on confidence, this is non-optimum. While hoping that the current matters are resolved quickly, most of us will be limited as regards what we can do personally to affect the outcome. Personal financial basics, however, do not change even in such an environment. The first essential is to ensure that you have more money coming in than you are spending (taking into account ALL of your outgoings). A second one would be to ensure money is set aside as reserves for future disasters or emergencies. It does take a bit of organising to achieve this state which the famous author, Charles Dickens, had one of his characters (Mr Micawber) describe as a state of “Happiness” as compared to the state of “Misery” if one is overspending.Sovereign Financehttp://www.blogger.com/profile/08317538637644612801noreply@blogger.com0tag:blogger.com,1999:blog-9073953881973536527.post-24915106785694246702019-10-16T10:56:00.002+01:002019-10-16T10:56:52.178+01:00PENSION OPTIONS<span style="color: #212121; font-family: Univers-Light;"><span style="color: #212121; font-family: Univers-Light;"><div align="LEFT">
If you have pensions and need advice about your options, do give us a ring. There are a number of points to consider.</div>
</span><br /></span><br />Sovereign Financehttp://www.blogger.com/profile/08317538637644612801noreply@blogger.com0tag:blogger.com,1999:blog-9073953881973536527.post-84408170595122636152019-10-07T11:21:00.000+01:002019-10-07T11:21:24.631+01:00KEEPING YOUR RESIDENTIAL MORTGAGE RATE COMPETITIVE<span style="color: #212121; font-family: Univers-Light;"><span style="color: #212121; font-family: Univers-Light;"><div align="LEFT">
Do review your mortgage rate regularly. If you are on the SVR (Standard Variable Rate), a simple telephone call to your lender might get you a considerably better deal and save you hundreds of pounds.</div>
</span><br /></span><br />Sovereign Financehttp://www.blogger.com/profile/08317538637644612801noreply@blogger.com0tag:blogger.com,1999:blog-9073953881973536527.post-60927782173871598252019-09-26T09:25:00.003+01:002019-09-26T09:25:44.158+01:00BUY NOW?<span style="color: #212121; font-family: Univers-Light;"><span style="color: #212121; font-family: Univers-Light;"><div align="LEFT">
The property market is generally stable with properties holding their value, and interest rates remain attractive but changes in the economy caused by possible results of Brexit actions could affect these. If a Lifetime Mortgage is something you are considering, you might wish to do it sooner rather than later.</div>
</span></span><br />Sovereign Financehttp://www.blogger.com/profile/08317538637644612801noreply@blogger.com0tag:blogger.com,1999:blog-9073953881973536527.post-70891985706740551412019-09-20T11:10:00.000+01:002019-09-20T11:12:45.099+01:00HOW MUCH MONEY CAN YOU RELEASE<span style="color: #212121; font-family: Univers-Light;"><span style="color: #212121; font-family: Univers-Light;"></span></span><br />
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<span style="color: #212121; font-family: Univers-Light;"><span style="color: #212121; font-family: Univers-Light;">Here are some examples of the maximum amounts that could be borrowed using a Lifetime Mortgage. The examples are based on a property worth £300,000 but the scale remains the same for a property worth more and for one worth less. Just give us a ring if you want to know how much you could borrow on your property. </span></span></div>
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<span style="color: #212121; font-family: Univers-Light;"><span style="color: #212121; font-family: Univers-Light;">Note: Interest rates have generally been good in the recent past. Any</span></span></div>
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changes that might come with Brexit could change that so, if a Lifetime Mortgage is something you want to do, it may be best to do it now.</div>
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Age Loan to Value Maximum Borrowing on Property Worth £300,000</span><br />
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55 25.6% £77,000</div>
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60 34.0% £102,000 (Note: These are examples only but do</div>
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65 39.0% £117,000 represent a reasonable estimate of the</div>
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70 44.0% £132,000 maximum borrowing at the ages shown.)</div>
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75 47.0% £141,000<br />
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(The illustrated borrowing amounts above assume a property value of £300,000 and, if the property is jointly owned, that the age is based on that of the younger partner/spouse. For maximum borrowing interest rates vary from about 6.0% to 7.0%. Lower percentages of borrowing give rates as low as 3.30%. Also, if there is a serious medical condition, a higher level of borrowing may be possible).</div>
</span></span></span></span></span><br />Sovereign Financehttp://www.blogger.com/profile/08317538637644612801noreply@blogger.com0tag:blogger.com,1999:blog-9073953881973536527.post-17652025582197096822019-09-16T10:32:00.000+01:002019-09-16T10:32:25.950+01:00SOME OPTIONS WORTH KNOWING ABOUT<span style="color: #212121; font-family: Univers-Light;"><span style="color: #212121; font-family: Univers-Light;"><div align="LEFT">
The increasing flexibility of Lifetime Mortgages includes the following facilities</div>
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<span style="color: #212121; font-family: Univers-BoldItalic;"><span style="color: #212121; font-family: Univers-BoldItalic;"><i><b>1. </b></i></span></span><span style="color: #212121; font-family: Univers-Light;"><span style="color: #212121; font-family: Univers-Light;">Monthly fixed interest-only payments;</span></span></div>
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<span style="color: #212121; font-family: Univers-BoldItalic;"><span style="color: #212121; font-family: Univers-BoldItalic;"><i><b>2. </b></i></span></span><span style="color: #212121; font-family: Univers-Light;"><span style="color: #212121; font-family: Univers-Light;">Ad hoc payments of up to 10% of the amount borrowed each year;</span></span></div>
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<span style="color: #212121; font-family: Univers-BoldItalic;"><span style="color: #212121; font-family: Univers-BoldItalic;"><i><b>3. </b></i></span></span><span style="color: #212121; font-family: Univers-Light;"><span style="color: #212121; font-family: Univers-Light;">Borrowing is available even where there has been adverse credit, even a discharged bankruptcy;</span></span></div>
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<span style="color: #212121; font-family: Univers-BoldItalic;"><span style="color: #212121; font-family: Univers-BoldItalic;"><i><b>4. </b></i></span></span><span style="color: #212121; font-family: Univers-Light;"><span style="color: #212121; font-family: Univers-Light;">Borrowing is available even where there are up to 2 lodgers or a self contained <span style="color: #212121; font-family: Univers-Light;"><span style="color: #212121; font-family: Univers-Light;">rental part of the house;</span></span></span></span><span style="color: #212121; font-family: Univers-Light;"><span style="color: #212121; font-family: Univers-Light;"><span style="color: #212121; font-family: Univers-Light;">
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<span style="color: #212121; font-family: Univers-BoldItalic;"><span style="color: #212121; font-family: Univers-BoldItalic;"><i><b>5. </b></i></span></span><span style="color: #212121; font-family: Univers-Light;"><span style="color: #212121; font-family: Univers-Light;">Money raised can be used for virtually any purpose. In our experience the money is raised <span style="color: #212121; font-family: Univers-Light;"><span style="color: #212121; font-family: Univers-Light;">mainly for the following reasons: to clear existing debt, for works to the property, to help out a family member and enjoying life a bit better.</span></span></span></span><span style="color: #212121; font-family: Univers-Light;"><span style="color: #212121; font-family: Univers-Light;"><span style="color: #212121; font-family: Univers-Light;">
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<span style="color: #212121; font-family: Univers-BoldItalic;"><span style="color: #212121; font-family: Univers-BoldItalic;"><i><b>6. </b></i></span></span><span style="color: #212121; font-family: Univers-Light;"><span style="color: #212121; font-family: Univers-Light;">Borrowing can be done either without having to make any payments with the borrowing <span style="color: #212121; font-family: Univers-Light;"><span style="color: #212121; font-family: Univers-Light;">and interest to be paid by the eventual sale of the property; or by paying interest monthly or occasionally.</span></span></span></span><br />
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Sovereign Financehttp://www.blogger.com/profile/08317538637644612801noreply@blogger.com0tag:blogger.com,1999:blog-9073953881973536527.post-44232062527301160222019-09-06T11:01:00.000+01:002019-09-06T11:02:22.056+01:00FLEXIBLE MORTGAGE OPTIONS FOR LATER LIFE<span style="color: #212121; font-family: Univers-Light;"><span style="color: #212121; font-family: Univers-Light;"></span></span><br />
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<span style="color: #212121; font-family: Univers-Light;"><span style="color: #212121; font-family: Univers-Light;">Later life mortgage options are increasing. The increasing flexibility of Lifetime Mortgages are making these more and more popular. Here are some examples of cases we have dealt with recently: </span></span></div>
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- An older couple with an interest-only mortgage reaching its end and with a historical bankruptcy and CCJs were able to clear all they owed and also finance an extension to their property.</div>
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- Another couple had moved into what they were sure would be their last move and wanted to enjoy their life with a great deal of travelling while they could. They had already markedly assisted their grown-up children with their own properties and good incomes. There were some medical issues so they wanted to spend money now rather than later. They also wanted to maximise what they could get at the present fixed rates so as to avoid any possible interest rate increase in the future.<br />
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- Another couple in a Grade II listed building were reaching the end of their interest-only residential mortgage and did not want to have to move to a repayment mortgage. They wanted to stay where they were and continue with a similar interest-only type of arrangement but without a fixed term which could cause worries in the future.</div>
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- A widowed mother of two was still working but needed to extend the house so as to provide accommodation for an imminent grandchild. She wanted to pay interest monthly so the amount owed would not increase.</div>
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- Another family living in a large house wanted to keep the house for themselves and their daughters but were not able to access normal mortgage facilities due to the pensions they would receive being insufficient to fund the needed borrowing.</div>
</span></span><br />Sovereign Financehttp://www.blogger.com/profile/08317538637644612801noreply@blogger.com0tag:blogger.com,1999:blog-9073953881973536527.post-32628436104930497232019-09-02T11:07:00.003+01:002019-09-02T11:08:33.504+01:00SUMMERTIME TIPS<span style="color: #212121; font-family: Univers-Light;"><span style="color: #212121; font-family: Univers-Light;"></span></span><div align="LEFT">
<span style="color: #212121; font-family: Univers-Light;"><span style="color: #212121; font-family: Univers-Light;">While there are a lot of changes on the horizon politically we believe that that best way to deal with <span style="color: #212121; font-family: Univers-Light;"><span style="color: #212121; font-family: Univers-Light;">personal finances is keep to the basics of providing a valuable service or product and ensuring that you have more money coming in than going out.
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Lasting Power of Attorneys (LPAs) and Wills – reminder. It may be that the older one gets the more aware one is of older people and the challenges that come in later life. Certainly we do see more situations where Wills and LPAs (Lasting Power of Attorney) are important. We do recommend that you seriously consider setting these up or reviewing them if you already have them.</div>
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<br />Sovereign Financehttp://www.blogger.com/profile/08317538637644612801noreply@blogger.com0