Many people in the UK dream of owning their own home and no longer having to pay to live under someone else’s roof.
In almost every case in order to buy your own home you have to take out a mortgage. However, a mortgage isn’t just any loan, it’s the largest loan most of us will ever take out.
With the average house price in the UK now in the region of £250,000 most people need to borrow hundreds of thousands to be able to afford a mortgage, and that’s the point where Loan to Value becomes an important issue.
If you are the parent of a young child, born since 2013, then you need to make sure that you are not neglecting your State pension, as you may no longer be contributing to a private pension.
Since child benefit means testing rules came in to force, a lot of people don’t bother to claim if their partner is earning £50,000 or more, as the monetary benefit element will reduce and may even stop.
New figures revealed earlier this month show the Bank of Mum and Dad (BOMAD) will fund a quarter of all UK mortgages this year.
Parents will lend £6.7bn during 2017, up from £5bn in 2016, providing deposits for more than 298,000 mortgages and purchasing homes worth £75bn, according to research from Legal & General in association with Cebr, the economics consultancy.
BOE in ‘Wait and See’ mode over base rate rise.
Today’s Bank of England rate-setting meeting ended with the Monetary Policy Committee (MPC) opting to keep interest rates at a historic low of 0.25%.
With recent figures showing a modest slow-down in the rise of inflation and employment figures continuing to remain healthy, together with the snap general election and increasing fears over Brexit negotiations, it’s no surprise that the MPC decided to play it safe once again.
Today’s UK mortgage market has recently become more competitive than ever before with lenders fighting it out to attract business, whether it’s from those looking to buy their first home, moving house, or looking to switch to get an improved deal.
Not so long ago it was looking as if the era of record low rates was coming to an end, but the recent rate cuts by a number of the UK’s biggest lenders suggests that the competition is well and truly heating up again.
We like to give labels, and there’s one for the new group of millennials now moving into the workplace – Generation Z.
These are young people in their late teens, early twenties who are following hot on the heels of Generation Y – those millennials born post 1980.
Over the year’s pensions have taken a bit of a hammering in the media, with the general public falling out of love and trust for them, and who can blame them with annuity rates being so poor, and many having to continue to work in to retirement just to be able to afford an average standard of living.
And you could argue that given the ever-increasing State pension age, if it even exists in 50 years’ time, and the likely increase to the age at which you can access a pension, it doesn’t look like things are going to get any easier.
Prime Minister Theresa May’s decision to hold a snap General Election on June 8 caught even the political pundits by surprise.
Some are calling it a cynical move to take the country to the polls at a time when the Labour party is in disarray, so a Conservative landslide is almost guaranteed. Others are hailing it as the means to achieve a mandate to deliver Brexit.
Mrs May herself said only an election would ensure both that her opponents cannot derail Brexit and that Britain’s position is strong in talks with the European Union.
A common recommendation from the world of financial advice is that when it comes to retirement, you are going to need around two thirds of your annual income in order to be able to retire comfortably, and maintain a similar lifestyle to that which you are currently enjoying.
But how many people know this, and even if they do, are people taking it seriously and acting on it?
One of the biggest purchases people ever make – and probably the most important - is a house. In fact many of us, including contractors, the self-employed and freelancers, buy several houses during the course of our lifetime, as we move up the property ladder and as we then downsize.
So it’s alarming to find that, according to a recent study, more than a third of house sales in England and Wales fell through in the first quarter of this year.