What does the cost of living crisis mean for your retirement savings?
Posted by siteadmin on Tuesday 28th of February 2023
With inflation at its highest level in 41 years and energy prices skyrocketing, the cost of living crisis has dominated headlines since inflation began to creep up from historic lows in mid-2021.
While the Covid pandemic began the inflationary increase, this was further exacerbated by the war in Ukraine pushing up energy and food prices even further.
Following such an extended period of price rises, you may be concerned about your household finances and long-term plans.
Rising inflation affects everybody differently depending on their cir...
Why having an emergency fund matters and where to hold extra cash
Posted by siteadmin on Tuesday 28th of February 2023
Having ready cash on hand is an essential part of any successful financial plan.
When investing, it’s important to hold an emergency fund. This readily available cash will mean you’re prepared to protect yourself against the unexpected and also plays a vital role in maintaining your financial wellbeing.
It’s generally advised to keep between three and six months of household expenditure in an easy access account – more if you work in a particularly volatile sector. If you’re approaching retirement, you may want to keep even more of your we...
Think twice
Posted by siteadmin on Tuesday 28th of February 2023
Think twice: Why cancelling your financial protection during the current cost of living crisis could be a bad idea
Centuries ago, Benjamin Franklin announced that “By failing to prepare you are preparing to fail”.
This is especially true when it comes to ensuring your personal finances are protected from the rainiest of days. However, with the rising cost of living likely putting pressure on your spending, you may be considering cancelling your cover, even when this could leave you more vulnerable than before. Read on to discover som...
Why your mortgage term matters
Posted by siteadmin on Monday 30th of January 2023
With increases in the cost of living impacting on many household budgets, the cost of your monthly mortgage payment continues to be important.
On a capital repayment mortgage, the quicker you pay off your balance, the bigger your monthly payments will be. By having a longer term, you may benefit from a lower monthly payment, but you will also pay more interest.
Whether you’re taking out a new mortgage to buy your first home or have had a mortgage for several years and want to remortgage, it’s important to consider how soon you want to be ‘...
Junior ISA
Posted by siteadmin on Thursday 26th of January 2023
Junior ISAs
In the 2022 Autumn Budget, it was revealed that the Junior ISA (JISA) spending limits would remain at £9,000 for the 2023/2024 tax year. The JISA limit was last changed in early 2020, when it was doubled from £4,500 to its current level.
JISA and CTFs both benefit
JISAs replaced Child Trust Funds (CTF) in 2011, but those who still hold CTF will continue to benefit from the increased allowance. Both JISA and CTF are a tax efficient way to build up savings for a child. It is not possible to have both a JISA and a C...
Home Insurance Explained
Posted by siteadmin on Thursday 26th of January 2023
One wet and windy evening, Alex and Megan decided to take advantage of their newborn, Ellie, falling asleep in her moses basket by getting an early night. Picking up the basket from its regular spot in front of the fireplace, they crept upstairs. No sooner had they settled in bed when they heard a massive crash from the living room. They ran back downstairs to find a pile of rubble in the exact spot Ellie had been sleeping just minutes earlier.
Aware the incident could have been much worse, the couple were still left with an enormous mess...
Omnis Investment perspective: A better year ahead for gilts
Posted by siteadmin on Monday 16th of January 2023
With a recession looming, UK government bonds (gilts) should deliver positive returns in 2023 following a challenging year of performance.
Read ''A better year ahead for gilts'' here.
Regularly review your mortgage
Posted by siteadmin on Friday 6th of January 2023
It’s important to regularly review your mortgage. If necessary, you may want to transfer to a new deal or a different lender when you come to the end of a fixed rate. If you’re worried about your options when you come to the end of your deal, talk to us. We can help by looking at our range of lenders to see what's right for you and we'll also consider what your current lender offers.
Many lenders allow us to secure a new fixed rate for you months in advance of your current rate ending. It’s important to start early and we can help you navig...
The value of an offset mortgage
Posted by siteadmin on Friday 6th of January 2023
Taking out an offset mortgage enables you to use your savings to reduce your mortgage balance and the interest you pay on it.
Offset mortgages can help you save money over the course of your deal as there’s less interest to pay over the longer term. Interest rates on offset products can be higher than on an equivalent standard repayment deal, but thanks to the savings placed aside, these are charged on a smaller loan amount. This means you will pay less mortgage interest while the savings are offset.
An offset mortgage can help to lower yo...
Use your ISA Allowances 2022-2023
Posted by siteadmin on Wednesday 4th of January 2023
Are you making the most of your ISAs?
You are unable to carry any unused allowances over into the 2023-2024 tax year. If you are unsure on what ISAs are available to you and what they could do for you and your money, here’s how you can make the most of them.
ISA
An ISA is an individual savings account that allows you to save money tax-free in a cash or investment account, so you could end up getting more for your money. An ISA is a medium to long term investment, which aims to increase the value of the money you invest for growth, i...
