On the 6th March, the Chancellor of the Exchequer, Jeremy Hunt, delivered his Spring Budget for 2024. This speech saw the announcement of some new taxes and adjustments to existing taxes. We also saw changes to several economic policies. In our summary, we look into how this budget might affect you.
Here’s some key takeaways for you:
In mortgage/housing news, the chancellor revealed new development projects are designated for development projects in Sheffield, Blackpool, and Liverpool up to £188 million. There will be an additional investment of £242 million in Barking Riverside and Canary Wharf, resulting in the construction of nearly 8,000 homes.
In a move to address issues in the housing market, Hunt is removing the furnished holiday lettings regime. This change aims to increase the availability of long-term rentals.
In response to the reported misuse, Hunt announced the termination of stamp duty relief for individuals purchasing multiple dwellings. There will be a reduction of the higher rate of property capital gains tax (CGT) from 28% to 24%, Hunt saying it could increase transactions and, as a result, government revenue.
A mortgage holiday might sound intriguing. But firstly, it's for those experiencing temporary financial difficulty. We investigate some reasons you may need one. Plus, essential factors you need to consider.
What is a repayment holiday?
It's a temporary period while your lender pauses your monthly loan repayments. It's only an option for a few months. You will still repay the full loan amount after the repayment holiday ends. Interest will accrue against the total amount owed still.
How long can my repayment holiday be?
Your circumstances are considered, but for many lenders, the limit on a mortgage repayment holiday is three to six months.
Will a mortgage holiday affect my credit score?
If you negotiated with your lender, missing repayments shouldn't affect your credit rating. But it's worth checking with your lender when you apply for a pause just to make sure. If you cannot make your loan repayments after the mortgage holiday ends, it could quickly be impacted.
Is there a cost to a mortgage holiday?
Interest is still accruing on the principal of your home loan. This means you'll eventually need to either increase your repayments, or the length of your loan term to make up the difference. For every month you pause payments, the interest will continue to grow. Making your total loan higher.
How to apply for a mortgage holiday?
Every bank and lender have their own hardship assistance schemes. Each has different requirements. You'll need to apply for assistance either online or via phone. The lender will assess your position and, if successful, help you set up a suitable repayment holiday. Your lender may suggest other alternatives.
There are several options. Here are four ways to pause or reduce your home loan repayments:
Risk warning: Think carefully about securing other debts against your home. Your home or property may be repossessed if you do not keep up repayments on your mortgage or any other debts secured on it. You may be charged a fee for mortgage advice.
No one wants to think about what could go wrong on holiday. But medical emergencies, cancellations, and lost or stolen luggage can happen. Don't let an unexpected event ruin your travel experience. Travel insurance provides you with peace of mind!
In the UK, there are several types of policies available. So, you can forget your worries and enjoy your holiday! Some common types include:
Single Trip Travel Insurance: Just for a specific trip, likely up to 90 days. Most travel mishaps will be covered (but check the fine print). Think medical emergencies, delays or cancellation, and lost luggage.
Annual Multi-Trip Travel Insurance: Like the above, but for multiple trips within 12 months. Perfect for those lucky ones who get multiple holidays yearly! Saving you money in the long run.
Family Travel Insurance: This will cover the whole family on a trip. Taking the stress out of medical emergencies, missed flights, and lost passports!
Backpacker Travel Insurance: Make sure your gap year only leaves fun memories. A policy especially tailored for extended trips. Lasting several months to a year and involving multiple destinations. It may even include benefits such as adventure sports coverage.
Senior Travel Insurance: Addressing the unique needs and risks linked to age while on holiday. Even offering coverage for pre-existing medical conditions.
Business Travel Insurance: Covering your work gear plus any cancellations that occur on work-related trips. Bonuses include emergency assistance services for business travellers.
Cruise Travel Insurance: This type of insurance is specially focused on covering the unique risks associated with boat life. Think, trip interruption due to missed port departures, itinerary changes, or onboard medical emergencies.
Winter Sports Travel Insurance: Designed for holidays in the snow! Covering you for skiing or snowboarding. Injuries on the slopes, equipment damage or loss, and weather risks.
Even though imagining relaxing on the beach is the fun part of holidays, it's essential to assess the risks when it comes to travel insurance. Think about your plans and activities. Then review policy terms and conditions, coverage limits, and exclusions.
So, don’t forget your insurance before heading to the airport.
Have you heard of the ‘Mediterranean diet’ in the media? Join us as we dive into some of the healthiest diets worldwide. They all emphasise fresh, whole foods and balanced nutrition. But we think sitting in the sun next to the sea might help!
It's a good idea to consult with a healthcare professional. Have you tried a registered dietitian before making significant changes to your diet? Get in touch! We can help with a private medical insurance policy to support you through these appointments.
So, what’s the fuss about the Mediterranean Diet? Looking at the dishes of those living by the Mediterranean Sea, it includes plenty of whole foods. Like fruits, vegetables, whole grains, nuts, seeds, and olive oil. Add local fish, poultry, and dairy, and a careful balance of red meat and wine. Making this a lovely diet to follow!
Just north of the Mediterranean, the Nordic Diet also offers great health benefits. Fatty fish are rich in omega-3. Your heart health will thank you! Think salmon, herring, and mackerel as staples. Plus, an abundance of berries. Such as lingonberries, blueberries, and cloudberries. They are all full of antioxidants, vitamins, and minerals. Add some rye or oats for fibre and energy. And lots of root vegetables like potatoes, carrots, turnips, and beets.
Now, looking across the world. The Japanese Diet is rich in fish, seafood, tofu, seaweed, fruits, and vegetables. Plus, fermented foods like miso and soy sauce. And includes small portions of rice. The traditional diet of the Okinawan people of Japan's Ryukyu Islands is a great example. With their population living the longest in the world!
In India, many dishes are full of healthy, hearty ingredients. They feature a variety of vegetables, whole grains, and spices. Vegetarian options are popular, with meat used sparingly. Unfortunately, your local curry house might not be as authentic. But by choosing a vegetable-filled curry and avoiding the cheesy naan, you may get some health benefits!
While all this talk of international food is fun to think up for a holiday, don’t forget that dietary needs vary. What works for one person may not work for another. As you can see from the different diets around the world!
For more advice about the best diet, check with us to see if you are covered for dietician appointments. You may need to obtain approval from your insurance provider before scheduling a visit.
Did you know, you and your children can be covered for overseas treatment through your protection policy? We are fortunate to have incredible access to the NHS. However, outside the UK, there may be more access to experimental research and innovation.
Unfortunately, the Covid-19 pandemic has also had a big impact on the NHS. With waiting times stretching out and the availability of diagnostics and treatment. But, if pioneering treatment is available exclusively overseas, it’s likely to be expensive.
We’ve seen in high-profile cases that effective or lifesaving treatment can be available overseas. But people are turning to crowdfunding to cover the cost.
Did you know a small number of protection insurance providers offer payouts? Or optional benefits to cover overseas treatment costs?
Currently, only three insurers offer some form of overseas treatment cover. Each approaching this benefit slightly differently. It’s worth chatting to us to ensure you have access to a plan that suit you.
Rather than paying out an amount of money, these policies cover the costs of overseas treatment directly.
For example, six specific types of treatment can include:
- Cancer treatment
- Coronary artery bypass surgery
- Heart valve replacement or repair
- Neurosurgery
- Live-donor organ transplant
- Bone marrow transplants
You may be covered for up to £1 million per year. Or up to a total of £2 million during the whole policy term. And not as expensive as you may think!
Under children’s critical illness cover, you may only need to pay an additional £3 per month. If alongside existing policies, such as life, critical illness, or income protection. Some providers even have this as a feature just for children in your regular policy. Among the costs covered include expenses for the family to travel to receive treatment.
So, this is a useful one to consider. We might have access to free healthcare in the UK. However, the pandemic and other factors mean that quick access to treatment might not be possible. With some heading abroad (at a high cost), insurance can provide some form of overseas treatment cover.
We can help you find out more about the policies available. And make sure you have peace of mind for the future.
Are you finally ready to take that dream holiday you’ve been thinking up for years? We are here to discuss how releasing equity can help you get there.
A Lifetime Mortgage allows homeowners aged 55 and over to access value. It can provide you with a lump sum or regular income. Here's our step-by-step guide on how to plan the trip of a lifetime:
1. Assess Your Lifetime Mortgage Options
Research different Lifetime Mortgage products available. There are typically two main types: lifetime mortgages and home reversion plans. Understand the pros and cons of each option. From there, determine which works best for your financial goals and circumstances.
2. Consult a Financial Adviser
It's crucial to seek advice from a qualified financial adviser specialising in Lifetime Mortgages. We can help you understand the implications of releasing equity from your home. This includes potential costs and interest rates. Plus, how it may affect your inheritance and entitlement to means-tested benefits.
3. Calculate the Amount Needed
Determine how much equity you need to release to fund your dream trip. Consider all factors. Such as airfare, accommodation, transportation, food, and activities.
4. Budgeting
Create a detailed budget for your trip, accounting for all anticipated expenses. Additional costs include travel insurance, visa fees, souvenirs, and emergency funds. Make sure your budget aligns with the amount of equity you plan to release.
5. Plan Your Itinerary
Research your trip to see if there are any once-in-a-lifetime opportunities. Decide how long you'll stay. Which areas do you want to visit? And what experiences do you want to prioritise during your trip?
6. Book Accommodation and Transportation
Get organised in advance to secure the best deals and availability. Consider staying in a mix of accommodations to enhance your experience. Such as hotels, villas, or guesthouses.
7. Prepare Necessary Documents
Ensure you have all the necessary documents for your trip. Including your passport, travel insurance, and visa (if required). Plus, any medical prescriptions or documents you may need.
8. Enjoy Your Trip!
Remember to review your Lifetime Mortgage plan regularly to ensure it meets your financial needs and goals. Additionally, consider alternative funding options or supplementing your equity release. Such as income or savings. This will provide a comfortable retirement and financial security in the long term.
This is a lifetime mortgage. To understand the features and risks, ask for a personalised illustration. Check that this mortgage will meet your needs if you want to move or sell your home or you want your family to inherit it. If you are in any doubt, seek independent advice. A fee may be charged for mortgage advice. The exact amount will depend on your circumstances.
Now you’ve worked out your travel insurance and arranged your finances, it’s finally time to plan your dream holiday! Bali is a beautiful island full of picturesque landscapes, vibrant culture, delicious cuisine, and warm hospitality. Located in Indonesia, this Southeast Asian holiday destination is a tropical retreat. Think palm trees, blue waters, and sandy beaches!
The best time to visit Bali is during the dry season, from May to October. Expect clear and sunny weather with temperatures ranging between 21-32°C.
In Bali, they use the Indonesian Rupiah (roo·pee·uh). 1 GBP = 19,983.004295 IDR. For perspective, a small beer usually costs 30,000 IDR, about £1.50.
The local beer, Bintang, comes in small and large bottles. While cocktails are around 150,000-200,000 IDR (roughly £7-£10). Look out for the happy hours, where you can find two-for-one on select cocktails.
You can get away with spending very little in Bali. Or max out at day spas, beach clubs, and five-star dining. If you are on a tight budget, you could get away with £20-30 a day. (Including accommodation). But we’d recommend at least £100 a day for a good holiday, and more if you can afford it.
For food, you can spend anything from £1 at a street vendor to £3 in local warungs (restaurants) in the rice terraces. To £200+ in a fancy dining place in a top-end hotel. It’s similar for hotels, villas, and homestays (a B&B, Bali style).
You are not expected to tip. However, keep an eye out for a ‘service charge’ in tourist areas.
Note: Avoid excessive transaction fees in Bali. Never allow the local vendor to translate your payment into your home currency. Always select the option on the card machine to pay in IDR.
Now you’ve worked out your cash, here is where to spend it:
Relax on the golden sands of Kuta, Seminyak, or Canggu. Bali's most famous beaches. Enjoy swimming, sunbathing, surfing. Or simply soak in the vibrant beach atmosphere. You’re not short of beach bars, restaurants, and clubs here!
Up north, Uluwatu is a surfing mecca. Head here for chilled out vibes, green juices, and salad bowls. Visit Uluwatu Temple. A cliffside Hindu temple located on the southern tip of Bali's Bukit Peninsula. Enjoy mesmerising ocean views and watch traditional Kecak fire dance performances at sunset.
Inland, Ubud is the cultural heart of Bali. Known for its lush rice terraces, traditional arts and crafts, and vibrant markets. Visit the Sacred Monkey Forest Sanctuary. And explore the Ubud Palace.
Wander through the Ubud Monkey Forest. A sacred sanctuary home to hundreds of playful, long-tailed macaques. Explore this natural haven's lush jungle trails, ancient temples, and serene streams.
Indulge in delicious Balinese cuisine! Featuring a rich blend of flavours and spices. Don't miss trying local specialities. Like Nasi Goreng (fried rice), Babi Guling (suckling pig), and Satay.
These are just a few of the many experiences awaiting you. Whether you're seeking adventure, relaxation, or cultural immersion. Bali offers something every traveller can enjoy.
If a dream trip to Bali is not on the cards this year, we have this delicious Balinese salad to make every day feel like a holiday! Gado-Gado is a hearty salad featuring egg, potato, and crunchy vegetables drizzled with a moreish peanut sauce.
6 to 8 servings
INGREDIENTS:
FOR THE SALAD
2 to 3 tbsp vegetable oil
200g firm tofu or tempeh, chopped into thin squares or triangles.
Rock salt and freshly ground pepper
100g green beans, cut in half
250g Chinese cabbage, finely shredded
100g beansprouts
1 large cucumber, peeled and sliced thinly on the diagonal
2 tomatoes, cut into wedges
250g boiled new potatoes cut in half
4 hard-boiled (for 8-minutes) eggs, peeled and halved
Handful prawn crackers
4 tbsp crispy onions
FOR THE SATAY SAUCE
50g peanut butter
3 tbsp kecap manis (or 2 1/2 tbsp soy sauce and 1/2 tbsp honey)
2 tsp shrimp paste or dried crayfish
1 tbsp fish sauce
1 tbsp soft dark brown sugar
1 garlic clove, crushed
2 fat red chillies (use only 1 if you don't like it too spicy), finely chopped
150ml coconut milk
Juice of 1 lime
PREPARATION:
Step 1
Heat a large frying pan over medium-high. When hot, drizzle with 1 to 2 tablespoons oil and add the tofu or tempeh slices. Season well with salt and pepper. Reduce heat to medium and fry for 2 to 3 minutes on each side until golden brown. Remove from the pan and allow to cool.
Step 2
Bring a large pot of salted water to a boil. Add green beans and blanch for about 4 minutes or until just tender. Just before the beans are ready, add cabbage and bean sprouts to the pot and shock them in the water for about 30 seconds to 1 minute. Transfer the vegetables to a colander, refresh under cold water and drain well.
Step 3
To make the peanut dressing, combine the peanut butter and kecap manis (or the soy sauce and honey) in a bowl and mash with a fork until smooth and combined. Blend with the remaining ingredients in a food processor, adding the coconut milk slowly to combine.
Step 4
To serve, divide the blanched vegetables, potatoes, tofu, cucumber, tomatoes, and eggs over several serving plates or assemble on one large serving platter. Drizzle each plate generously with the peanut sauce and top with crispy fried shallots and broken prawn crackers.
Step 6
Enjoy!
