The summer holiday season in now in full swing, as schools throughout the UK have closed their doors, and many are off on an exotic adventure abroad or looking forward to a staycation.
Here are our best suggestions to keep your finances and health in check this summer.
You may have seen that a number of lenders have signed up to the Governments recently created Mortgage Charter (Mortgage Charter - GOV.UK (www.gov.uk), which provides further support and flexibility to residential mortgage customers. These are:
- Anyone worried about their mortgage repayments can call their lender for information and support, without any impact on their credit score. We would encourage you to contact your bank who are there to help.
- Customers won’t be forced to have their homes repossessed within 12 months from their first missed payment.
- Customers approaching the end of a fixed rate deal will be offered the chance to lock in a deal up to six months ahead. They will also be able to apply for a better deal right up until their new term starts, if one is available.
- A new agreement between lenders, the FCA and the government allows customers to switch to an interest-only mortgage for six months, or extend their mortgage term to reduce their monthly payments and switch back to their original term within the first six months, if they choose to. Both options can be taken without a new affordability check or affecting their credit score.
- Support for customers who are up-to-date with payments to switch to a new mortgage deal at the end of their existing fixed rate deal without an affordability check.
- Providing timely information to help customers plan ahead should their current rate be due to end.
- Offer tailored support for anyone struggling and use trained staff to help customers. This could mean extending their term to reduce their payments, offering a switch to interest only payments, but also a range of other options like a payment holiday or part interest-part repayment. The right option will depend on the customer’s circumstances.
Remember, our team of financial advisers are available to provide guidance tailored to your specific needs and circumstances.
If you would like to discuss your financial situation further, please do not hesitate to get in touch.
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.
In the face of the cost of living crisis, financial worries have reached an all-time high among Generation Z. The soaring expenses of education, housing, and basic necessities have placed a huge burden on young adults. This affects not only their personal lives and mental health, but also their work performance.
The rising concern of financial stress
Generation Z, born between the mid-1990s and early 2010s, is grappling with financial challenges unlike any previous generation. The cost of living crisis, fuelled by inflation, stagnant wages, and increasing debt, has left many young adults struggling to make ends meet. Studies show a large portion of this age group experiences constant anxiety over financial instability, which takes a toll on their overall well-being.
The impact on health and work
Unsurprisingly, the mounting financial stress experienced by Gen Z is affecting their physical and mental health. The pressure to manage expenses and debt can lead to higher levels of stress, anxiety, and even depression. This can result in an increased number of sick days at work as young employees find it difficult to cope with their health issues while juggling their financial burdens.
The need for income protection
As the financial landscape becomes more uncertain, Gen Z must prioritise their financial security. One valuable tool to ensure financial stability during times of illness or incapacity is an income protection policy. Income protection provides a steady stream of income if the policyholder is unable to work due to illness or injury.
The key benefits of income protection
Peace of mind: Having an income protection policy in place offers peace of mind, knowing that they won't be left in financial distress during challenging times where they are unable to work.
Financial stability: A reliable source of income through the policy means that young people can keep their standard of living and meet their financial commitments, such as rent, loan payments, and bills.
Focus on recovery: By not having to worry about their financial obligations, Gen Z can focus on their recovery and overall well-being, reducing the chance of a long sickness absence from work.
While income protection is a vital safety net, the ins and outs of insurance policies can be overwhelming.
If you would like to discuss your financial situation further, please get in touch and we can guide you through the process.
Retirement is meant to be a time to relax and enjoy after years of hard work. However, for many, the burden of bills and financial responsibilities, especially at the moment, can overshadow this golden period of life. Fortunately, there is a solution that offers financial relief without the need to downsize or cut back on lifestyle. A lifetime mortgage allows retirees to tap into the value of their property, providing a lifeline to fund bills and maintain a comfortable retirement.
Understanding lifetime mortgages
A lifetime mortgage is a product that allows those aged 55 and above to release some of the wealth tied up in their property without the need to sell it.
With a lifetime mortgage, homeowners can borrow against the value of their property while retaining ownership. The borrowed amount, along with accrued interest, is repaid when the property is sold after the homeowner passes away or moves into long-term care.
As well as assisting with monthly bills, a lifetime mortgage can help with:
Topping up pension income: Many retirees find that their pension income may not be enough to cover all their expenses. A lifetime mortgage can bridge the gap, providing a source of funds to help with things like healthcare costs, or any unexpected financial obligations.
Clearing existing debts: Retiring with outstanding debts can be stressful and can lead to financial strain. By using a lifetime mortgage, retirees can consolidate debts or clear them altogether, relieving the burden of loans or credit card payments.
Home modifications: As people age, their homes may require adaptations to meet their changing needs. A lifetime mortgage can be used to make home improvements, such as installing stairlifts, handrails, or creating wheelchair accessible spaces, ensuring comfort and safety during retirement.
Funding travel: Retirement is an excellent time to pursue travel and leisure activities. A lifetime mortgage can enable seniors to fulfil their dreams of exploring new destinations, embarking on cruises, or engaging in hobbies and experiences they had always wanted to enjoy.
Assisting family members: Some retirees may wish to support their family financially, whether it be for education expenses, buying a home, or starting a business. A lifetime mortgage allows retirees to provide a helping hand without risking their own financial security.
A lifetime mortgage offers a lifeline for retirees seeking financial freedom during their golden years.
Get in touch today to find out more.
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.
With a record of nearly 7.5 million on the waiting list for hospital treatment*, it’s no surprise that many are choosing to take charge by mixing private and NHS treatment.
So should you join them? The surprising truth is, private healthcare might not be as out of reach as you think. But if you are considering taking the plunge, it can be difficult to know where to start.
The power of mixing private and NHS treatment
Opting for private consultations: One way to navigate the waiting list challenge is by choosing to have private consultations. Many healthcare professionals offer private appointments that provide patients with quicker access to expert medical advice. While private consultations may involve out-of-pocket expenses, they can be particularly beneficial for getting an early diagnosis and tailored treatment plans.
Consider private treatment for non-urgent procedures: For non-urgent or elective procedures, patients may opt to undergo private treatment. Private hospitals often have shorter waiting times, allowing individuals to proceed with their treatment without undue delays. While private healthcare comes with costs, the convenience and peace of mind it offers can be invaluable.
Use NHS services for urgent and emergency care: While mixing private and NHS treatment can be advantageous for non-urgent procedures, it's essential to remember that the NHS continues to be the go-to option for urgent and emergency care. In situations where immediate medical attention is required, the NHS's expertise and accessibility remain vital.
Seeking advice from your GP: Your FP can play a crucial role in helping you look at the options available. Discuss your health concerns with your GP, and they can provide guidance on the most appropriate course of action, whether it involves NHS services, private treatment, or a mix of both.
Private Medical Insurance: For those who wish to have the flexibility to access private healthcare when needed, investing in private medical insurance can be a prudent choice. Private medical insurance provides coverage for various treatments and can offer peace of mind knowing that timely healthcare is readily available.
To find out more about the options available, please get in touch.
A critical illness can affect anyone at any time.
Critical illness cover provides a lump sum if you are diagnosed with a serious medical condition. Common conditions insurers cover under this type of protection include:
- Serious forms of cancer
- Multiple sclerosis
- Parkinson’s disease
- Heart attacks and other serious heart conditions
- Stroke
- Loss of sight, or loss of a limb
- Major organ transplant
- Alzheimer’s disease
Having a policy in place to provide financial stability can help you to relieve any financial pressures and focus on your recovery. If you have dependents that rely on your income, critical illness cover allows you to provide financial support when you are no longer able to work.
There are two ways you can take out critical illness insurance:
- As a stand-alone policy
- As an “add-on” with life insurance
Stand-alone critical illness cover typically doesn’t payout on death. This is why many people choose to combine it with a life insurance policy as this means you can protect your loved ones should the worst happen.
If you decide to add it to your life insurance, the policy will usually pay out on the “first event” and then end. So, if you die, the policy will pay the sum assured and end, or if you are diagnosed with a serious illness covered under the policy, it will pay out the sum assured and then end. This can then mean you don’t have any remaining life insurance which could still leave your loved ones in financial difficulty when you die, so you may wish to have the policies separate.
We can help you to find the right cover for your needs. We will search the market for you and find the right protection for your unique situation and budget.
Get in touch today to find out more.
Now it’s the summer holidays, it’s time to lighten up and let some fun into your life! Here we share some simple tips to make sure you’re making the most of your summer holidays and most importantly, having fun and managing stress.
- Nourish your body with a balanced diet: Make sure you are eating three meals a day and try to avoid unnecessary snacking. Ensure you’re eating foods from all the vital food groups including protein, carbohydrates, fats, fruit and vegetables. Some quick tips to eat more fruit include:
- Keeping a bowl of whole fruit on the table in sight so you can grab something quickly.
- Keeping a variety of fruits that are dried, frozen, canned, and fresh so you don’t get bored of eating the same thing and to avoid waste.
- Experiment with adding fruit in your main meals like tossing some grapes or pomegranate into a salad.
And don't forget to stay hydrated by drinking ample water throughout the day!
- Smile and laugh as much as you can: Just like smiling, laughing reduces your level of stress hormones. Not only does it make you feel good, it also lowers your blood pressure, improves breathing and regulates your heartbeat. Laughing with friends is the best way to make memories that will last a lifetime.
- Prioritise sufficient sleep: Amidst all the summer fun, it's crucial not to compromise on sleep. Aim for 7-9 hours of quality sleep every night to allow your body and mind to recharge. A well-rested body is better equipped to handle the activities and adventures that come with the summer holidays. Create a relaxing bedtime routine and ensure your sleep environment is conducive to rest, with minimal distractions and comfortable bedding.
- Balance your screen time with other activities: Most of us spend a good part of our day using electrical devices - whether it be our mobile, laptops, or TVs. Try to limit your screen time to short 30-minute bursts and then take a break to do something different, for example, go outside or do some physical activity. Balancing our screen time with other activities can be part of a healthy lifestyle and will ensure it doesn’t interfere with our sleep.
- Make time for the things you enjoy: The summer holidays are the perfect time to indulge in activities that bring you happiness and relaxation. Whether it's reading a book by the beach, practicing yoga, or exploring new hobbies, carving out time for your interests and passions is essential for your mental well-being.
- Practice gratitude: Gratitude is central to our health and happiness. Gratitude is one of many positive emotions which helps us focus on what's good in our lives and be thankful for the things we have. Why not try writing a gratitude journal. This is a great way to write down all of your reflections and the things you are thankful for. Go back to your journal on a day when you're feeling a little blue to see how many things you have to be thankful for.
Whatever you’re doing this summer holiday season, have fun and stay healthy!
* https://commonslibrary.parliament.uk/research-briefings/cbp-7281
