With many of us already jetting off around the world ready to get back to sun, sea and sand, we thought we'd give you some financial hints and tips surrounding travel, whether you're staying local or heading for warmer climes, or even if you're looking to use your property to generate income from holiday makers.
You may also be looking at your finances more carefully lately, due to the rise in the cost of living- perhaps your mortgage is something that need reviewing to help save money on your monthly outgoings?
Get in touch with us today and we'll be on hand to help you achieve your financial goals.
| In this month’s newsletter: 1. The Later Life Jetsetter 2. Rent a room scheme: Could you earn an income from this years' holiday makers? 3. Your various insurances and how they work abroad 4. 23 ways to save money on your trip away |
|---|
Many of us have spent years aiming towards a financially secure retirement, where we can sit back and relax and enjoy some down time with loved ones. Unfortunately, the rising costs of living and pension shortfalls mean we’re not as able to enjoy our latter years as we may have hoped- never mind indulging in travel and downtime abroad.
That’s where equity release could help. Releasing funds locked up in your home could help you to secure your finances and indulge in some travelling. Have you considered unlocking the equity in your property so you can jet off somewhere hot and sunny? Or are you ready to don the skis and speed of down the Alps?
Either way, if you’re over 55 and looking at ways to ensure you enjoy your retirement years, why not speak to a qualified equity release adviser with us and see if equity release could be a solution for you.
In the meantime, here a few ideas for holidays to get you started:
A Caribbean Cruise – can you imagine yourself sailing aboard a luxury ship, travelling the world and visiting islands of unparalleled beauty? Taking a cruise consistently features in top 10 lists of retirement dream holidays.
An African Safari – if your passion is big cats and wild creatures then you could use the capital locked away in your home to fund the ultimate safari adventure and see some of the world’s most beautiful and majestic animals in their natural habitat.
Set sail around the Galápagos Islands – if you have always dreamed of seeing seals, dolphins and penguins in the wild then this could be a perfect retirement trip for you.
Soak up the winter sun in Australia – winter can be bitterly cold in the UK so why not spoil yourself with a tour of Australia? See the Sydney opera house, meet the incredible wildlife and explore the unspoiled outback well your friends and family freeze back at home!
One big trip or many mini breaks? If you have always planned to travel in your retirement then you may not want to limit yourself to one big holiday. Many people choose to spend the equity released from their properties on taking a number of shorter breaks or use the money to buy a caravan or motor home to enable them to continue to travel for years to come.
R
eunions – Many people have family and friends dotted around the world but the expense of travel means that they are rarely able to see each other in person. If you have a brother in Canada, a best friend in America or a daughter in Australia then taking equity release could enable you to organise the reunion of a lifetime.
If you think equity release could suit you and your needs, get in touch today for a no-obligation conversation.
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.
If you’re looking for ways to improve your bank balance, one option is to rent out your spare room. By signing up to the Rent a Room scheme, not only do you enjoy the extra income from the rent, but also up to £7,500 a year is free from tax.
If you have a spare room that you are able to let out fully furnished you could qualify for the rent a room scheme, including Airbnb type lets. Provided the space is part of your main residence, up to £7,500 a year could be earned tax free through these rental arrangements.
Ensure you are okay to participate in the scheme with your insurers and you may even be able to secure a rent-a-room scheme specific mortgage. It’s worth speaking with us today to see if this is an option for you.
Get in touch with our team today to discuss your options
CASE STUDY Short-term lettings of spare room |
|---|
Your home or property may be repossessed if you do not keep up repayments on your mortgage. You may be charged a fee for mortgage advice.
We often secure our homes, lives and health insurance from the comfort of our own homes but how do they apply when we take a jaunt overseas?
Here are a couple of highlights that you can ensure are covered in your polices, ahead of travelling to warmer climes this summer.
Building & Contents Insurance
Your building policy will obviously still cover you while you’re away, but there are ways you can keep it safe while you’re absent.
- Make your house look lived in:
- Ask a neighbour to keep an eye on your post piling up, if it’s clear that there’s a lot of post at your property, its also clear you’re not home.
- Park your car inside the garage, if you have one
- Ask a neighbour to park in your driveway occasionally so there’s activity at your house
- Put at least one light in your house on a timer
- Install a motion-activated sensor on an outdoor floodlight. (Burglars hate outdoor lighting – and that’s why we love it)
- General home preparation
- Make sure your smoke detectors are working properly
- Leave your emergency contact information with a neighbour
- Dispose of any food that could go bad before you return
- Take out the kitchen waste – especially anything that might start to stink
Life Insurance
The vast majority of life cover policies will pay out while your overseas, however there are some caveats.
Just like any other legal agreement, make sure to read the fine print on your life insurance policy. An insurance company might reject a claim for a foreign death if:
- The beneficiaries can't provide sufficient proof of death
- The policyholder's cause of death is suspicious
- The policyholder died by suicide
- The policyholder died in a country that's considered unsafe for travellers
- The policyholder didn't disclose before a trip that they were going to engage in risky activities, such as rock climbing or skydiving
- The policyholder died as a result of an act of war that's excluded by the policy
Health Insurance
It is important to recognise that the cover will vary depending on your insurer and the type of plan you opted for. Most UK personal Health Insurance policies have little if any overseas cover – those that do are likely to limit the cover to emergency treatment for a set number of days per policy year.
- Short trips and business cover…
For short trips abroad on holiday or for business many often turn to a travel insurance policy. However, if you are spending considerable amounts of time abroad and are looking to ensure you are covered for any medical treatment then you may want to consider an international health insurance plan.
- International health insurance for truly global cover
International Health Insurance tends to provide a much greater level of cover as not all countries have a public health service like the NHS. In addition to the cover, you can expect on a UK only private medical insurance plan, international plans can often cover emergency treatment, chronic conditions and routine dental cover to name a few, in many cases removing the need to use any state funded services.
Naturally, given the additional cover provided the premiums for the international cover can be considerably more.
Given the complexities involved in choosing the most appropriate cover it is often worth discussing the options with a health insurance specialist to ensure you are aware of what is and what is not covered on both the UK only and the international cover to ensure you are able to make an informed decision when choosing a plan.
To discuss any of your insurance needs, get in touch with our team today
The cost of living may be increasing, but we are still keen to ensure we are up to date on our annual dose of sun, sea and sand. But are there ways we can do so, and still watch the pennies?
Check out our handy download on ways you can save yourself money.
 |  |
|---|---|
Tammie Cook Telephone: 07990 522 770 | Damion Silcock Telephone: 07941 323 600 |
