Have you heard of a secured loan before? It is a loan that uses an asset as collateral. Which means, the lender can take the asset you nominate if you can’t repay the loan. If you face a lot of credit card debt after the holidays, a secured loan can be a good way to consolidate the debt into one easy repayment. Secured loans may allow borrowers to enjoy lower interest rates, presenting a lower risk to lenders.
Chat with us about what might be possible. We are here to help!
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For example, getting a mortgage is a loan secured by the property you're buying. Likewise, a car loan. If you default on the loan and stop making payments, the lender can seize the collateral to secure the loan.
Call us directly so we can go through these with you in detail.
With over 24 million people in the UK tying the knot, did you know you might be due a tax rebate possibly of over a £1000?
It's claimed via the Marriage Tax Allowance, and currently, two million British married couples are not claiming when they could be. It's a tax refund and depends on how much you earn.
So, if one person in the relationship earns under £12,570 a year — say, if you're a stay-at-home parent or just working part-time a few days a week, you would likely tick this box. The other person needs to pay the 20 per cent basic rate of tax: they need to have an income between £12,570 to £50,270 a year. In Scotland, it is £12,570 and £43,662.
When you transfer some of your Personal Allowance to your husband, wife or civil partner, you might have to pay more tax yourself, but you could still pay less as a couple.
You can backdate claim till 5 April 2020 if eligible for Marriage Allowance. And with a reduction of up to £252 tax savings per year, you may end up with a total of over £1,000 tax rebate!
Use the government benefits calculator to see how much you are owed: www.tax.service.gov.uk/marriage-allowance-application/benefit-calculator/
If you are successful, the government will send you a cheque or bank transfer the cash roughly six weeks after your claim is eligible.
Looking for more ways to save money this year? Chat with us today to see how we can help.
Now the festive fun is over, are you feeling the pinch of debt?
Loading up the credit card is something we see all too often. But have you thought of leveraging the equity in your property?
First, we recommend having your property valued to assess how much equity you have. Post-valuation, you will have a realistic understanding of your equity. Here, you'll know how much you can use to pay your debts. If you have sufficient equity in your property, you might be able to manage your cash flow.
Get in touch with us today. We can work with you to unlock your equity by consolidating your debt. Paying it down at much lower interest rates. Here's some more information below to see if equity release is the best option for you:
Who can access equity release?
- For those aged 55+, options like lifetime mortgages or home reversion plans allow you to release a portion of your home's value while continuing to live there.
- What are the benefits and risks of leveraging equity?
- Access liquid funds without selling your assets.
- Use funds for personal needs, business investment, or debt consolidation.
- Secured borrowing often has lower interest rates than unsecured loans. A secured loan will likely have a longer term, and so eventually, means you pay more.
- But a decline in property or asset value may reduce equity.
What steps are involved?
- Evaluate Needs: Assess how much cash flow you need and the purpose of the funds.
- Seek Advice: Consult a mortgage broker, financial advisor, or lender.
- Compare Products: Look for competitive interest rates and flexible terms.
- Understand Tax Implications: Some forms of equity release may have tax considerations. Consult an accountant for advice.
Would you like specific advice tailored to property equity, business finance, or personal cash flow? Ready to get started? Get in touch with our team today for an obligation-free chat on how you can leverage your equity to consolidate your debt.
Chances are, unless you are in the industry or have already lost a loved one, you haven't heard of probate before. It's a lengthy legal proceeding before the courts to settle wills.
A grant of probate is sometimes needed when valuable assets, such as property and shares, are left in a will. It's a process that ensures the instructions in a will can be followed.
When a family member passes away, if you're the next of kin, you need to determine whether they made a will. If they haven't, they are said to have died "intestate". In this situation, any next of kin would need to apply to be appointed as the estate administrator.
Most financial institutions require a grant of probate before they can release accounts and funds to anyone other than joint account holders.
When is probate necessary?
- Where the assets are held by one or more organisations, such as banks and companies, are not jointly owned and are worth more than a minimum amount set by the organisation concerned.
- If property is involved, but not as a jointly owned asset. If unsure, you could check the property's title deed or seek legal advice.
- The will is contested, which means there's a dispute about whether it's valid. Such a dispute could occur for many reasons, including accusations that the will's creator was unduly influenced by others or was not sound of mind when setting out their wishes.
Before rushing into applying for probate, it's worth checking whether it's necessary. Often, the executor of a will can gain access to assets through a less complicated process. Such as by producing a series of documents, such as the will and the death certificate. Applying for probate can be time-consuming and complex, so it might be better avoided.
Do you need probate to make a life insurance claim?
You may not need a grant of probate to claim life insurance. Where a beneficiary has been validly nominated, the claim proceeds can be paid directly to the beneficiary.
However, if a beneficiary hasn't been nominated for a life insurance policy, then it might be necessary for the executor to apply for a grant of probate. This can be a difficult and lengthy process. It's important for everyone with a life insurance policy to consider nominating a beneficiary while they're healthy and well.
Also, worth keeping in mind is that, in most cases, life insurance isn't automatically part of your estate. Meaning you don't need probate to access funds. Life insurance proceeds may go towards living expenses, medical bills, mortgages, and debts, among other costs.
Some life insurance policies even offer an advance payout while processing your claim. Helpful for accessing immediate costs such as a funeral or legal fees needed to settle the estate.
We are seeing probate cases taking over one year to be granted have increased by 65% over the last three years. So, having a good life insurance policy is key to helping your family financially after you pass away.
Let us help you navigate this all. Contact us today for personalised help that only a broker can offer.
Did you know private healthcare admissions are up, according to the Private Healthcare Information Network (PHIN)?
The network said this could reflect a growing awareness of and appetite for PMI. Something, unfortunately, reflected in the long wait times on the NHS.
However, the research shows that admissions paid for with PMI are mostly employer-funded schemes. Meanwhile, total self-paid private hospital admissions (paid for by the patient or their family) were 32% above pre-pandemic levels.
These figures could reflect the long wait times for health services. But also, the growing need for companies to support the health of their staff.
Diagnosing conditions at an early stage is so essential to avoid serious illnesses. People are increasingly opting to go private rather than face the day-to-day pain of a persistent condition. Or even the risk of going untreated.
If most people in the UK had PMI, it could impact the NHS in various ways.
With more people seeking private care, the NHS might experience reduced demand for elective surgeries, diagnostic tests, and routine consultations. This could result in shorter wait times overall. Helping those who still need public care. And also take the pressure off emergency services for all.
With fewer demands on specific services, funds could be reallocated to underfunded areas like mental health, social care, or innovation. Increased competition among private providers might drive innovation and improvements in healthcare delivery.
However, the government will still have a role in regulating PMI to ensure coverage is comprehensive and accessible. Policies could be introduced to make PMI affordable for low-income groups or to encourage universal participation.
The NHS is a cornerstone of British society, but universal PMI could help support the system. No private plans cover everything, so a blend can ensure you get the best care by paying for services you can afford. The NHS would likely remain the primary provider for complex and emergency care.
Are you interested in taking out private medical insurance? Or do you want to update your policy? Contact us today for help.
Technology is changing the general insurance industry. It is completely transforming how insurers operate, interact with customers, and assess risk. Are you curious? Keep reading to find out more!
From AI-driven claims processing to integrating Internet of Things (IoT) devices for personalised coverage. The future of general insurance is filled with technological innovations! Here's an in-depth look at how technology is reshaping the sector and the trends of the future:
- Artificial Intelligence (AI) and Machine Learning (ML) in Underwriting and Claims Processing
AI algorithms can analyse large amounts of data—from personal history to environmental factors—to assess risk. For example, if you file a claim, AI can help review the details, process the request, and approve smaller claims automatically. Some insurers even use AI to detect fraudulent claims by looking at patterns and anomalies in claims data. How interesting!
- The Rise of InsurTech: Digital-first Insurance Providers
InsurTech (Insurance Technology) is a blend of insurance and technology. Think mobile apps and cloud-based platforms which offer flexible, on-demand insurance solutions. For example, with a mobile app, you can activate car insurance only when driving and turn it off when you're not. Saving you money on unused coverage! Perfect for those who prefer flexibility and convenience.
- Internet of Things (IoT) for Personalised Insurance Policies
IoT allows customers to pay based on their actual behaviour. IoT devices—such as smart home sensors (e.g., smoke alarms, flood detectors) and car telematics—gather real-time data to adjust premiums and prevent losses. Here's one you've probably heard of… Wearables like Apple Watch and fitness trackers can help insurers monitor customers' health data to provide incentives for healthier lifestyles, like lower premiums or rewards for meeting fitness goals.
- Chatbots and Customer Service Automation
Of course, speaking to a real human in real time is optimal for insurance (and something we will always offer). But chatbots and automation can provide a service after hours for 24/7 support. They may also streamline the claims process by guiding users through reporting procedures, collecting documents, and offering status updates.
- Virtual and Augmented Reality (VR/AR) for Risk Assessment and Training
Insurers can use VR simulations to assess the potential risk associated with a property or vehicle. For example, a virtual simulation can analyse how a house might fare in a flood or earthquake scenario. Allowing insurers to make more accurate decisions about coverage and pricing.
These technological advances promise lower premiums, faster claims processing, and a more tailored insurance experience. As the industry continues to innovate, it will be exciting to see how technology further shapes the future of general insurance.
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At the end of the day, technology will never replace the compassion and personal touch of dealing with a human. But, these systems will allow for less time spent doing admin, and more time for personalised customer service. Are you looking for a new policy? Give us a call today to discuss.
