It's certainly been a turbulent time in the media lately, reporting has been focused heavily on finance and as such many of you are likely worrying about what that may mean for you. But as always, we're here to help support you through your financial options. It's important not to let the headlines frighten you, and get in touch with any questions you may have.
As we mentioned recently, the news around mortgage rates and deal availability has no doubt been heard by you and your loved ones, but are you worrying?
Our role is to help you avoid worry and stress surrounding these headlines. It is important to remember that a lot of these headlines are often misleading and do not paint an accurate picture of the market right now. While it may feel uncertain it’s important to understand that these situations are often temporary and not without options.
If your current mortgage deal is looking to end in the next 12 months you have options you can explore now:
This reminder of your options comes alongside an open invite to get in touch with us for any queries around your finances; once again please do not worry- we are here to help.
It can be difficult to see the reasons we may look at Income protection as a necessary expense rather than a luxury cost. But ensuring our loved ones are cared for should the worst happen, or our financial obligations are not a concern in horrible circumstances, is a priceless expense.
Income Protection is often more affordable than you’d imagine and can provide significant peace of mind should you need it.
We’ve shared information with you on flood preparation before, but as we head into ‘storm season’ are you aware of what storm or flood cover you have for your property? Have you checked your fine print ahead of the turbulent weather?
If not, it’s worth investigating your current cover, or ensuring you renew soon with these elements factored in.
Your buildings insurance should provide cover for damage caused by floodwater entering your home, be it from heavy rainfall, storms, high tide, or a river bursting its banks.
In addition, contents insurance policies cover possessions damaged by storms and flooding.
Most major insurers are signed up to the government's Flood Re scheme, which guarantees that homeowners living in high-risk areas will be able to secure insurance against flooding.
Despite this, some problems remain. In 2020, the government commissioned an independent report into flood insurance, which used Doncaster in South Yorkshire as a case study.
The report found that despite the Flood Re scheme, a 'small but significant' number of homeowners in the town had home insurance policies that excluded flood cover. You can find out whether your insurer is signed up on the Flood Re website.
Is your home in an area at risk of flooding?
Its worthwhile checking to see if your home is in an at-risk area, as this could impact the premiums you pay for your insurance.
Flooding is a very real concern for many UK homeowners. The British Insurance Brokers Association (BIBA) says one in six UK properties are at risk of flooding, and that number could be set to rise.
Damage from storms (42%) and flooding (18%) were two of the most common reasons for weather-related claims, with the average storm-related claim valued at £3,500.
You can check the flood risk in your area here:
Things to be aware of:
If you live in a high-risk area, you might be quoted a higher price for your insurance (as above) or be required to pay a bigger excess.
In addition, some parts of your property, such as outbuildings or fences, may not be included in standard insurance policies.
It's a similar case when it comes to cover for specific types of damage. Groundwater flooding isn't included in most policies, and coverage for burst pipes varies.
For example, if a pipe bursts, damage to your home and possessions should be covered, but to get the pipe fixed you might require additional home emergency cover on your policy.
How to secure a suitable home insurance policy
This part is fairly simple, get in touch with us today to discuss your needs. Your circumstances are individual to you, and its important that you secure cover for your personal needs.
Get in touch with us today to organise home cover ahead of the stormy weather, this Winter.
Traditionally we leave our loved ones an inheritance to be paid to them after we’re gone, but more and more people are looking to share the funds intended for an inheritance, while they’re still around to enjoy the benefits of that gift.
Traditional inheritances have seen gifting to beneficiaries while those individuals are older and inherently more financially stable; when in actual fact they may have benefited more from that additional funding in their younger years, for example starting a family, or buying a first home.
Your needs and those of your loved ones will be specific to you, so knowing the best time to gift will be at your leisure, but it is important that if you choose this method, ensuring your own retirement years are funded sufficiently first is an important consideration.
Of course, not many people will have a lump sum of money to give out, which is why some homeowners turn to equity release in order to help loved ones with a financial gift.
With equity release, homeowners over 55 could unlock some of the tax-free cash that’s tied up in their property to use in a variety of ways, including passing it on as a living inheritance if you wish.
Instead of missing out on your loved ones enjoying your generosity, with a living inheritance you get to share these precious moments with them.
It might be seeing your children thrive in their dream homes, freeing family members of financial burdens or treating loved ones to the holiday of a lifetime.
In short, you could change their lives.
So what do you need to do next?
If you’re over 55, releasing the equity locked up in your home could give you the freedom to gift a living inheritance. So the next step would be to speak to us about your needs, we may be able to recommend other alternatives to equity release, that may be better suited to your circumstances, or we may be able to support you through the application process if our advice deems this a good option for you.
Our specialist equity release adviser will discuss your options and explain that equity release will reduce the value of your estate and may affect your entitlement to means-tested benefits.
With a lifetime mortgage you’ll still own your home. It’s a loan secured against your home and is repaid when you, or the last surviving applicant, pass away or move into long-term care.
The lifetime mortgages we recommend have a no negative equity guarantee. That means you’ll never owe more than the value of your home.
For more information, get in touch today and we’ll be happy to discuss your options to help your loved ones in a way that suits you.
This is a lifetime mortgage. To understand the features and risks, please 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.
Food shopping
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You could save: £1,000s a year
Council tax
The council tax system in England and Scotland is fundamentally flawed. Many people are in the wrong band. It only takes 10 minutes to Check your band- England or Scotland
You could save £100-£400 a year (and backdated payout of £1,000s)
Home phone & broadband
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You could save £100s a year
Childcare costs
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You could save up to £2,000 per child per year
Cut boiler cover costs
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Cut your digital TV costs
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Cancel direct debits
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You could save up to £200 a year
It still may seem irrationally early to be discussing Christmas for some, with the likes of Hallowe’en, Bonfire Night, Diwali and many more festivities besides still to go, but for many facing tightened purse strings, you may be keen to start saving where you can.
Check out these handy tips for saving money over the festive season.
Only plan for what you can afford
Christmas is one day, and while it feels like you need the most sought-after toys, the most extravagant turkey or the most Instagram friendly Christmas dec.s, consider is it worth a year of financial recovery to afford the single day?
Enjoy your time with loved ones but work to a sensible budget that is affordable for YOU.
Be thoughtful with how thoughtful you’re being.
Gifting for your nearest and dearest is one thing, but if you’re gifting for work colleagues, neighbours and even your doctor’s friend’s cat, consider reducing your gifting list. Everyone is experiencing rises in living costs, so nobody is going to be offended and remember gift-giving creates an obligation on recipients to give back, whether they can afford it or not.
Get the discounts
Jumping on discounts when you see them is a clever way to save money. Waiting it out until it’s cheaper may not work out and you may end up paying more elsewhere or when retailers up the prices again closer to Christmas.
Argos, amazon & Tesco are among many retailers who offer discount days and events in the lead up to Christmas so keep your eyes peeled for those.
Magic doesn’t have to cost a lot
If you’ve got children, no doubt you’ve looked at the prices of grottos, winter wonderlands and pyjama-clad steam train trips and been met with eye-watering costs, especially if you want to take the kids with you!
But creating magic doesn’t have to cost a fortune. Consider sprinkling oats in the garden for reindeer, leaving a solitary bell on the doorstep; dropped from Santa’s sleigh, or perhaps leave something heavy on the sofa overnight to create an impression of Santa’s big bottom!
Children’s imaginations are wild, so igniting that spark can be cheap and cheerful.
If you don’t LOVE turkey, don’t buy it.
Blind taste tests time and time again reveal that people can’t often tell the difference between luxury and basic packaged items, especially when it comes to turkey or your fizz of choice for the big day.
If you’re not a huge fan of turkey (many aren’t!) consider some cheaper alternatives, even a couple of chickens could be a good option if those you’re feeding enjoy it.
Book your travel sooner rather than later
If you’re travelling by train to be with loved ones for Christmas, ensure you book your tickets as soon as you can to secure good deals.
Rail operators generally launch tickets 10-12 weeks before the date of travel and cheap tickets vanish quickly. While the cheapest advance fares will likely have already gone, big savings are still possible. Don't assume you've missed the boat (or rather, train). Always check if cheap advance tickets are still available before travelling.
Compare prices online
Utilising an online search function such as Google Shopping allows you to search for a product and instantly see how much it is selling for across a variety of retailers. Save yourself £££s by ensuring you get the best available deals while you shop.
Typically, online is cheaper than high street retailers, but the online searches can give an indication of stock levels too, so if you’re really keen to get out Christmas Shopping, create a shopping action plan based on your google Shopping price comparisons: efficient and saves you money- what’s not to love?
Utilise accrued loyalty card points where available
Many retailers now have loyalty cards that allow you to accrue points on your purchases, it could be worth stashing these throughout the year and reclaiming them on gifts and other expenses across the festive period.
Top ones to look out for are Nectar points, Tesco Clubcard and Boots loyalty card- great for using against gifts and food where deals allow.
More magic-making freebies
Creating Santa filled fun is so easy, and cheap if you know where to look. In the lead up check out the Portable Northpole app, to create a fun video that you can personalise to your child’s details and hear from Santa and his elves.
On Christmas eve, track Santa to see where he is in the world as he delivers presents.
Prepare for next Christmas
Put aside money next year where you can, shop in the Boxing Day & January sales ready for the next festive season, and even look to pay off your debts from this year quickly and avoid borrowing next year by organizing small savings such as not getting that barista prepped coffee on the way to the office, or by not adding a mars bar to your lunch break visit to the corner shop. Instead squirrel away those little savings and they’ll help you afford next year a lot more comfortably.
Enjoying Christmas and the festive season doesn’t have to accrue significant costs, and more often than not memories will be made by spending time with loved ones rather than spending a lot on that one stand-alone day.
