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Some people switch mortgages because it will work out cheaper for them. For example, the introductory discounted interest rate may have finished with your current lender, and you might get a cheaper deal with another lender.

Other people remortgage to consolidate their debts.

It is worth noting that a remortgage isn’t always the most suitable option. Sometimes any saving made by securing a cheaper interest rate can be outweighed by the fees incurred in setting up the new mortgage and converting unsecured debt to secured debt may not be in your long term interest.

If you plan to switch mortgage, remember to look at the overall repayment period too. You may be able to pay less monthly, but check the final repayment date of the mortgage. It may be longer than your current deal.

You may be able to find a new mortgage deal with your current lender – and it may even work out cheaper to do so.

In fact, many lenders allow you to switch your mortgage deal quite frequently.

Securing short term debts against your home could increase the term over which they are paid and therefore increase the overall amount payable. You may have to pay an early repayment charge to your existing lender if you remortgage.

Think carefully before securing other debts against your home. Your home may be repossessed if you do not keep up repayments on your mortgage.

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Mortgage Service

Remortgages

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Buy to Let Mortgage

Mortgage Service

Flexible Mortgages

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Offset Mortgages

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Second Charge Loans

Mortgage Service

Self Build Mortgages

Description

These types of mortgages are designed for property investors and private landlords, who do not intend to live in the purchased property.

Buying additional property for the purpose of letting it to earn rental income can be risky and complicated since there is no guarantee that house prices will rise nor that rental income will be uninterrupted.

That said, letting a second property to tenants could return respectable financial rewards over the longer term, but it’s important to properly consider the risks, as well as rewards, involved in ‘Buy to Let’ first.

When buying a rental property, you will need to decide whether your investment objective is income or capital growth. Are you looking to cover the monthly costs and perhaps make a profit to supplement your income? Or, are you looking to make a profit later upon the sale of the property, with the assumption your property’s value will increase in value over time? The decision may affect the type of property you purchase, its location, and also the risk involved since there is no guarantee that property prices will rise.

If you can’t buy the property outright you will need to consider a Buy to Let mortgage. When it comes to this type of mortgage there are several differences to be aware of.

Normally a lender’s decision about whether to offer a mortgage or not, will be based on the rental potential of the property as well as your own income, though in some cases, your income may not be considered at all.

Usually, a minimum of 20% to 30% of the property’s value is required as deposit, which is often higher than the desposit required for other types of mortgage, and you can expect Buy to Let mortgages to have higher interest rates applicable to them. It’s worth also mentioning that, as of 1 April 2016, there is an additional 3% in Stamp Duty to pay if you are buying a second property whether as a home or for purpose of letting.*

As well as mortgage costs, potential landlords should carefully consider the costs of owning the rental property itself. These additional costs may include:

Property Maintenance

The upkeep of the property itself, such as repairs to appliances, and redecoration that may be required before a property can be let to new tenants.

Letting Agent Fees

Though it varies, letting agents normally charge around 10% of the monthly rental income for managing tenants. If you need full management of your property, it is not unusual for these costs to be much higher, typically around 15% of monthly rent.

Ground Rent/Service Charges

These costs only apply to leasehold properties.

Legal Insurance

Say for example in the event of non-payment of rent, anti-social behavior or damage to the property. Legal insurance can be used to cover costs involved in pursuing eviction

Buildings/Contents Insurance

The property will need buildings insurance, and any furnishings provided as part of the rental agreement will also need to be insured with a suitable contents insurance policy.

Furnishings

If the property is to be let as furnished then you’ll need to consider the initial cost of providing the items needed to furnish the property.

Appliance Safety and Inspection

Certain appliances will need to be regularly inspected and serviced to ensure they are safe to use and compliant with current regulations. Examples include Gas Boilers and Gas Fires.

When choosing a letting agent to act on your behalf, it is wise to choose one that is a member of The Association of Residential Letting Agents (ARLA). All members of the ARLA participate in a bonding scheme to protect both rental income and tenants’ deposits.

You can visit the ARLA website at www.arla.co.uk

Please note: when visiting this site you will moving to a website not regulated by the Financial Conduct Authority (FCA) We give no endorsement and accept no responsibility for the accuracy or content of any sites linked to from this site for further information on becoming a private landlord.

Your property may be repossessed if you do not keep up repayments on your mortgage

Commercial buy to lets are not regulated by the Financial Conduct Authority (FCA)

Most buy to let mortgages are not regulated by the Financial Conduct Authority (FCA)

Other Mortgage Services

Remortgages

Description Some people switch mortgages because it will work out cheaper for them. For example, the introductory discounted interest rate may have finished with your current lender, and you might get a cheaper deal with another lender. Other people remortgage to consolidate their debts. It is worth noting that a remortgage isn’t always the most […]

Buy to Let Mortgage

Description These types of mortgages are designed for property investors and private landlords, who do not intend to live in the purchased property. Buying additional property for the purpose of letting it to earn rental income can be risky and complicated since there is no guarantee that house prices will rise nor that rental income […]

Flexible Mortgages

Description Flexible mortgages recalculate the outstanding capital and interest (the amount you owe) on a daily basis. This allows you to make overpayments when you have money to spare, and see an immediate reduction in your loan. Some also allow you to make underpayments when finances are tight, which will increase the interest you have […]

Offset Mortgages

Description An offset mortgage enables you to use your savings to reduce your mortgage balance and the interest you pay on it. For example, if you borrowed £200,000, but had £30,000 in savings, you would only be paying interest on £170,000. Offset mortgages are generally more expensive than standard deals but can reduce your monthly […]

Second Charge Loans

Description Second charge loans can be secured against residential or Buy to Let properties. They are provided by specialist lenders and are generally short-term loans secured against the property, but where the lender has a second call on the property if the borrower defaults. Second charges tend to be more expensive than ‘firsts’, but can […]

Self Build Mortgages

There are many variations of passages of Lorem available.

Description

Flexible mortgages recalculate the outstanding capital and interest (the amount you owe) on a daily basis. This allows you to make overpayments when you have money to spare, and see an immediate reduction in your loan.

Some also allow you to make underpayments when finances are tight, which will increase the interest you have to pay in the long term.

They may even allow you to take repayment holidays – a complete break from making payments as long as a reserve amount of money is in your account.

Any unpaid interest will be added to the outstanding mortgage; any overpayment will reduce it. Some flexible mortgages have the facility to draw down additional funds, to a pre-agreed limit.

Your home may be repossessed if you do not keep up repayments on your mortgage

Other Mortgage Services

Remortgages

Description Some people switch mortgages because it will work out cheaper for them. For example, the introductory discounted interest rate may have finished with your current lender, and you might get a cheaper deal with another lender. Other people remortgage to consolidate their debts. It is worth noting that a remortgage isn’t always the most […]

Buy to Let Mortgage

Description These types of mortgages are designed for property investors and private landlords, who do not intend to live in the purchased property. Buying additional property for the purpose of letting it to earn rental income can be risky and complicated since there is no guarantee that house prices will rise nor that rental income […]

Flexible Mortgages

Description Flexible mortgages recalculate the outstanding capital and interest (the amount you owe) on a daily basis. This allows you to make overpayments when you have money to spare, and see an immediate reduction in your loan. Some also allow you to make underpayments when finances are tight, which will increase the interest you have […]

Offset Mortgages

Description An offset mortgage enables you to use your savings to reduce your mortgage balance and the interest you pay on it. For example, if you borrowed £200,000, but had £30,000 in savings, you would only be paying interest on £170,000. Offset mortgages are generally more expensive than standard deals but can reduce your monthly […]

Second Charge Loans

Description Second charge loans can be secured against residential or Buy to Let properties. They are provided by specialist lenders and are generally short-term loans secured against the property, but where the lender has a second call on the property if the borrower defaults. Second charges tend to be more expensive than ‘firsts’, but can […]

Self Build Mortgages

There are many variations of passages of Lorem available.

Description

An offset mortgage enables you to use your savings to reduce your mortgage balance and the interest you pay on it.

For example, if you borrowed £200,000, but had £30,000 in savings, you would only be paying interest on £170,000.

Offset mortgages are generally more expensive than standard deals but can reduce your monthly payments, whilst still giving you access to savings.

Your home may be repossessed if you do not keep up repayments on your mortgage

Other Mortgage Services

Remortgages

Description Some people switch mortgages because it will work out cheaper for them. For example, the introductory discounted interest rate may have finished with your current lender, and you might get a cheaper deal with another lender. Other people remortgage to consolidate their debts. It is worth noting that a remortgage isn’t always the most […]

Buy to Let Mortgage

Description These types of mortgages are designed for property investors and private landlords, who do not intend to live in the purchased property. Buying additional property for the purpose of letting it to earn rental income can be risky and complicated since there is no guarantee that house prices will rise nor that rental income […]

Flexible Mortgages

Description Flexible mortgages recalculate the outstanding capital and interest (the amount you owe) on a daily basis. This allows you to make overpayments when you have money to spare, and see an immediate reduction in your loan. Some also allow you to make underpayments when finances are tight, which will increase the interest you have […]

Offset Mortgages

Description An offset mortgage enables you to use your savings to reduce your mortgage balance and the interest you pay on it. For example, if you borrowed £200,000, but had £30,000 in savings, you would only be paying interest on £170,000. Offset mortgages are generally more expensive than standard deals but can reduce your monthly […]

Second Charge Loans

Description Second charge loans can be secured against residential or Buy to Let properties. They are provided by specialist lenders and are generally short-term loans secured against the property, but where the lender has a second call on the property if the borrower defaults. Second charges tend to be more expensive than ‘firsts’, but can […]

Self Build Mortgages

There are many variations of passages of Lorem available.

Description

Second charge loans can be secured against residential or Buy to Let properties. They are provided by specialist lenders and are generally short-term loans secured against the property, but where the lender has a second call on the property if the borrower defaults.

Second charges tend to be more expensive than ‘firsts’, but can still be the best option for people seeking to raise capital – but whose main lender is unwilling to provide further finance, or where expensive early redemption charges would be incurred.

Your home may be repossessed if you do not keep up repayments on your mortgage or any other debt secured on it

Other Mortgage Services

Remortgages

Description Some people switch mortgages because it will work out cheaper for them. For example, the introductory discounted interest rate may have finished with your current lender, and you might get a cheaper deal with another lender. Other people remortgage to consolidate their debts. It is worth noting that a remortgage isn’t always the most […]

Buy to Let Mortgage

Description These types of mortgages are designed for property investors and private landlords, who do not intend to live in the purchased property. Buying additional property for the purpose of letting it to earn rental income can be risky and complicated since there is no guarantee that house prices will rise nor that rental income […]

Flexible Mortgages

Description Flexible mortgages recalculate the outstanding capital and interest (the amount you owe) on a daily basis. This allows you to make overpayments when you have money to spare, and see an immediate reduction in your loan. Some also allow you to make underpayments when finances are tight, which will increase the interest you have […]

Offset Mortgages

Description An offset mortgage enables you to use your savings to reduce your mortgage balance and the interest you pay on it. For example, if you borrowed £200,000, but had £30,000 in savings, you would only be paying interest on £170,000. Offset mortgages are generally more expensive than standard deals but can reduce your monthly […]

Second Charge Loans

Description Second charge loans can be secured against residential or Buy to Let properties. They are provided by specialist lenders and are generally short-term loans secured against the property, but where the lender has a second call on the property if the borrower defaults. Second charges tend to be more expensive than ‘firsts’, but can […]

Self Build Mortgages

There are many variations of passages of Lorem available.

Life Insurance (sometimes known as Life Assurance) helps provide financial security for people who depend on you, should you die.

Although money can’t replace a loved one, it can help those left behind to weather the financial storm. For example, it could pay off the mortgage or provide an income to help cover regular household expenditure.

Types of Life Insurance

Term Insurance

This is the simplest type of Life Insurance. You choose how long you’re covered for, eg. 20 years (the term), and the policy pays out if you die within the agreed term. You can also take out term cover as a couple, with the policy paying out on the first death only during the term. There are several different types of Term policies available, depending on your needs.

Family Income Benefit Insurance

This is essentially the same as Term Insurance, but instead of paying a lump sum when you die, it will pay out a regular income instead. This type of payment may be more suitable where the main purpose of the policy is to provide ongoing financial support to dependents.

Whole of Life Insurance

this pays out a lump sum when you die, whenever that is, as long as you are still paying the premiums.

This Life Insurance article is intended to provide a general appreciation of the topic and it is not advice.

Other Personal Protections

Personal Protection

Life Insurance

Personal Protection

Home and Contents Insurance

Personal Protection

Income & Accident Protection

Personal Protection

Critical Illness Insurance

Your home is more than just bricks and mortar. It’s the result of years of hard work; a place where memories are created, and a home for valued and treasured possessions. Making sure you have the right insurance for your home could provide real peace of mind.

Choosing a Home Insurance Policy

Every household is unique, and what benefits your neighbour may not necessarily benefit you. Here are some key points to consider when choosing a policy:

Buildings Sum Assured

This should be enough to cover the full cost of rebuilding your property. The rebuilding cost is not the same as market value, and may change if you extend or alter your property.

Alternative Accommodation

Knowing your policy includes alternative accommodation can be reassuring should you need to leave your property, due to an event like flood or fire.

Contents Cover

Many insurers offer a standard level of contents cover (eg. £35,000). This may seem like a lot, but it’s surprising how the value of your possessions, including things like your music collection and clothes, can quickly add up.

Accidental Damage Cover

Policies will automatically cover you for the consequences of certain events (eg. flood and fire), but not accidents. You may therefore want to find a policy that includes accidental damage cover.

Cover Away From The Home

If you take your valuable items away from your home, you may want to consider covering your personal possessions separately under your Contents policy.

It Might Not Pay to Save

Many insurance companies promote their Home Insurance products based on price. While it might be tempting to go with the cheapest premium you can find, it may not actually provide the right level of cover for you and could include hidden excesses. Insufficient cover could leave you significantly out of pocket when you need to make a claim.

How to Measure Quality of Cover

Just like the hotel industry, many Home Insurance policies are star-rated based on the quality of cover provided. This star system is operated by independent research firm Defaqto.

One or two-star products will offer simple, basic cover. A four or five-star product will deliver higher levels of cover, with additional benefits.

Buying Online

While the internet may seem a quick and easy way to arrange Home Insurance, be careful. Many websites apply default settings to generate the cheapest quotes. However, these default settings may not be right for you and the level of cover you need.

Other Personal Protections

Personal Protection

Life Insurance

Personal Protection

Home and Contents Insurance

Personal Protection

Income & Accident Protection

Personal Protection

Critical Illness Insurance

Accident Protection

By predicting the future, we could plan ahead and make life a little bit easier. Unfortunately, we all know life isn’t like that.

Whilst you can try to reduce the chance of being involved in an accident, there is no way of eliminating the risk entirely. What would you and your family do if an accident prevented you from working? Worse still, how would your family cope financially if this resulted in permanent disability?

Accident Protection is specifically designed to give you financial protection by providing a cash lump sum if you were to suffer from a specified accidental injury.

Income Protection

Income Protection Insurance pays out a regular tax-free monthly income to replace your income should you become unable to work because of accident or sickness.

If you suffer an injury or become ill during your working life, an Income Protection policy can help protect against any possible loss of income. It can help you keep up with your essential bills and other living costs until you’re able to return to work (subject to policy type taken).

Policies usually have a waiting period before they start paying out, which starts when you become unable to work. By choosing a longer period, the lower your premium. In order to choose an appropriate wating period you must find out what state benefits might be available and what your employer would pay you.

The premium you’ll pay will vary depending on your age, health and the level of income you wish to protect.

Other Personal Protections

Personal Protection

Life Insurance

Personal Protection

Home and Contents Insurance

Personal Protection

Income & Accident Protection

Personal Protection

Critical Illness Insurance

Critical Illness Insurance pays out a tax-free lump sum on the diagnosis of certain life-threatening or debilitating (but not fatal) conditions including heart attack, stroke, cancer and major organ transplants.

This list will vary depending on the insurer, as will the exclusions for making a claim.

Critical Illness Insurance often comes as an optional addition to a Life Insurance policy, but can also be purchased on its own.

Policies usually only pay out once, so they don’t necessarily replace your regular income, but you can use the money towards medical treatment, your mortgage or anything else you choose.

Many people buy Critical Illness Insurance when they take on a major commitment, like a mortgage, or start a family. However, since we’d all like to have our financial commitments lightened if we were to suffer a serious illness or injury, the cover is relevant for most of us at any time.

If you already have Critical Illness Insurance you should think carefully before you cancel your existing policy and take out a new one.

For example, if you’ve developed any illnesses since you first took out the policy, you may lose some of the benefits when you replace it. That’s because pre-existing medical conditions may not be covered by the new policy.

This Critical Illness Insurance article is intended to provide a general appreciation of the topic and it is not advice.

Other Personal Protections

Personal Protection

Life Insurance

Personal Protection

Home and Contents Insurance

Personal Protection

Income & Accident Protection

Personal Protection

Critical Illness Insurance

A Relevant Life Plan is a death-in-service benefit taken out by a company on behalf of an employee.

This type of policy pays a lump sum if the employee dies during the term of their employment. More often than not, a Relevant Life Plan also provides a payout if the employee is diagnosed with a terminal illness. It is important to note, however, that terminal illness claims will not be paid in the last 12 months of the policy.

What are the main benefits?

For the Employer

The premiums may be treated as an allowable expense in calculating your tax liability.

Unlike a registered group scheme, these policies have no effect on the amount of money you can contribute to or accumulate in your pension scheme.

For the Employee

Relevant Life Plan policies are often tax-efficient for high earners. This is because the premiums are paid by the company, meaning they are not usually liable to employee income tax. Premiums/benefits don’t count towards the employee’s annual or lifetime allowances for pension purposes and the plan isn’t classed as a registered pension plan meaning membership won’t cause loss of certain lifetime allowance protections.

In addition, the benefits are, in most instances, paid free of inheritance tax – provided they are paid through a discretionary trust.

Who might Relevant Life Plans be suitable for?

Small Businesses that have a small number of employees and do not qualify for group life schemes
High-earning employees or directors who have substantial pension fund savings. A Relevant Life Plan means their death-in-service benefits do not impact their pension allowance
Members of group life schemes who want to top up their benefits beyond the scheme rules

There are some individuals for whom Relevant Life Plans are usually not suitable. They include the self-employed, equity partners or members of limited liability partnerships.

Are there limits to the cover?

In order for the employee to qualify for the tax concessions, certain rules must be satisfied:

HM Revenue and Customs practice and the law relating to taxation are complex and subject to individual circumstances and changes which cannot be foreseen.

The plan will have no cash in value at any time, and will cease at the end of the term. If premiums are not maintained, then cover will lapse. The policy may not cover all definitions of a critical illness. For definitions of illnesses covered please refer to the Key Features and Policy Documents.

This Relevant Life Plan article is intended to provide a general appreciation of the topic and it is not advice.

Other Business Protections

Business Protection

Archives: Services

Description

Other Mortgage Services

Description

Other Mortgage Services

Description

Other Mortgage Services

Description

Other Mortgage Services

Description

Other Mortgage Services

Types of Life Insurance

Term Insurance

Family Income Benefit Insurance

Whole of Life Insurance

Other Personal Protections

Choosing a Home Insurance Policy

Buildings Sum Assured

Alternative Accommodation

Contents Cover

Accidental Damage Cover

Cover Away From The Home

It Might Not Pay to Save

How to Measure Quality of Cover

Buying Online

Other Personal Protections

Accident Protection

Income Protection

Other Personal Protections

Other Personal Protections

What are the main benefits?

For the Employer

For the Employee

Who might Relevant Life Plans be suitable for?

Are there limits to the cover?

Other Business Protections