Monthly Archives: June 2012

The number of lenders offering free valuations and/or free legals to their remortgage customers has fallen sharply in the last four years.

A report by Moneyfacts found that the number of lenders offering free valuations and free legal fees has declined since 2008, with less than half of two-year fixed rate mortgages now offering such perks.

The number of free valuations offered to customers looking to remortgage has declined from 53% to 47% with those offering free legal fees falling even further, from 51% to 44%.

To ensure that you get the right financial package when you look to remortgage, ensure you give park gate mortgages a call 01489 580020 or email us on info@parkgate.net

With a Home reversion plan, you sell part of your home to a private company, they in turn allow you to live there for the rest of your life, often for a nominal rent. With home reversion plans you may not receive the full market value as you would do on the open market this would be dependent on factors such as your age and the value of your property.

Home reversion plans

When your home is sold the reversion plan company will receive a pro-rata share of the proceeds from the sale. Therefore if you sold a 50% share of your home to the reversion plan company, it would receive 50% of the proceeds.

These types of home reversion plans are typically available to you if you are over age 65 years, unless you are in poor health.

Keys – Don’t leave them in obvious places such as under a doormat. Also beware of ‘hook n crook’ thefts – where house or even car keys are left so close to a door that a burglar can simply hook them through a letterbox.

Helping you take the first step onto the property ladder with help from your family with a family affordability plan.

Barclays have introduced a new scheme called Helpful Start ™ is designed to help more buyers get onto the property ladder. The first part of the initiative is the Family Affordability Plan, which enables parents to help their children get on or to move up the property ladder through a joint mortgage without giving a lump sum away.

How does the Family Affordability Plan work?

It allows parents to help their children over the long term with mortgage affordability and commitments through a joint mortgage. Income from parents can be used, alongside the child’s own income, to calculate how much they can afford to borrow. If eligible, they can use the total income on the mortgage application.

If the mortgage is approved, all parties will be liable for the monthly payments. The parent(s) will appear on the mortgage but they won’t be co-owners of the property.

You will therefore be jointly and severally liable for all mortgage repayments and other outstanding sums due under the mortgage. You should not enter into such a plan without fully understanding the risks involved and, as such, we require that each “borrower non-proprietor” take independent legal and tax advice prior to committing (fees will apply).

What happens when the individual wants to go it alone?

When your client is ready to manage the mortgage on their own, we can remove their parents from the mortgage by remortgaging – as long as we’re sure they can afford the monthly repayments by themselves. This is subject to application and status (fees will apply).

Eligibility criteria

All parties must meet the affordability criteria

The plan is only available to residents of England and Wales

Parents must take independent legal and tax advice before proceeding with the mortgage.

For further information or a personal illustration, please call 01489 580020 or email info@parkgate.net to arrange an initial meeting and discuss your requirements.

What is a Lifetime mortgage? Well a Lifetime mortgage is a type of mortgage which does not require you to make monthly repayments. You retain ownership of your home and the interest on the loan rolls up (compounded).

Lifetime mortgage

The loan and the rolled up interest is then repaid by your estate (sale of the property) when you either die or move into long term care. If you live at the property with you partner, then the loan does not become repayable until the last remaining person living in the home either dies or moves into care.

You could consider taking a lump sum initially and then regular or irregular amounts each year.

You can have the option to repay the interest on the loan and not let it roll up.

Depending on the type of lifetime mortgage you require, they all have their own advantages and disadvantages, you should therefore consider which is the right option for you now and for the future requirements.

For a personalised lifetime mortgage fareham illustration or to discuss other options, call 01489 580020 or email info@parkgate.net we can then arrange an initial meeting to discuss your requirements and see if a lifetime mortgage is suitable for your needs.

TO UNDERSTAND THE FEATURES AND RISKS OF AN EQUITY RELEASE MORTGAGE, ASK FOR A PERSONALISED ILLUSTRATION

This has been my first experience dealing with Tim and Parkgate and I feel compelled to say how impressed I have been. I have been provided with a complete service and feel ‘well looked after’. I look forward to my future dealings and feel assured that I have found a home for my finance requirements!

The Equity Release Council is the industry body for the equity release sector. The Equity Release Council has been renamed, formerly known as SHIP (Safe Home Equity Plans) the Equity Release Council represents the providers, qualified financial advisors, lawyers, intermediaries and surveyors who work in the equity release sector.

The Equity Release Council

Lifetime Mortgages For further information please visit www.equityreleasecouncil.com

Installing a good home security system – A NACOSS standard alarm can cut premiums with many of Insurance providers.

Home SecurityNACOSS stands for National Approvals Council for Security Systems.  It is an independent, none – profit making supervisory body. NACOSS exists solely for the purpose of ensuring that member companies comply with the industry standards and codes of practice.

Home Security

Have you had a system fitted, but not advised your insurer – you should as you might be able to reduce your premiums.

If you do not have a home security system fitted, then you may wish to consider getting one, firstly you are securing your home and personal contents and also your buildings insurance premium will be reduced.

For a personalised competitive buildings and contents quotation, give us a call on 01489 580020 or email on info@parkgate.net

Suitable locks, you should change the locks such as when you move to a new house as you never know who might still hold a key. It is important to change the locks to prevent others gaining access. Insurers state that you should fit Five lever mortise locks on your external doors and two bolt locks for your windows.

If you change the locks when you move to a new house, you will know exactly how many keys you have and who holds them.

For a personalised buildings and contents quotation, give us a call on 01489 580020 or email on info@parkgate.net

You can choose to take a single life plan out that can cover just yourself, your spouse, your civil partner or someone else you share a financial commitment with.

A single life plan covers you only and will pay out if you die or if you are diagnosed with a terminal illness during the plan term.

With a joint life plan it covers both people insured for the same amount of cover and length of time. The plan will pay out on first death and will therefore leave the surviving partner without cover.

Single life plan

As an alternative to a joint life plan, each person can take out a single life plan. They do not have to be for the same amount nor do they have to be for the same term. On death, the surviving partner will still be covered.

Taking out two single life plans will be slightly more expensive, but there is not a lot in it, and you need to remember that you are getting twice the cover.

Although we do not like to think of the unthinkable, it can be beneficial in the event that should a relationship break down. Unlike a joint life plan, two single life plans are already owned separately. This would mean that your plan would not need to be cancelled.

A typical situation would be in the event of a divorce and you cancelled the joint life plan. Looking at a replacement policy you would need to consider, your age, your current health and your past medical history, which could make you uninsurable.

You should also consider when taking out a single life plan, placing them in trust, for each other. This will ensure that on your death the proceeds of the policy go to who you want them to go to, when they need it most.

There are many types of trusts available, you should therefore contact us to ensure that you place your life policies in the right trust.

For your personal single life plan illustation call Kevin on 01489 580020 or email info@parkgate.net to arrange a suitable time duscuss your requirements or to arrange a meeting.