Monthly Archives: October 2014

Mortgages for the over 65’s

Over 65 and looking to remortgage or purchase a property. Is your current loan due to be repaid shortly and the back cannot extend the term?

You may be looking to consolidate some debts or would just like to raise some additional funds to possibly buy a new car.

Most of the high street banks and building societies restrict the term you can have your mortgage over, therefore being over 65 this could therefore restrict you to a maximum term of 5 years and must be in a repayment basis. However there are lenders and products that will consider applicants over the age of 65 up to the age of 89.

Mortgages for the over 65’s are still based on affordability and if you are over the age of 70 years, then this will be based on your pension income only.

Loans are generally taken out on a Repayment basis (Capital & Interest), however the lender will consider loans for the over 65’s on an Interest Only basis as long as you have a plausible repayment plan or vehicle.

If you would like a personal quotation, please call one of our qualified advisers who can take the facts and then advise you accordingly.

Call us on 01489 580020 or complete the “Contact Us” form for mortgages for the over 65’s.

BOEAll mortgage transactions on hold as BoE hit by technical problems

UK borrowers cannot access a mortgage right now as the Bank of England confirmed a key payments system has been hit by technical problems.

The Boe says it identified a technical issue this morning related to some routine maintenance of the real time gross settlement system payment system and has paused settlement while it resolves it.

The RTGS system allows money to be transferred between banks in real time to fund investment banking and consumer loans.

The fault has affected the Clearing House Automated Payment System, which processes high value same-day transfers, used by solicitors to transfer the mortgage during the house-buying process.

The Boe says it is working to address the issue as quickly as possible and plans to restart the RTGS payment system in a controlled manner.

It says the most important payments are being made manually and says all payments made today will be processed.

It is unclear whether house purchases are being included in the important manual transactions. The Council of Mortgage Lenders says it has yet to be alerted to problems by its members.

The Chaps system moves billions of pounds every day between Britain’s main banks and building societies.

In September 2014, Chaps processed 3.2 million payments worth £5.8trn with an average volume of 145,638 a day.

Why make a Will

If you die without a Will, you are deemed to have died ‘intestate’ and the law – rather than you – decides who inherits your estate.

If you are intestate your estate will be split depending on its value to family members including your partner (if married), children, parents and siblings. If unmarried and intestate your grandparents can also benefit. If there are no relatives found the property passes to the Crown. You may not want that.

Making a Will is the only way to ensure that your wishes are carried out after your death. If you make a Will, you can:

• Decide how much money is left to each of your family members

• Specify who will become the guardians of your children

• Pass your estate to an unmarried partner

• Choose who you want to be the executor of your Will

• Leave something to charity

• Give a memento, like a piece of jewellery, to a treasured friend

• If in a new relationship, you can ensure that your children from previous relationships get legacies, avoiding so-called “sideways disinheritance”.

for more information on a Will and which is most suitable for your financial needs please call us on 01489 580020

 

WillsEnsuring that you are prepared when the unexpected happens. With shocking research emerging revealing, 57% of the UK population do not hold a Will*, more than ever, you should be discussing the benefits of creating a Will.

New provisions in the Inheritance and Trustees’ Powers Act 2014 implemented on Wednesday 1st October 2014 now state that:

  • When the Intestate is married or in a civil partnership and does not have children, all assets will now pass to the surviving spouse.
  • Where the Intestate leaves behind a spouse and children, the spouse now receives a statutory legacy of £250,000 plus half of the estate. Any children of the deceased will receive the other half of the remaining estate at the age of 18

* Sourced from Opinuim Research: Aug 2014.

BOEFor the 67th consecutive month, the Bank of England’s Monetary Policy Committee has voted to hold base rate at a record-low of 0.5 per cent.

They also voted to keep its programme of quantitative easing at £375bn

Minutes from September’s Monetary Policy Committee meeting showed Ian McCafferty and Martin Weale remained the only two members of the nine-strong committee to vote for an increase to base rate last month, something that they also voted for in August.

The Monetary Policy Committee cut base rates to 0.5 per cent on the 5th March 2009.