mortgage brokers in portsmouth

Bank of EnglandToday UK interest rates have been held at 0.5% for another month, the Bank of England has said.

The decision by the Bank’s Monetary Policy Committee comes five years after the record low level was first introduced.

It is the first rate decision since the bank amended its “forward guidance” policy that linked borrowing rates to unemployment figures.

Rates are unlikely to rise before the spring of 2015, analysts believe.

The Bank also kept its £375bn quantitative easing (QE) programme unchanged.

The half-decade of ultra-low interest rates has seen returns on savings hammered, while mortgage borrowers have reaped the benefits of lower repayments.

Help to Buy

Help to Buy – Equity loans

The Help to Buy equity loan scheme gives you the opportunity to purchase a new build home with the help of an equity loan guaranteed by the government.

with hep to buy you purchase a minimum 80% equity share and, as part of that, you’ll need to be able to provide a deposit of at least 5% of the property value from savings or from some other source (like a gift from a relative).

An equity loan of up to 20% of the property value will be provided through Help to Buy. It’s interest-free for 5 years. After that, you pay an annual fee of 1.75% on the amount of the outstanding loan. The fee will increase each year by inflation (Retail Price Index (RPI)) + 1%.

You can start repaying the equity loan after you’ve owned the home for a year, but you’ll need to be able to pay a minimum of 10% of the property value at the time of repayment.

When you want to sell your home, you’ll need to repay the percentage equity loan that is still outstanding. So, for example, if you originally bought 80% of the property and you hadn’t repaid any of your equity loan, your repayment on selling would be 20% of the market value at the time when you sell.

For further details on Help to Buy please call park gate on 01489 580020 or email us at quotes@parkgate.net with your requirements

 

custemer feedbackAs first time buyers, we were basically going into the unknown! But Kevin was absolutely brilliant and guided us through the entire process. He answered all emails very quickly and gave us email updates all the time too. All in all, a great service and would definitely come back to you guys in the future!

The top three reasons why people don’t buy life insurance have stayed the same. People don’t think they need it, they think it is too expensive and they don’t trust companies to pay claims.

It won’t happen to me

Isn’t it amazing that despite a one in 14 million chance of winning the lottery jackpot, people still believe it could be them and religiously buy a ticket every week. And yet, if those same people were told they had a one in 14 million chance of getting cancer, they would immediately think it couldn’t possibly happen to them.

But as we know, the odds of being diagnosed with a serious illness are much higher than those statistics. According to figures from Cancer Research UK, more than one in three people in the UK will develop some form of cancer during their lifetime. While the British Heart Foundation reports that around 146,000 people have a heart attack every year and it is estimated that nearly 1.2 million people in the UK have suffered a stroke.

Of course, we all hope no-one in our family dies or becomes fatally ill, but it makes sense to be prepared.Thanks to better diagnosis, improved treatments and the development of nationwide screening programmes for breast, bowel and cervical cancers, more people than ever before are surviving cancer. But many people don’t appreciate the lasting effects of a serious illness and the impact that can have on the family finances.

The pay out from a critical illness or life insurance policy won’t make the emotional aspect of the death of a loved one or a critical illness easier to deal with. It will, however, mean that a family can keep up with their regular outgoings and ensure their lifestyle isn’t compromised.

I can’t afford it

The perception that life insurance is expensive has always been an issue. Economic conditions mean that consumers now have more reasons to make savings in their everyday expenditure and so it is not surprising that people will not want to add an extra outgoing to their bank statement. But this should not mean that people ignore their long-term financial responsibilities. In particular, how they would cope in the face of a serious illness or death.

In the past life insurance marketing messages concentrated on providing a large lump sum to clear the mortgage or to replace the breadwinner’s income in its entirety. In the current climate, smaller amounts of cover that are affordable and protect the very basic elements of an individual or family’s lifestyle can still make a difference.

Reducing the sum assured will make the product more affordable and clients can always add more cover when they are in a better position financially. £20,000 worth of critical illness cover will make a difference to people and is certainly preferable to none at all. And with the cost of life insurance cover cheaper than it has ever been, a 30 year old could get around £200,000 worth of cover for just £10 a month.

The life insurance company won’t pay out

The published news is often the bad news and unfortunately this has led consumers to believe that life insurance companies will do anything not to pay a claim.

This is a total myth. Where a claim has been declined, it is usually due to a claim made for a condition that isn’t covered on the policy or a case of deliberate non-disclosure.

Providers are in the business to pay clams and it’s vital that clients understand the importance of disclosing their full medical history when applying for protection insurance.

It is equally important that clients are made aware of the key features and any restrictions around the policy at the point of sale, with their adviser. Only then can consumers make an informed decision that what they are buying is right for them.

Most providers are now paying out well over 90 per cent of claims for both critical illness and life cover and less and less claims are declined for non-disclosure. During the last half of 2011 Bright Grey paid 91 per cent of critical illness claims and 97 per cent of life claims. Only 2 per cent of critical illness claims were declined for non-disclosure, which amounted to just 3 people.

In an industry like ours claims statistics are important. They provide reassurance that if your clients ever have to make a claim, they will be paid.

– Roger Edwards is managing director of Bright Grey & Scottish Provident

For a competitive life insurance quotation call us now on 01489 580020 or email info@parkgate.net with your requirements and we will contact you at a convenient time to discuss further.

 

Lenders are facing a massive £116bn in unpaid interest on interest only mortgages which are due to mature by 2020, according to xit2, a leading asset valuer. Up to 1.3 million interest only mortgages were written at the height of the credit boom, often as a way to get first-time buyers or those with poor credit histories on to the property ladder. However, it is estimated that 1.04 million of these mortgages do not have a final repayment plan in place, meaning the borrower will come to the end of their mortgage term still owing the full capital sum. This could create a major headache for borrowers and banks alike. – www.independent.co.uk/money

 

Do you need gadget insurance?

Well, with things like mobile phones, laptops and sat nav’s a part of our everyday lives, imagine how much more difficult life would be if the items you rely on were not there anymore.

For example, have you ever tried to find a working telephone box when you are out and about? Or, if you relied on your sat nav, how would you get home when you are in unfamiliar territory without it? The impact of being without these things can be surprising!

Most of us probably don’t give much thought as to what would happen if these items were suddenly stolen, damaged or lost. However, without them, even putting aside the practical side of things as to how we’d manage, the financial aspect of having to replace these items can be substantial too.

And that is where Gadget Insurance comes in – this innovative product can protect your gadgets and electronic items against such things as theft, mechanical breakdown and accidental damage (including liquid damage).

You can insure your gadget against loss too. If you select the loss option, for an additional £1 per month, we will replace your gadget should you lose it. Loss cover isn’t available for laptops or iPads.

So, is Gadget Insurance for you?

Get quote for Gadget Insurance cover at Protect Your Bubble

 

HSBC provided a conduit for “drug kingpins and rogue nations”, according to a US Senate committee investigating money laundering claims at the bank.

HSBC do not accept mortgage business from mortgage brokers, they prefer to accept business directly through their Branches.

As park gate mortgage & protection is an ethical company, we would prefer to recommend a mortgage lender who does not participate in laundering drug money through its banks.

Mortgages
life insurance
home insurance
equity release

We offer whole of market advice for all types of customers, whether you are a first time buyer, home mover or looking to purchase a buy to let property. Being independent we are able to offer impartial advice from the whole of the market to ensure you get the product that suits your financial needs.

Whether you are looking to protect your mortgage payments or your family, we provide independent advice for life insurance, critical illness cover and income protection from a wide range of providers.

Buildings Insurance is a requirement when you complete on a mortgage the cover is to provide security to the lender, the insurance covers the main structure of your home. It will cover you for subsidence, storm, flood, fire or smoke damage and cover the costs of rebuilding or repair.

Equity release is a way of releasing cash from your property, either through selling a percentage to the reversion company or taking a mortgage on it, while allowing you, the homeowner to continue living there as long as you wish.