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Life Cover: Plan for the future NOW

Life is unpredictable, but preparing for the unexpected can provide peace of mind and financial security for you and your loved ones. Whether you are considering life cover or re-evaluating your finances, it’s always important to plan for the future.

Cost-of-living pressure

With inflation remaining high, and continuing to affect household budgets, dealing with price rises could be difficult especially for those on fixed incomes.
While not all types of insurance are indispensable, it’s important to think carefully and consider your future financial security.

Why is life insurance important?

If you were to have no life insurance in place what position could this leave
your family in, should the unthinkable happen? It’s more important than ever to have protection. The policy pay out can cover expenses such as funeral costs, outstanding debts and can provide ongoing financial support for dependants, after the loss of a primary income earner.

Always plan for the future

Planning for the future goes beyond life cover. It requires long-term goals and taking the right steps to achieve them. By taking steps to prepare for the unexpected you can provide financial security for you and your loved ones, giving peace of mind knowing those closest to you will be taken care of if you’re not there to provide for them.

Although it may be challenging to afford insurance, with the uncertainties of life, it’s always important to plan ahead and provide a safety net. It’s essential to act now, if you are able to, as you could face higher premiums when starting a life policy at a later date.

Advisers are there to provide guidance on the most suitable protection plans for you. Updating your life cover to reflect changes in circumstances will also give you the most appropriate level of cover.

To get in touch with us to review or discuss your protection needs, contact us here and an adviser will call you back as soon as possible

How to get on the property ladder in 2023

Buying a property is a big decision, especially for first-time buyers. While it can be an exciting and rewarding experience, it can also be stressful and overwhelming. There are several tips and options available that can help you, as a first-time buyer, get onto the property ladder.

Save for a deposit

The larger the deposit you can put down, the better the mortgage deal you will be able to secure. It’s recommended to aim for a deposit of at least 10% of the property value, although some lenders may require more.

Check your Credit Report

Your credit report will play a big role in whether or not you can get approved for a mortgage. Check your credit score and take steps to improve it if necessary, such as paying off any outstanding debts. Our recommended Credit Report provider is Check My File, and we have a free trial available HERE

Get a mortgage in principle

Before you start looking for properties, get a mortgage in principle from a lender. This will
give you an idea of how much you can borrow and what your monthly repayments are likely to be.

Consider government schemes

Look into the various government schemes available to first-time buyers, such as Lifetime ISA or Shared Ownership.

Be Realistic

It’s important to be realistic about what you can afford. Make a budget and factor in all of the costs associated with buying and owning a property, such as mortgage repayments, insurance, utilities, and maintenance.

Don’t Settle

Don’t just settle for the first property you see. Shop around, comparing prices, locations, and property types to find the best deal for your budget and needs.

Consider a fixer-upper

Properties that require some work or renovation may be more affordable than move-in ready homes. Consider the cost and time involved in renovating a property before making an offer

Shared Ownership

A scheme that allows first-time buyers to purchase a portion of a property and pay rent on the remaining share. It can make property ownership more affordable, easier to qualify for, providing flexibility

Following these tips could increase your chances of getting on the property ladder, as a first-time buyer. For more information, contact us and we can support you and provide the best outcome for your situation.

First time buyers – what to expect in 2023

With the Help to Buy scheme coming to an end, we turn our attention to the currently available alternatives.

After nine years, the Help to Buy scheme is coming to an end. With the application deadline having already passed – the attention for first time buyers now turns to the available alternatives. 361,075 homes were bought with a Help to Buy equity loan between April 1st, 2013, and March 31st, 2022 – a £22.5 billion hole left to be filled by alternative schemes. So, what other schemes are out there and available to help first-time buyers get onto the property ladder?

First Homes Scheme

First launched in June 2021, the First Homes scheme is an initiative involving first-time buyers, key workers and local people. The scheme allows those who fit the criteria to purchase a new build property at a 30-50% discount to the market value. When said buyers eventually decide to sell, that discount is passed onto the next buyer as well to encourage a continuing chain of opportunity for first-time buyers to buy affordable homes. The scheme is still in its infancy with only a handful of developments currently available. However, with the end of Help to Buy almost upon us – First Homes could see an increase in both availability and popularity as we head into 2023 and beyond.

Shared Ownership

Similarly to Help to Buy, Shared Ownership is a government scheme that allows prospective buyers to purchase a share of a property from a housing association and pay rent on the rest. As long as the share being purchased is between 25% and 75% of a home’s full market value, shared ownership could be a viable option for first-time buyers looking to purchase a home. Proportionate amounts of rent and mortgage repayments relating to the split of the ownership are paid to make the monthly payments manageable. Further shares of the home can be bought later down the line (known as staircasing) which would see the rent decrease as the landlord owns less of the overall property.

Lifetime ISA

On top of the schemes still available to help you buy a home, there are also government initiatives to help you save for one. When saving for a deposit for your first home, using a Lifetime ISA enables you to save £4,000 a year of your own money. The Government then add 25% of whatever you save for that tax year – meaning you could gain up to £1,000 extra every year. The money must then be used to either buy your first home or to fund your retirement.

Although the Help to Buy scheme is now coming to an end and there are no direct replacements as of yet, there are still initiatives in place to help you get on the ladder. If you’re considering buying your first home, get in touch with us to discuss the options available to you.

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