Pension freedoms – don’t lose out!
In the first major study to be conducted since the introduction of the new pension rules in 2015, the Financial Conduct Authority (FCA)1 reviewed the actions taken by pensioners who chose not to receive advice when accessing their pension pots. They flagged up several areas of concern. Common mistakes The FCA found that many people […]
Mortgages – bank of england tightens the rules
In a move that demonstrates the Bank of England’s determination to prevent lenders getting too complacent about current low interest rates, strict new rules on mortgage affordability have been announced. New tests to be applied The rules, often referred to as “stress tests”, were set out in the Bank’s Financial Stability Report. Lenders will be […]
Millennials: don’t overlook the benefits of insurance
Life can seem particularly tough for today’s 18 to 35-year-olds. Their employment prospects are likely to be far less certain than those of previous generations; it’s been suggested that they could have as many as a dozen different jobs during their careers. As for owning a home and having a family, these life stages are […]
Setting up companies leaves landlords out of pocket
In 2015, then Chancellor George Osborne announced measures that he hoped would ‘level the playing field’ for first-time buyers by reducing the many tax concessions available to buy-to-let landlords, deterring more from entering that market and encouraging some to sell their rental properties. Landlords accustomed to claiming relief worth 40% or 45% will find their […]
Is being loyal to your mortgage lender costing you money?
With interest rates at their lowest levels for some years, borrowers are often content to stick with their existing mortgage deal. However, new research from Citizens Advice reveals that being a long-standing loyal customer of your mortgage provider might be costing you money. What’s more, they calculated that 1.2m mortgage holders could be better off […]
Pensioners: The new generation rent?
We generally associate renting with the carefree 20 to 30-something age group who may be choosing to rent whilst saving up for a deposit on their first home, or simply prefer the freedom to move around that renting offers them. However, that view may now be rather outdated. One in every 12 private rental sector […]
Growing concern over car loan debt
The rapid rise in the amount of money being lent as car loans has given rise to concerns that this form of lending could, if left unchecked, lead to the next financial crisis. The amount borrowed annually to buy new cars has trebled over the past eight years, reaching more than £30bn last year. Nine […]
Financial Advice leaves people £40K better off
New research by the International Longevity Centre1 and Royal London has produced some interesting findings that highlight the benefit of advice when taking major financial decisions. The report demonstrated that those who receive financial advice are on average £40,000 better off than those who don’t. The report, entitled The Value of Financial Advice, looked at […]
Simply Money Newsletter Summer 2017
WHY THE SELF-EMPLOYEDNEED A PENSION NUDGE Working for yourself has never been so popular. According to figures from the Office for National Statistics, there are around 4.8 million self-employed workers in the UK. Whilst many of this number are young people seizing the opportunity to go it alone, some are in their 50s, 60s and […]
Simply Home Finance Summer 2017
HOW THE HOUSING MARKET MUST CHANGE TO MEET NEW NEEDS The arrival of the summer months is usually a busy time for estate agents. However, it seems that the market is being held back by a lack of supply. In their April survey, the Royal Institution of Chartered Surveyors reports that there is a marked […]