Category: News

Have you ever lost a purse or wallet, or worse still, had one stolen? It can happen to anyone and is more common than you might expect. In today’s world where many of us don’t carry cash, thieves targeting credit cards, debit cards and mobile phones can cause havoc with your finances in a very short time.

Apart from the loss and potential for identity theft, it is also a stressful situation for the victim. We have all got that sinking gut feeling when we can’t find a wallet or purse and the massive relief when it turns up where we left it! But when you have exhausted all of the options as to where it was put, what do you do?

Contact your bank, building society or credit card issuer to notify that it’s lost or stolen as soon as you can. They will freeze the card and cancel it immediately to prevent additional transactions taking place.

Upon reporting the stolen card, your bank or credit card issuer will carry out a fraud investigation and refund any money lost as part of the process.

In this age of contactless card transactions, it is easy for thieves to make a flurry of smaller transactions immediately after taking your card, so it pays to be vigilant and check your card statements thoroughly for any transactions that you do not recognise, and report these to your card issuer at the earliest opportunity in order to be reimbursed. As a general tip, it’s worth being mindful of the number of cards you are carrying about your person, this will make it easier to identify if one or more has been stolen or lost, and have the key contact details of your bank or credit card issuer to hand should the worst happen and you need to get in touch to report a stolen card.

If you have ever been in a position where something you have bought or a service you have experienced was not up to the standard you expected, as a consumer, you have rights. When buying goods and services, you’re protected by The Consumer Rights Act 2015. Here are some of the things you are protected against:

• Faulty goods.
• Poor service.
• Problems with contracts.

You are entitled to expect a replacement or your money back if goods you have bought are not working. Many of us are not good at making a complaint and some sellers don’t make it easy for unsatisfied customers, especially if you have bought something online. They rely partly on customer inertia and also by drawing out the process for resolution.

Poor service is more difficult to resolve. Successful resolution relies on making sure there is enough evidence and it is important to keep a full record of calls, emails and letters to back up your case.

However, the first thing to do is to put the wheels in motion by logging a complaint with your provider. Your provider should have a formal complaint process that you can request a copy of. Often, you can find it on their website. You need to follow the company’s complaint process to give them an opportunity to fix any issue.

If you are not getting the result you expect, you can :-

• Contact the Ombudsman Service (www.ombudsman-services.org) which can assess your case and advise on your next course of action, especially if it is about your treatment by energy suppliers.
• Contact the Citizens Advice consumer service (www.citizensadvice.org.uk) which provides free and independent advice about your consumer rights at any point during your complaint.
• Alternatively, you can make use of the County Court if you have a case against a provider and you are not getting financial satisfaction. (https://www.gov.uk/make-court-claim-for-money)

A recent example was of the man who successfully won a case against airline Wizz Air when his flight had been cancelled on the day of travel and had cost him thousands of pounds to replace with another airline. He went to the County Court and was awarded the money he was owed plus interest. Bailiffs actually went to Luton Airport to enforce the award and made sure the money was paid¹.

Sources

1. BBC (2023) Man sent baliffs to Luton Airport for Wizz Air refund. Available at: https://www.bbc.co.uk/news/uk-england-beds-bucks-herts-64999557 (Accessed 28 March 2023

Are you happy with your current mortgage? If so, then that’s excellent news. However, if it’s been a long time since your mortgage was last reviewed, or the end term is coming up soon, then a remortgage may not be far away.

Your circumstances may also have changed in the years since your current mortgage was arranged, so it’s always worthwhile seeking advice to check whether the mortgage you hold is right for your current situation.

Things to consider;

• If you have a fixed rate deal and it is coming to an end, you will likely end up on your lender’s standard variable rate (SVR) once the fixed period has ended.
• If you have a variable rate deal* you may be worried about rising monthly costs. If you are concerned, you may find a fixed rate deal will give you peace of mind with fixed monthly costs. However, it might be worth weighing up the pros and cons of costs of remortgaging, and note that fixing into a rate means you may not be able to benefit in reductions in the future.
• If your share of the property’s value has grown* because the price of your property has gone up, lenders may be able to offer you better terms. A lower loan-to-value (LTV) could help you to access a lower rate by remortgaging, but it’s worth considering your options as a whole.
• If you want to borrow more money*, remortgaging by using the equity in your property can sometimes be a popular way to raise finances, however there may be cheaper ways to borrow.
• If you want more flexible features* – Your existing mortgage deal might have strict terms regarding overpayment and will prohibit you from paying more than the contracted monthly amount. If you’d like to repay more quickly, a remortgage could allow you to switch to a deal that allows a certain amount that you can overpay without incurring fees. Other features, you might want to look for include having the ability to apply for ‘payment holidays’ when cashflow is tight.

*IMPORTANT – If you are currently in a deal that is not due to end and decide you wish to remortgage to another lender, there may be high early repayment charges to leave.

Your home may be repossessed if you do not keep up repayments on your mortgage.

Speak to us to discuss your options further, we can help talk you through your circumstances and can offer our experience and knowledge of the market and products available.

All the information in this article is correct as of the publish date 23^rd February 2023. The opinions expressed in this publication are those of the authors. The information provided in this article, including text, graphics and images does not, and is not intended to, substitute advice; instead, all information, content and materials available in this article are for general informational purposes only. Information in this article may not constitute the most up-to-date legal or other information.

At a time when mortgages are in the spotlight, or because of the difficulties around being able to afford a mortgage as a first-time buyer, where do you go? The normal and first instinct might be to turn to your bank or building society – as they will have their own products. However, it could be a good option to look at a wider range of options, depending on what it is you’re looking to do. As we have access to a wide range of lenders, we can take a look at the options available to you and provide a tailored service to match your individual needs.

Even before you find a house, a discussion with us could help you decide how much you could afford, how to much to save for a deposit and when you do find a property, provide a recommendation for a product that is suitable for your individual needs.

Once the mortgage application has been accepted, we’ll follow up with the lender to ensure that everything is going according to plan and keep you informed of progress at each stage of the exciting journey. We’ll also deal with your legal representative to make sure that all the legal aspects of the property transaction, aiming to ensure they are delivered on time and with minimum hassle.

We’ll also be able to help you with keeping your home yours, should the worst happen. We can talk through your circumstances to help you find the most suitable range of protection cover that fits your needs now, and for the future ahead.

In a nutshell, seeking advice on a mortgage can help, saving you time, effort and giving peace of mind that you’re getting the bespoke advice for your own situation, as well as protecting you and your family for all life can throw your way.

Your home may be repossessed if you do not keep up repayments on your mortgage.

All the information in this article is correct as of the publish date 23^rd February 2023. The opinions expressed in this publication are those of the authors. The information provided in this article, including text, graphics and images does not, and is not intended to, substitute advice; instead, all information, content and materials available in this article are for general informational purposes only. Information in this article may not constitute the most up-to-date legal or other information.

With the Bank of England Base Rate still going up, it looks odd to see mortgage rates coming down when logic dictates that they should be following the Base Rate. Yet as the Bank of England raised interest rates by 0.5% to 4% on the 2^nd of February, a lender had just announced a five-year fixed rate mortgage at 3.95% for five years¹.

Please note that where Rates are referred to in this article, they may be subject to further criteria or an assessment of your finances before applying and may not be available after this article is published.

One of the main reasons behind the Base Rate increases has been the Bank of England seeking to counter inflation.. The Bank of England hopes that higher rates will slow economic activity, which in turn will reduce prices and lower the rate of inflation². For those of us with mortgages on variable or tracker rates, it means that the monthly cost of our mortgages will go up, while those on fixed rates are shielded from any immediate change in monthly repayments. However, when their fixed rate periods end, it is likely that refinancing to an equivalent fixed rate will be difficult to emulate, depending on when the mortgage was taken out and refinancing could cost more.

Market analysts forecast that mortgage rates and borrowing costs will start to soften and fall during the year, even though Bank Rates may peak at 4.5% later this year. Some even forecast that Rates will stay above 3.25% for the next three years, despite inflation starting to dip³, yet this can be hard to predict.

Part of the reason for the reduction in mortgage rates seen already is that lenders have already factored in Bank Rate rises to their calculations, and that some lenders are keen to encourage buyers back to the housing market, or assist those looking for the certainty of a fixed rate mortgage at a time of volatility. Competition is high and we are likely to see further lenders looking to compete by lowering their fixed rates.

According to figures from the Office of National Statistics, 57% of mortgages coming up for renewal in 2023 were originally at rates of below 2%, which means that many householders should prepare for the difference when looking to remortgage now. The Office of National Statistics believes that the average rise in mortgage repayments will be around £250 more per month, whilst a £300,000 mortgage may see the repayments rise by as much as £661 per month⁴.

Though the figures can look intimidating, this is a trend that we have seen recently in the market, and so should not come as too much of a shock. If you wish to discuss your mortgage circumstances – contact us today to see how we can help.

If you are struggling to keep up on your mortgage payments, please contact your lender in the first instance or use the services of free, not-for-profit advice services such as MoneyHelper or StepChange.

Your home may be repossessed if you do not keep up repayments on your mortgage.

Sources

1. IFA Magazine (2023) Virgin Launches a 5-year fixed rate at 3.95% – reaction. Available at: https://ifamagazine.com/article/virgin-launches-5-year-fixed-rate-at-3-95-reaction/ [Accessed 21Feb 2023].
2. Bank of England (2023) Why have interest rates in the UK gone up?. Available at: https://www.bankofengland.co.uk/explainers/why-are-interest-rates-in-the-uk-going-up [Accessed 21 Feb 2023].
3. iNews (2023) When will mortgage rates go down? How recent interest rates affect lenders and when mortgages could change. Available at: https://inews.co.uk/inews-lifestyle/money/property-and-mortgages/when-mortgage-rates-go-down-interest-lenders-mortgages-change-2130939 [Accessed 21 Feb 2023]
4. Office of National Statistics (2023) How increases in housing costs impact households. Available at: https://www.ons.gov.uk/peoplepopulationandcommunity/housing/articles/howincreasesinhousingcostsimpacthouseholds/2023-01-09 [Accessed 21 Feb 2023].

All the information in this article is correct as of the publish date 23^rd February 2023. The opinions expressed in this publication are those of the authors. The information provided in this article, including text, graphics and images does not, and is not intended to, substitute advice; instead, all information, content and materials available in this article are for general informational purposes only. Information in this article may not constitute the most up-to-date legal or other information.

If you are thinking of selling your home, there is an important list of ‘to-do’s that should be followed to ensure that you get the right price and the transaction completes at a time that suits you.

 Choosing the right estate agent

Of course, personal recommendations are extremely helpful but a good agent should be proactive on your behalf, know the area in which you live intimately and have a list of likely buyers to introduce and be able to present your property in the best light. Remember, going with the one who promises the highest price does not guarantee a sale at the level you are looking for.

Don’t rely on your estate agent

Having said how important it is to find the right estate agent, don’t sit back and expect them to do all the heavy lifting.

Check out other properties’ asking prices

Look at what other houses in your area are selling for. View online the most recently sold properties in your postcode to give you a good idea of an asking price.

Make your property clutter free

If you have a lot of furniture it can make the rooms look smaller than they are. Pack away (where possible) extraneous furniture and other fixtures that make the property look cluttered. For example, work surfaces in the kitchen should be clear to make the space look bigger and more attractive to potential buyers.

Clean up and make minor repairs

Make a point of cleaning the house. If you have time, cleaning the carpets can have a dramatic effect on the atmosphere and look of the property. Having a good clean up, helps make your home more sellable. Also, places, where paint has flaked off through constant use, could use a paint refresh. Check and see whether there are any other small repairs that need doing or scuff marks that need a touchup. Making an effort will make your home look better and the offers you get will reflect the care you have taken.

Giving a good first impression

What do people see as they come to the front door? Don’t forget the garden and the front of the house. Look at the outside of your house as if you were looking at it for the first time. Are there any bushes or trees that need trimming? Are the windows clean, has the grass been cut? As you go through the front door, does the scene before you make you feel that if you were a buyer, you would want to buy your home?

Up to date with paperwork

Do make sure that all your relevant paperwork is up to date such as gas safety certificates or sign offs for building work you might have undertaken. Having everything up to date will mean a faster resolution.

Conveyancer

Make sure that your legal representative is keeping up with the conveyancing of your property. They might not need chasing up, but there is no harm in making sure that they know you are on the ball and expecting a fast resolution.

If you want everything to go smoothly with your sale, it pays to be proactive.

All the information in this article is correct as of the publish date 23^rd February 2023. The opinions expressed in this publication are those of the authors. The information provided in this article, including text, graphics and images does not, and is not intended to, substitute advice; instead, all information, content and materials available in this article are for general informational purposes only. Information in this article may not constitute the most up-to-date legal or other information.

With the long dark nights and cold temperatures biting, we share a range of seasonal tips to help keep your home on top form until better weather arrives.

Check your home insurance policy
There is no better time to review your current policy. Talk to us today and help make sure that you know what you are covered for and whether that cover is adequate for both the house and your valuables.

If you haven’t already, it might be an option to consider adding Home Emergency cover to your home insurance policy in preparation for any household emergencies.

Check your roof
We have already had some pretty wet and windy weather this year and it can’t have escaped your notice that the weather is becoming more unpredictable. While you can do a visual inspection from ground level, it is advisable to have a professional check your roof for any signs of damage such as missing tiles. At the same time have the chimney stack checked, particularly the flashings to ensure that water is not getting into the roof space.

Gutters
Gutters can become blocked and if they do, it is easy for trapped water to turn to ice in cold weather and create extra weight which can bring down gutters and in turn cause damage to external brickwork.

Time for a loft inspection
If the last time you were in the loft was to put away your summer luggage, it’s probably time to go up and take a look to see if you can see any obvious signs of daylight in the roof, which would tell you that a roof inspection for tile damage is not just an option. Also, look at your insulation in the roof space. Is it still fit for purpose? Heating bills can be significantly reduced with comprehensive roof space insulation.

Header tanks and pipework
The loft also can contain a water header tank depending on your heating system and will certainly have pipework. Insulation is a must, particularly if the water freezes and adds pressure on the tank itself, which could lead to leaks. Pipework needs to be adequately insulated. Check it anyway, it is easy to miss where insulation has been disturbed while moving items in the loft.

Boiler
Now is the time when our need for heat and hot water is going to be at its height, arrange for a boiler service as a priority. Better warm than cold!

Find your stopcock
Make sure you know where your stopcock is. In the event of a water leak, knowing where it is will mean less damage to your property and its contents. Also, ensure that every family member is aware. Check that the stopcock is not stiff to turn. A little lubrication and turning it on and off will make sure that it is ready, should the worst happen.

Open fires and woodburners
We all love an open fire, but don’t forget that your chimney deserves a thorough clean, particularly if a fire has not been lit since earlier in the year. Soot and blockages can have a detrimental effect on the ventilation of your room, as well as running the risk of old soot being dislodged and making your living space unusable.

Smoke and carbon monoxide detectors
Check your detectors work. Whatever happens, if you can’t remember when you last changed the batteries – change them anyway.

All the information in this article is correct as of the publish date 26 January 2023. The opinions expressed in this publication are those of the authors. The information provided in this article, including text, graphics and images does not, and is not intended to, substitute advice; instead, all information, content and materials available in this article are for general informational purposes only. Information in this article may not constitute the most up-to-date legal or other information.

With the Cost-of-living crisis hitting all UK residents, one segment of those affected are those retired on a state pension. With a fixed income, they may be hit hardest by the recent rise in prices, and are more likely to be unable to supplement it due to infirmity. According to the Pensions and Lifetime Savings Association (PLSA), pensioners need to spend an extra £2000 just to achieve a basic standard of living.¹

A single person would need a minimum of £12,800 to cover their basic needs. Last year the average cost was £10,900.¹ The PLSA claims that pensioners relying on state pensions, who represent a sizeable proportion of those on minimum living standards, are being hit the hardest because most of their budget is spent on the main components behind the rise in inflation, namely food and the rising cost of energy.

The PLSA’s report has calculated that a retired couple will need a minimum income of £19,900 pa to meet the minimum standard – a 19% rise over 2021.¹

If you are retired or approaching retirement, you may be concerned as to how the cost-of-living increases will affect you, or if you have an outstanding mortgage or other borrowings, how the increases will affect those greater financial concerns.

If you do have any concerns, we are here to help, simply get in touch with us to book an appointment.

If you wish to proceed with any mortgage advice, we will issue out our Initial Disclosure Document at the start of the sale to outline what services we offer and any relevant fees or charges for advice.

Sources:

1 – Pensions and Lifetime Savings Association (2023). Rising Prices Add Almost 20% to “Minimum” Cost of Retirement. Available at: https://www.plsa.co.uk/presscentre/news/article/rising-prices-add-almost-20-to-minimum-cost-of-retirement [Accessed 24 Jan 2023]

All the information in this article is correct as of the publish date 26 January 2023. The opinions expressed in this publication are those of the authors. The information provided in this article, including text, graphics and images does not, and is not intended to, substitute advice; instead, all information, content and materials available in this article are for general informational purposes only. Information in this article may not constitute the most up-to-date legal or other information.

Last year, we highlighted the issue of fraud and talked about the importance of keeping you and your loved ones safe from fraud and other financial scams.

We support ‘Take Five’, which is a national campaign that offers straight forward, impartial advice to help everyone protect themselves from preventable financial fraud. This includes email deception and phone based scams as well as online fraud, particularly where criminals impersonate trusted organisations. You can find out more at https://www.takefive-stopfraud.org.uk/

One of the more recent development in scams are those undertaken whereby the scammer is purporting to be a family member or friend, and using messaging apps, such as WhatsApp to contact their victims.

As messaging outlets like WhatsApp become used by more and more to stay in touch, it’s becoming an increasingly common way for fraudsters to extract funds from people who are going to be keen to help someone close to them.

Typically, the scammer will claim to be a family member or friend and pretend they need help with an unexpected bill such as their car having broken down and they need to pay the garage or risk not being able to get into work. Alternatively, they may claim that they need to snap up a bargain, which they will miss out on if they don’t have the money today.

They play on people’s emotions and push the urgency of the request and try not to give you time to think.

According to a 2021 survey by WhatApp, 59% of UK adults have received or know someone who has received a message based scam in the last twelve months¹.

Our advice is as follows:-

• Step back and think – Don’t immediately act
• Always verify – Always call back the person you think it is on the phone number you already have for them. If you can’t see them in person, phone to check and make sure that it is the person you know
• Is the request realistic? For example, you might be told that their old phone has been broken or stolen which is why they are calling on a number with which you are not familiar. You might also be asked to pay money into a different bank account than the one you are used to. In both cases how likely is it that your family member or friend had lost or had their phone stolen or in the case of a new bank account, lost access to their account or changed banks without mentioning it before.
• Ask someone else. Check with someone you trust and ask their opinion of the request.

Lastly, check in with elderly relatives and make sure they are aware of the dangers of message based scams. They are more likely to believe someone claiming to be a grandchild or a friend.

Sources

1 – Nationwide (2022) Have you been messaged by a scammer?. Available at: https://www.nationwide.co.uk/news-and-stories/whatsapp-scams/ [Accessed 24 January 2023]

All the information in this article is correct as of the publish date 26 January 2023. The opinions expressed in this publication are those of the authors. The information provided in this article, including text, graphics and images does not, and is not intended to, substitute advice; instead, all information, content and materials available in this article are for general informational purposes only. Information in this article may not constitute the most up-to-date legal or other information.

With rising prices across the board, any opportunity to save money is worth looking at, especially when it comes to travel. This month, we look at a few ways in which you can hopefully save a few pounds when it comes to travelling by train.

Book in advance – If you know when you are travelling the earlier you book before your journey the bigger the discount you can achieve. Most train companies release advance tickets up to three months before the journey time, so booking in advance is a must.

Trainline – https://www.thetrainline.com, a rail booking service, allows you to set up alerts so you get advanced warning of when advance tickets go on sale, offers a full booking service for a small fee and is also extremely useful to plan a journey, particularly if it involves multiple stops.

It is worth noting that advance tickets are sold as single fares and are non refundable, which is the only drawback if your plans have to change. In most cases the value of the discount far outweighs the inconvenience.

Check for last minute tickets – If you can’t book in advance, don’t lose heart. Many operators offer advance train tickets up to and including the day of travel.

Do you need to travel at peak times? – If you do not, considerable savings can be had by going at a time when the service is less busy.

Do you qualify for a Railcard? – an annual railcard costs £30 each year and depending on your age qualifies you to 1/3 off rail fares. Visit https://www.railcard.co.uk. If you make more than a couple of journeys by train per annum, the cost of a railcard is more than offset by the savings made. The discount furnished by having a railcard is not affected by any other discount you receive by booking in advance. It all adds up to plenty of savings!

Season tickets – If you have a regular commute then a season ticket could be the cheapest way to travel. Season tickets are available, weekly, monthly or annually.

All the information in this article is correct as of the publish date 26 January 2023. The opinions expressed in this publication are those of the authors. The information provided in this article, including text, graphics and images does not, and is not intended to, substitute advice; instead, all information, content and materials available in this article are for general informational purposes only. Information in this article may not constitute the most up-to-date legal or other information.