Why a financial plan isn’t just for the super-wealthy

A financial plan is defined as a plan that covers savings/ investments, retirement planning, education, emergencies, major purchases, insurance needs and other financial goals.  A financial plan is often associated with those kinds of people who have so much money they don’t know what to do with it.  This however simply isn’t the case, as a financial plan can benefit people no matter what their income level.

Things to think about when applying for a mortgage

There are lots of things to think about when applying for a mortgage, as it’s probably the biggest financial commitment you will ever make, so it is important that you take the time to understand mortgages fully.

A mortgage is a loan that you take out in order to buy property or land and usually runs for around 25 years.  The loan is secured against the value of your home until it is paid off, meaning the lender can repossess it if you don’t keep up with repayments.

Why it’s never too early to start planning your estate

It can never be too early to start planning your estate.  Disputes over a loved one’s estate can add even more pain and grief to the trauma of losing someone close – especially if it was unexpected.  This stresses the importance of careful estate planning well in advance so you and your family will have peace of mind should the unexpected happen.

Buy To Let Mortgages (BTL)

Buy to let mortgages allow you to invest in property with a view to renting them out.  They are usually more expensive than normal mortgages.  Ideally, you should own your own home before making an application.  Income minimums should be in excess of £25K per annum to acquire the best deals. Interest rates tend to be higher on BTL. Deposits are normally set higher at up to 25%. Arrangement fees tend to be higher and Lending is linked to commercial income you can expect to receive for the property.  Most lenders will want to see 30% more income expectation than the monthly mortgage payment. Speak to a West Kirby IFA for more details on how to qualify.

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