Gough Mortgage + Protection

Interesting article from Nationwide giving the latest on house prices https://lnkd.in/ecb2Xx_u

Reducing Mortgage Rates!!! Are you a homeowner or prospective buyer excited about the recent interest rates falling? Now could be an opportune time to explore more favourable mortgage deals. As a whole of market broker, we have access to a vast range of lenders, enabling us to thoroughly compare options and secure the most competitive rate for your circumstances. We offer an initial free no-obligation consultation service that empowers you to understand the current landscape fully. We'll discuss your needs, goals and affordability to identify the ideal mortgage product. With interest rates declining, this proactive approach ensures you capitalise on the favourable market conditions. Once you have chosen to proceed, our comprehensive support continues. We'll handle the entire application process, liaising with lenders and solicitors to drive your remortgage or house move smoothly. Our broker fee only becomes due if (and hopefully when) your mortgage offer is issued. Click the link below to book a call, or contact us to schedule your impartial consultation to consider your options https://lnkd.in/dF_jp3S8 Your home may be repossessed if you do not keep up payments on your Mortgage. Fees may be payable at a later stage

Interesting article on the speculation of a potential CGT increase and the impact on landlords, leading to an increase in clients looking to sell particularly in London. If you are landlord, what is your plan? Are you concerned at a potential rise in CGT? Do you plan to sell any of your rental properties? https://lnkd.in/eN7k8ii3

Protection – go above and beyond If you already have adequate cover in place, it can be easy to assume that there is nothing more to be done. However, there are extra steps you can take to make sure that you and your loved ones are fully protected in the event of a claim. Writing life insurance policies in trust Having sufficient life insurance is a significant way of safeguarding your loved ones’ financial future. But you can go the extra mile by writing that policy in trust. Putting your life cover in trust gives your trustees the authority to deal directly with the payout when you die. This means that funds can swiftly be made directly to the beneficiaries, without having to go through probate. Also, it won’t be considered as part of your estate so will not be subject to Inheritance Tax. There are a few different trusts to choose from: ·       Discretionary trusts – the trustees can use your letter of wishes to help decide which beneficiaries should be paid ·       Absolute trusts, sometimes known as bare trusts – once you have decided on the beneficiaries, they cannot be changed in future by a trustee ·       Flexible trusts – there will be a default beneficiary who will receive full payout, unless the trustees choose to appoint some funds to other discretionary beneficiaries ·       Survivor’s discretionary trust – if you have taken out joint life insurance with a partner, they would be entitled to inherit the payout before your beneficiaries. Putting your policy in trust does not have to be complicated. We can talk you through your options and help you choose the right trust for you and your beneficiaries.  Legal protection for joint homeownership Marriage rates are declining and cohabitation is on the rise, which means that many couples are buying homes together without sufficient legal protection. In a recent survey, 46% of people who have bought a home with their partner said they did not pay equal amounts of the deposit1 and nearly 62% said their partner paid the entire deposit. Despite this discrepancy in investment within couples, 53% said they have no legal documentation in place to protect themselves if their relationship ended. Declaration of trust A declaration of trust is a legal agreement between joint owners of a property. It clarifies each person’s share in the property, ownership rights, and states what would happen if the property was sold. If you are buying a home with someone else, or a family member is contributing towards the deposit, it is strongly advised that you make a declaration of trust - it could be vital in preventing any future disagreements. As with all insurance policies, conditions and exclusions will apply Your home may be repossessed if you do not keep up repayments on your mortgage 1 We Buy Any Home, 2024

Young adults need life insurance too A recent report has found that most young adults in the UK do not have life insurance1, even though it is one of the most important financial products that you could have. Cost-of-living crisis Over half (51%) of adults aged 18-40 admitted they do not have life cover, with many concerned about affordability due to the higher cost of living. But it is more important than ever to make sure that your loved ones have a financial safety blanket, so they do not have to fend for themselves if you are no longer around. The cost of losing someone It is estimated that the death of a breadwinner costs their surviving family an average of £195,000 over ten years. However, this only covers the cost of essentials – the likelihood is that it will cost the bereaved, surviving partner more. Even if you are not the main breadwinner, life insurance is still relevant to you – any caring responsibilities you have would fall to someone else, which could then cost them money. Don’t overlook it Over a quarter (28%) of young adults without life cover say they simply hadn’t thought about it. Now is your chance to take control and get a policy which will safeguard the future of your loved ones. As with all insurance policies, conditions and exclusions will apply. 1 Beagle Street, 2024

Mortgage costs are set to keep rising Cuts to Bank Rate may be expected to ease some short-term financial pressure this year, but a report from the Bank of England suggests that mortgage payments are likely to rise for around three million households by 2026. Prepare for an increase The Bank observed, ‘The share of households spending a high proportion of their income on mortgage payments is still expected to increase slightly over the next two years.’ It is predicted that, by the end of 2026, about 30% of mortgage holders will be subject to at least a £100 increase in their monthly payments1. A typical household will see their repayments go up by 28% to £180 per month, but around 400,000 borrowers could have an increase of 50% or more. Households show resilience Although this is concerning, the Bank commented that ‘UK households and businesses have remained resilient to the impact of higher interest rates’. Also, it is forecast that the number of mortgage holders who cannot meet their payments will remain below the figure seen following the 2008 financial crisis. Don’t panic, seek advice We can help you to manage your finances, considering any potential increase to your mortgage repayments. Your home may be repossessed if you do not keep up repayments on your mortgage 1 BoE, 2024 

Young homeowners without life insurance A recent survey has found that 28% of young adults with a mortgage do not have life cover1. It is estimated that there are 1.7 million homeowners in the UK who risk leaving their loved ones unprotected in the event of their death. When asked why they do not have life insurance, 23% said they did not think it was a priority expense, 22% hadn’t thought about it and another 22% said they could not afford it due to the cost-of-living crisis. Getting financial advice was the most popular resource for those seeking cover, highlighting the importance of speaking to a professional. We’re here to help - get in touch for advice on your life insurance.   As with all insurance policies, conditions and exclusions will apply Your home may be repossessed if you do not keep up repayments on your mortgage 1 Beagle Street

Will higher mortgage rates be the norm?   Market experts have predicted that mortgage rates of 4.5% will be the ‘new normal’ in the UK. In August 2023, Bank Rate reached a 16-year high of 5.25%, causing the cost of borrowing to increase. Many hoped this was a one-off spike, but the CEO of Lloyds Banking Group has suggested that this might be an indicator of what’s to come for the UK economy. Charlie Nunn commented, “The expectation that markets have is that interest rates won’t get below 3.5% — and that means that the new normal for mortgages will be in that 3.5% and 4.5% range.”  The current average rate for a five-year fixed rate mortgage is 4.88%1 – significantly higher than pre-pandemic rates of 2.5% in 20192. Your home may be repossessed if you do not keep up repayments on your mortgage. 1 Rightmove, 2024 2 Mortgageable, 2024

Housing stock increased before election In June, the housing market saw a boost in stock as sellers hoped to get ahead of any post-election market boom1. Over a two-week period in June, 102,035 new sellers listed their property – a 22.9% increase when compared with the number of new homes that were put on sale at the start of this year. Sales activity increased in every UK region, with Scotland seeing the highest increase in stock – 5,060 new homes listed. Historically, there has been a boost in market activity in the month after a general election, so it is likely that many sellers were hoping to benefit from this again. Do you want to understand what the new Labour government means for you and your housing plans? Contact us for advice. Your home may be repossessed if you do not keep up repayments on your mortgage 1 Home Sale Pack, 2024

Labour’s changes to housing policy Following Labour’s landslide election win, much of the nation is waiting to find out what is in store for the UK housing market. Many major policy changes will be announced in the Autumn Budget on 30 October, but Housing Secretary Angela Rayner has already announced the new draft of the National Planning Policy Framework (NPPF), which is now out for consultation until September. Delivery of new homes In Labour’s manifesto, a pledge to build 1.5 million new homes over the next Parliament was made. To make this possible, Angela Rayner announced that the nation’s new mandatory housing target is 370,000 new homes per year – up from 300,000. All local authorities will have an obligation to increase delivery and councils may have to build on low-quality green belt sites to achieve this. Change to calculations The government has also changed the way of calculating the number of houses that must be built in each area. Rayner told MPs, “This new method will require local authorities to plan for homes proportionate to the size of existing communities and it will incorporate an uplift where house prices are most out of step with local incomes.” Capital’s target reduced The government has decreased the target for London from 100,000 to 80,000, which she said is still “a huge ask”. Last year, about 35,000 new homes were delivered in the capital under the previous government. Affordable housing Rayner promised that Labour’s housing plans would include “the biggest boost to social and affordable housing in a generation”; it is expected that at least 50% of developments on green belt land will need to be affordable. Government schemes Plans for buying schemes have yet to be announced; however, before the election, Labour promised to extend the Conservative’s Help to Buy scheme, under the new name of Freedom to Buy. This is part of their commitment to support 80,000 young people get a foot on the property ladder. Lenders are likely to be encouraged to offer more mortgages for those who cannot afford a larger deposit. Right to Buy review The new government is also expected to review the Right to Buy scheme, which enables most council house tenants to buy their home at a discounted rate. The Labour Party might limit eligibility for this scheme to ensure new social homes are not sold off. We can help you through it The next few months will see a lot of changes. With the new NPPF coming in September and the Autumn Budget following the month after, we are keeping on top of it all. Whether you’re looking to buy your first home or move up or down the housing ladder, we can help you to achieve your property goals. Your home may be repossessed if you do not keep up repayments on your mortgage