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Viewing entries tagged with 'advice'

Picking the right remortgage deal

Posted by MMB Finance Swindon and Gloucester on 1 June 2021

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Picking mortgages based on rates alone can cost borrowers thousands: Don't sign a deal until you check for these extra fees. Borrowers are focusing on enticing rates and overlooking fees and early repayment charges when selecting a mortgage, according to the latest research. But only 13 per cent of borrowers see early repayment charges as important, meaning they could face thousands of pounds in extra costs if they wish to move to a new product before their existing fixed deal ends. A borrower locked into a five-year fixed rate deal on a £250,000 mortgage, who then decided to move or remortgage before the five years is up, could face £10,891 in early repayment charges.

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1 in 7 homeowners have never switched their mortgage

Posted by MMB Finance Swindon and Gloucester on 3 May 2021

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More than one in seven mortgage holders (15%) have never switched mortgages. After the youngest category of homeowners, likely relatively new to the housing market, those aged over 65 were least likely to have ever switched, with 18% admitting that was the case.

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Borrowers 'more likely' to seek financial advice in a post-Covid world

Posted by MMB Finance Swindon and Gloucester on 17 April 2021

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UK borrowers who have been financially impacted by the Covid-19 crisis are likely to seek mortgage advice, according to Legal & General. Its latest research uncovered three in five borrowers (60%) whose financial circumstances have changed and 50% of borrowers who have not seen a change to earnings say that it will be important to seek advice when looking for their next mortgage.

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26% missed a mortgage payment due to illness

Posted by MMB Finance Swindon and Gloucester on 22 March 2021

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26% of homeowners have missed a mortgage payment due to falling ill or having an accident, and one in seven (14%) say this has happened more than once, according to research from. 34% of respondents said they have had to take four weeks or more off work due to accident or illness. As a result of this, almost half (47%) said they needed financial support to help them meet their mortgage repayments. Three in five (61%) took four weeks or more off work to care for themselves, while 19% cared for their partner and the same number (19%) to care for a family member. 17% took time off to care for their child(ren). The research also found that almost half (47%) of respondents with a mortgage currently have no mortgage financial protection in place, despite 43% saying they are concerned about making their monthly mortgage repayments and 40% having no savings to fall back on. One in seven (14%) admitted to regretting not having any mortgage protection in place.

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Capital gains tax trap if you hav lodgers help pay your mortgage

Posted by MMB Finance Swindon and Gloucester on 3 March 2021

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What is Capital gains tax can be charged on any profit you make on an asset that has increased in value, when you come to sell. When you come to sell your home, you are entitled to principal private residence relief which should, in most cases, shield you from capital gains tax. But by letting out your spare rooms to friends and lodgers you may have forfeited your right to full PPRR.

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