One in five UK workers lack financial safety net

According to research by provider Scottish Widows, 23% of workers admit that any savings they have would not last longer than a couple of months if they were absent from work through long term illness or injury. Despite this, a surprising number are without any sort of income protection. In fact, of all those asked, less than one in 20 had cover in place to protect their finances if the worst was to happen.

The poll by Scottish Widows asked 5,000 people about their finances, revealing attitudes and general knowledge regarding protection.

More than 4 in 5 people had heard of life insurance, income protection and critical illness, yet just one in 10 have a critical illness policy.

Currently in the UK people are more likely to protect their home than their income, with almost half of those polled saying that they had chosen to take out home insurance.

More startling, 8 out of 10 considered broadband crucial for daily living and 7 in 10 believed mobile phones were also a vital lifestyle choice. But only 4 in 10 saw providing financial security for their family in the event of death as essential, which is a drop from 5 in 10 four years ago.

Despite one in seven of those surveyed saying that they had been affected by critical illness, the UK is still a considerably unprotected nation. That is why providers are working hard to create added-value benefits to their policies to give people the best chance to protect themselves.

Talk of base rate triggers rise in re-mortgages

A report by the Council of Mortgage Lenders (CML) has revealed that the number of homeowners taking out re-mortgage deals increased by a third in June 2015. Talk of a Bank of England base rate rise combined with competitive fixed rate deals, has seen many securing their payments in an effort to pro-actively avoid being affected by any increases.

Nearly 32,000 re-mortgage loans were taken out in June, marking a 3-fold increase from May. According to the CML, June also saw surprisingly low levels of monthly income being used to service mortgage payments, with homeowners paying just 17.9% on repayments, the lowest since 2005. Paul Smee, director general at the CML, said: “It is likely that people are now beginning to feel a rate rise is a realistic prospect and not just a distant theoretical possibility”.

With rates still at an all-time low you may think that your lender’s SVR, or standard variable rate, is the best deal for your mortgage. But some experts have noticed lenders already beginning to increase their rates in preparation for the rise in UK base rate. With the Bank of England Governor Mark Carney saying that the rise was “drawing closer”, now is the ideal time to see if switching to a fixed rate will save you money.

Are You and Your Family Protected?

Are You and Your Family Protected?

No-one wants to think about what will happen when a loved one dies. Everything changes and the last thing you should have to worry about is adding a financial strain to your family. If you have children or any form of debt, it is essential that you have protection in place in case the worst should happen.
 There are a range of protection products available to give you peace of mind that your loved ones will be provided for should you die. There are many different ways to arrange life cover and we can guide you through the options and find the right product for you. Life assurance can ensure that in the event of death your mortgage could be repaid and the costs are not passed on to your family.

It is surprising to learn that little over 30% of households have some form of life assurance in place. This represents just under half of the population who do have household or motor insurance. An increasing number of people are now attracted to cheap comparison sites to find the lowest premium. They can often find that these "off-the-shelf" products do not offer the full protection their family requires after their death and ultimately could leave their family under unnecessary financial pressure.

There a number of life protection products available to suit anyone, all with different benefits that could ease the pressure and offer support if the worst happens. We take the time to ensure we find the best cover for you. We undertake a full review to ensure that you are not only fully covered but also that you are fully covered for the best possible price!

*Please note that you should never cancel an existing policy prior to taking out a new one without fully investigating the generic and individual elements that are covered.

All is not how it seems

Life it seems revolves around money. When we walk around town or browse our local shopping centre we are engulfed by enticing offers aimed at the money in our pocket. Whilst no one can deny it is a great feeling when you pick up a bargain, what do we lose sight of whilst searching for one?

The internet has undoubtedly transformed the way we approach shopping, making browsing for those bargains more convenient but it can also produce a false sense of security. Nowhere is this more apparent than aggregator sites. Seemingly giving you the opportunity to compare the best deals, it is what you aren’t able to compare that should be considered.

The saying, ‘if something seems too good to be true it normally is’, is worth considering in this instance. The use of clever marketing and attractive advertising portrays that everyone is an expert, having the required expertise to buy their own home and protection products.  However in many instances this isn’t the case with sites not even providing the information necessary to make an informed choice.

Buying cheap unfortunately does not always mean buying wisely. Cheap can come at a price, a price that normally needs paying at the least convenient of times. It is not uncommon for policies sold through these sites to strip out key areas of cover and include higher excesses payments.

Think before renewing your home insurance and protection products. It shouldn’t be a case of one size fits all; it should be a case of protecting your needs.

 

Guaranteed 50 + Life Cover

As your local Adviser, I would like to tell you about a new life assurance product that I feel you would benefit from.

I am sure you have your home, possessions and car insured, but what about the most important element – you!

No amount of money can ever compensate for the death of a loved one. However, whilst it cannot ease the pain, a guaranteed cash lump sum can help with some of the financial concerns that often arise as a result.

You may not have taken out any life cover in the past because you have been worried about the cost, your medical history or you simply do not want to answer any intrusive or lengthily questionnaires.

With the Guaranteed 50 Plus Life Cover from engage this simply isn’t an issue as it offers:

·         Guaranteed acceptance without a medical

·         No underwriting regardless of any pre-existing conditions

·         Tax-free cash lump sum payable on death

·         Affordable low premiums

If you would like me to carry out a no-obligation review of your life cover arrangenments, please contact us on 01243 261945               

New Website

Well it was probably about time we revamped our website, so welcome to our new site.

The aim was to create a brief outline of Tailored Mortgages and the services we offer, with the intention of attracting potential clients to call us for further advice.

Although much business is transacted "online" these days, we have found that you cannot beat personal advice - either on a face to face basis or over the telephone, to assist people during these times when obtaining a mortgage can be rather restricted!

We aim to give clients a quick answer to their queries and hopefully find a solution for their individual needs.

We look forward to speaking with you soon.

Protection

LIFE INSURANCE REVIEW

Now we are well into the New Year, should you be reviewing your levels of life insurance?

Sadly we had 4 customers who died prematurely last year - fortunately for their families, 3 had taken out life insurance the 4th had not, leaving his family with an unaffordable mortgage debt.

Don't leave it to chance, for a few £'s / month, you could provide this valuable protection.

Please make sure both you, your family and friends are adequately protected.

Call today for a free quote. Tailored Mortgages Ltd 01243 261945