YOUR LIFE – YOUR MONEY

Thanks Ian from Landbay

Well done Liz the winner of the draw from the recent Mortgage and Protection Event in Manchester.  Bottle of champagne presented by Ian from Landbay. Thanks Ian how did you know she loves the bubbles!

Well done Liz the winner of the draw from the recent Mortgage and Protection Event in Manchester.
Bottle of champagne presented by Ian from Landbay.
Thanks Ian how did you know she loves the bubbles!

Accreditation

FA accredited logoYates & Co. are pleased to announce their accreditation certificate with Help to Buy (Wales) Limited.

Help to Buy – Wales is a Welsh Government shared equity loan scheme which could make getting on to, or moving up, the housing ladder more accessible.

It helps existing home owners and first time buyers purchase a new build home up to a value of £300,000 with as little as 5% deposit.

 

Equity Release Top Tips

With equity release, you can use some of the money tied up in your home to get a tax-free lump sum.  You can spend this on almost whatever you like.  Used wisely, it can help create a more comfortable retirement for you and your family.

If you’re considering equity release, read our top tips below.

Do you need it?

Consider all your options

Make sure you’re claiming all the state benefits you’re eligible for.  Explore the possibility of other options such as downsizing or renting out a room.

Do your sums

Fill out a budget planner.  Work out what your income requirements are and how this might change in the future.

Check with your lender

If you’re considering equity release to pay off a mortgage, speak with your existing mortgage lender.  They’ll discuss all the options they can offer.

Weigh up spending on home improvements

Check to see if your local authority offers any grants for work you might be planning on your home.

Is it the right solution for you?

Talk to your family

Discuss your plans with them.  They may be able to help or support your decision to take equity release.

Do your homework

You can find unbiased information about different financial products online.  you can find out more by visiting moneyadviceservice.org.uk and you can get more information via the Equity Release Council’s website http://www.equityreleasecouncil.com/home/

Get expert advice

Don’t take what others say about equity release for granted.  Make sure you speak with a qualified financial adviser.  Make sure they are a member of the Equity Release Council.  This organisation makes sure that all members abide by the overarching principles of the Council.

Equity release may not be right for everyone.  It may affect your entitlement to state benefits and will reduce the value of your estate.

Phil Yates CertPFS CertsCII (MP & ER) Managing Director

Phil Yates CertPFS CertsCII (MP & ER)
Managing Director

Thinking of Buying a Holiday Home?

Many of our clients have bought holiday homes and holiday lets using our special mortgage schemes.

For holiday let mortgages the lenders don’t require any accounts from the current owners as they calculate maximum mortgage amounts based on the potential rental income figures.

The tax law changes affecting buy-to-let haven’t been applied to holiday lets, which has fuelled predictions of huge growth in the holiday let mortgage market in years to come.

To qualify for holiday let tax advantages, the property must be furnished, available for letting for 210 days a year, and actually let for at least 105 days.

All holiday let owners can then set expenses – including mortgage interest and wear and tear – against their rental income when it comes to an assessment of their income tax.

The holiday let is treated in the same way as other trading businesses, meaning that losses can be carried forward and offset against future profits.

When a property is sold, there are also potential capital gains tax benefits through entrepreneurs’ relief. Business property inheritance tax relief is another possible benefit.

Please consult your accountant for taxation advice.

Phil Yates CertPFS CertsCII (MP & ER) Managing Director