Accentuating the positive as we move through 2021.
I tend to have an upbeat, positive approach to life. Even when things are tough-going ‘accentuating the positive’ is my preferred approach. Here I share with you some of the tangible positives that I have been working on with clients in the first few months of 2021.
Mortgages - for a bouyant property market
The property market is very buoyant at present and I have been busy arranging mortgages. To incentivise people to move or purchase property the Government has temporarily removed stamp duty on properties up to the value of £500,000. The scheme is in place until June, with a reduced discount available until the end of September 2021. This could mean savings of up to £15,000, so it's not surprising people are taking advantage of this amazing opportunity.
In addition to this, some lenders are now offering mortgages at a 5% deposit to first time buyers, so all in all now could be a great time to buy. I offer whole of market advice on mortgages so can work with you to understand what sort of mortgage you need, what you can afford to borrow and find the deal that would suit you best.
Pensions - it's never too early to start saving for retirement
I have also been helping a number of people with their pensions, setting up new pensions and consolidating existing ones. In terms of setting up new pensions, I’ve been working with business owners whose businesses are now doing so well they are moving into a higher tax bracket. It also means they are in a position to start saving for their retirement.
The money that is paid into a pension is exempt from tax (subject to certain allowances), so it’s a great way of taking money out of a business and putting it into a long-term savings account - your pension. If you are in the 40% tax bracket, you are in effect getting a 40% uplift on the money you pay into the pot!
I have also been consolidating pensions for clients who have accumulated different ‘pension pots’ throughout their working life. This can get messy and make it difficult to work out how much you actually have available to you when you are trying to plan for retirement. Consolidation brings clarity, and allows my clients to make plans with greater certainty.
Income protection - for greater peace of mind
Finally, I have been helping quite a few people with setting up income protection. With the challenging circumstances we have experienced during the pandemic there is understandably a greater appetite for this type of insurance cover. It makes a lot of sense as it can help ensure financial security for you and your family in the event of a long-term illness or disability that prevents you from working.
At the end of the day it’s about peace of mind and protecting your most important asset - your ability to earn income – and that’s worth a lot!
The great thing is that my clients are really happy with the work I am doing for them, and many are referring me to friends and family members! That’s what I call a positive outcome!
I hope you all have a happy and healthy Spring. As always I’m here to answer any questions you might have. You can call me on 0117 325 0770 or email your enquiry and I will get back to you.
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