Is Now the Time to Switch Mortgage?

If your mortgage is currently on your lenders’ standard variable rate, you could be potentially paying over the odds on your mortgage. A report from HSBC stated if those on the standard variable rate switched their mortgage, they could be saving up to £4,000 each per year [1].

With the Bank of England base rate currently at 0.1% [2], now could be a good time to lock in a new mortgage rate.

This month men all over the country will be growing out their facial hair for Movember as a fun way to raise awareness of men’s cancer and mental health risks.

Prostate Cancer was the most common cancer found in males, in 2017. It was the second most common cancer of cancer death in the UK in 2017. [1]

It’s now been over six months since the COVID-19 pandemic hit the UK and our entire office became virtual. Our office still remains closed, however we’ve continued to stay open throughout this period with the full team 100% working from home.

We have continued to pay our donations every Friday for virtual dress-down Fridays. Although, the dress-down clothes may have become more relaxed while working from home – with PJs, gym gear and vests all making an appearance.

The Bank of England has recently written to all banks and building societies to check whether they could pass on negative interest rates if the bank cut the current base rate of 0.1%.

According to the chairman of Natwest Howard Davies, Britain’s banks are not ready for negative interest rates, with technical and contractual issues aplenty.

The Financial Conduct Authority (FCA) has stated that COVID mortgage payment holidays in the UK will not extend past the 31 October 2020 and any financial support past that point will be marked on credit files.

The FCA has emphasised that both a payment holiday and partial payment holiday are temporary, and the outstanding amount will need to be paid back at a later date. Interest will also continue to build during this time and repayments may be higher after the payment holiday according to the FCA.

As the nights get longer and weather gets that bit colder, we start thinking about Halloween, Bonfire Night and Christmas; they aren’t that far away now! October offers two options with Stoptober and Go Sober for October. So if you want to quit smoking or drink less, this month has got you covered!

Sober October encourages people to go booze-free in October to raise money for Macmillan Cancer Support, who need your support now more than ever.  In the UK lung cancer accounted for 21% of all cancer cases in 2017 and is the most common cause of cancer death [2].

For Scotland, a cut to the Land and Buildings Transaction Tax will be introduced from Wednesday 15th July, remaining in place until 31st March 2021.

The changes will mean that the starting point for paying the LBTT on house purchases will rise from £145,000 to £250,000.

It’s now been over three months since we entered into lockdown, and our office closed. We’ve continued to stay open throughout this period with our staff 100% working from home.

When we were in the office, every Friday we would dress down and pay a donation to charity. We’re delighted to say we have virtually continued to do so the past three months. Although, the dress-down clothes may have become more relaxed while working from home - with PJs, gym gear and vests all making an appearance.

More than ever we need to be looking after our mental health. With 1 in 4 adults experiencing a mental health problem each year according to Mind. The coronavirus lockdown will only impact this further.

Balancing working from home, home-schooling and staying indoors for long periods of time can be tough. Mental health is as important as physical health. So, if you're feeling low, stressed or anxious it is always good to talk.

As well as our mortgage services that we provide, we also specialise in financial protection for your mortgage and your family. The majority of protection providers have clarified their position on claims with regards to COVID-19. For a full list of our provider panel and their updates, view it here.

During these unprecedented COVID-19 times, it’s important to know the types of life protection that is available to keep you financially protected. Our video explains all that we can help you with.

Our Head of Protection Andrew Donnelly presents a conversation with representatives from protection providers Guardian, LV and Vitality. Discussing the impact on your life insurance and other policies during these unprecedented times.

We discuss:

With the ongoing coronavirus pandemic still affecting the UK, we wanted to give you information on what our panel of protection providers will do if coronavirus affects you. The below information is for existing customers of these providers.

AIG

AIG have confirmed that death from coronavirus will be ‘handled like any other life insurance claim.’

As news of the Coronavirus continues to hit the headlines, we thought we'd update you with how we will continue to serve you.

The health of our staff and their families comes first, so we have advised them all now to 100% work from home.

The Scottish Government has launched a pilot scheme called First Home Fund. The scheme is to help first-time buyers with the cost of purchasing a home in Scotland.

The scheme will contribute up to £25,000 towards the cost of buying a property through a shared equity scheme.

Season's Greetings from everyone at Lifetime Planning. We will be open during the festive period, please see our opening hours below.

For the third year running, we, at Lifetime Planning, are taking part in the Salvation Army’s Christmas Toy Appeal.

Along with the Salvation Army, we believe every child deserves a new gift at Christmas. That’s why we have chosen to take part again this year. Last year our staff donated toys and gifts ranging for all ages. This year we are donating a further 20+ gifts - ranging from Lego, Barbies and Transformer toys to name but a few.

We’re delighted to announce, from our generous staff donations from our “Dress Down” Fridays over the past few months, we have raised an incredible total of £1,067!

Instead of focussing in on one charity, we asked our advisers and case managers which charities meant the most to them. So, with that in mind, we are happy to announce the five charities that have been picked to share our fundraising total.

With the summer months long gone and the festive month(s) nearing, now is a good time to look at your mortgage.

If you haven’t looked at your mortgage for a while, you could be paying more than you should on your mortgage. This could because you have been transferred over to your lender’s standard variable rate (SVR). A lender normally transfers you onto their standard variable rate when your fixed rate comes to an end. Allowing your mortgage to revert to the SVR can cost you dearly, as lenders typically hold their SVR at a significantly higher rate. Recent research from Which? states that UK homeowners are spending £4,000 too much on their mortgages each year [1].

AIG have launched Smart Health. It gives unlimited access to a 24/7 virtual GP as well as a range of other health and wellbeing experts. With any AIG policy, Smart Health is available at no extra cost.

24/7 virtual GP

Managing your health doesn’t always fit in to the 9-5. That’s why when you need a medical appointment, the Smart Health service provides you with unlimited, round the clock access to a GP.

If you’re a first-time buyer looking to buy a home this year, read on for our four top tips to secure your first mortgage.

1. Save deposit

You won’t get anywhere on the property ladder with out money for a deposit.