Hayley Broad at Money Sprite

Merry Christmas & Happy new year everyone!!
Thank you for all
Your support through 2022 🎄

I get asked so many times “how much deposit will I need?” The truth is, it depends on so many different factors. If you would like to know how much you could borrow and what deposit you will need, get in touch. With £0 broker fees, it doesn’t cost you to find out!

Merry Christmas everyone, thank you for all your support through the year.
Hope you all have the best day ever!! xx

Is it time to review your mortgage?

With rates at ultra-low levels and starting at under 1%, now could be a good time to review. The exact rate will depend on your personal circumstances and loan-to-value but you may be pleasantly surprised at just how competitive they can be.

Don’t put it off any longer, act now. To book your appointment DM me. Appointments available to suit you.

Is it time to review your mortgage?

With rates at ultra-low levels and starting at under 1%, now could be a good time to review. The exact rate will depend on your personal circumstances and loan-to-value but you may be pleasantly surprised at just how competitive they can be.

Don’t put it off any longer, act now. To book your review, contact your usual Moneysprite adviser, call 0345 450 4660 or fill in this quick form to book your appointment https://moneysprite.com/mortgages

YOUR HOME MAY BE REPOSSESSED IF YOU DO NOT KEEP UP REPAYMENTS ON YOUR MORTGAGE.

Hi everyone, I’m fully back now, great update from Money Sprite regarding protection, if this is something you have been thinking about and don’t know were to start, I’m here to help, DM or phone for more information. ☺️

If you could ensure your children's financial security, would you?

Most people are aware and understand if you have children, lump sum life insurance makes sense.

However, some aren't aware a Family Income Benefit policy is a special type of low cost insurance just for this purpose, paying a monthly benefit with very affordable premiums. It is the best kept secret in financial advice!

If you have children and haven't considered a Family Income Benefit, we can discuss your options today. Just get in touch with your usual Moneysprite adviser or call 0345 450 4660.

Time to consolidate your pensions?

Employer pensions can accumulate as we change jobs, and it’s easy to lose track of how much each one contains. We explore what you need to know if you’re thinking about consolidating your pensions.

When you leave a job, it’s easy to forget about the workplace pension you might have had there. With the average person having several jobs during their lives, along with the 2012 introduction of auto-enrolment for employer-based pensions, it’s not surprising that many of us have more than one pension to our name.

Tracking down your old pensions
All pension providers are obliged to send members of their schemes annual statements to keep them updated on how much their pension contains.

The Association of British Insurers (ABI) estimates 1.6 million pension pots worth billions of pounds are forgotten about due to people just moving home. So it’s vital to write to your old pension providers to let them know if your address changes.

The government is in the process of launching a dashboard where all pension providers will be able to input member details, giving customers the ability to see their pensions in one place. But the process will take some years for all providers to supply their data.

Consolidating your pensions
As to whether you should consolidate your pensions into one pot, the first step should be to check the small print. If you have an older pension (around 20 years or older), you could lose some of its benefits if you transfer and be left with steep exit fees taken out of your pension amount.

Unlike older pension schemes, the newer ‘defined contribution’ pensions are more common and less likely to be affected by exit penalties if you want to transfer them into one place. The funds are invested, which makes consolidation an attractive option.

It’s worth noting that if you’re still paying into a defined contribution scheme and want to withdraw from it, the amount you can pay in and claim tax relief on could reduce.

On average, management fees for workplace pensions are around 1%. Newer pensions could benefit from tax benefits that older ones don’t come with, so it’s always worth checking each policy individually and get some advice from a financial adviser.

Leaving older pensions where they are
Along with exit fees and tax privileges, pre-2006 pensions (that were not affected by tax changes established in 2006) could have benefits like guaranteed annuity rates (promising a guaranteed income after retirement), which could be lost if transferred to another pension pot.

Final salary scheme pensions are probably best where they are, too, due to the nature of their payouts when you retire (based on what you earn at retirement.)

Some people opt to create a self-invested personal pension (SIPP), which lets them choose where their pension money is invested. This is beneficial to those who want to put their money into sustainable funds and make ethical investment choices.

Whatever the situation with your workplace pensions, the first thing to do if you’re thinking about consolidation is to speak to a financial adviser. We can help you figure out the best solution for your individual needs.

Key takeaways

*Many people accumulate several workplace pensions during their lives. It’s easy to lose track of them, so it might be worth consolidating them into one pot.

*Check the small print. If you have an older pension, it might have some benefits you could lose if you move it – along with exit fees.

*Consolidating defined contribution pensions could be an attractive option because they have the potential to bring good returns.

Millions of us saved money during lockdown due to a drop in spending and incomes remaining the same. So, what’s the best way to make the most of these savings?

https://moneysprite.com/node/808