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Investing for children As a parent, you want to do everything you can to ensure that your children have a bright and secure future. One way to do this is by investing on their behalf. Not only can they start adulthood with some savings, but getting children involved early with saving also helps them learn important lessons about money. The earlier you start investing, the better. Time is a powerful tool when it comes to investing, and the longer you have, the more time your money has to grow. Even if you can only contribute a small amount each month, starting early can make a big difference in the long run. What investing opportunities are available? In the UK, there are numerous different ways to invest in a child’s future. The main ones are: Junior ISA – Junior Individual Savings Accounts (JISAs) are a tax-efficient way to invest for your child's future. Junior ISAs have a tax-free allowance of £9,000 per tax year, which can be invested in cash, stocks and shares, or a combination of both. The funds in a Junior ISA are locked in until the child reaches the age of 18, at which point the account will convert to a standard adult ISA. Savings accounts – Many banks and building societies offer savings accounts for you to set up on a child’s behalf. You can start an account with as little as £1 for any child aged up to 18. There are two types of savings accounts: regular and instant access. Regular savings accounts are designed to encourage children to save an amount every month, and often run for a set amount of time whereas instant access allows you or your child to withdraw or deposit money at any time. National Savings and Investment (NS&I) Premium Bonds – NS&I Premium bonds are investments placed in a savings account that allows penalty-free withdrawals. There is no interest earned, instead the interest rate funds are placed in a monthly draw and any prize won is tax-free. Junior Self Invested Personal Pensions (SIPP) – Your child’s retireme

Worried you don’t fit the mortgage mould? Our experts can guide you towards a mortgage that fits. All those mortgage options can leave you unsure which way to turn. With a combination of expert know-how and the right tools at our fingertips, we can find a mortgage deal that suits you – saving you hassle. Talk to us to find out more and call us on 03454504660 or email us at [email protected] YOUR HOME MAY BE REPOSSESSED IF YOU DO NOT KEEP UP REPAYMENTS ON YOUR MORTGAGE. Video approved by The Openwork Partnership on 17/05/2024.

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How might rising interest rates affect your mortgage? The Bank of England has raised interest rates and warned further hikes are likely in the coming months. This will mean bigger bills for some homeowners. On 22 September 2022, the Bank of England raised interest rates from 1.75% to 2.25% - the seventh hike since December 2021 - in a bid to combat soaring inflation. And, the Bank’s Governor, Andrew Bailey, has warned people to expect further rises in the coming months. It is now widely anticipated that rates will rise to over 5% by Spring next year. This has had a huge impact on the mortgage market – with some lenders pulling deals altogether and others replacing their offerings with more expensive alternatives. What does a rise in interest rates mean for your mortgage? If you don't have a fixed-rate mortgage, you're likely to see your borrowing costs rise, although how they are affected will depend on the type of product you have. Your adviser can help you assess your mortgage deal and figure out ways to make savings. Only borrowers with a mortgage that moves up or down with the base rate will be immediately affected by the interest rate change. This includes tracker mortgages and standard variable rate mortgages (which you revert to when a mortgage deal ends). Fixed-rate mortgages If you're on a fixed-rate mortgage deal, you won't see any change in your monthly payments. This is because the interest rate you pay stays the same for the length of your mortgage deal. But with further interest rate rises expected, if you're close to the end of your current term, it may make sense to look for a new deal sooner rather than later. You can generally lock in a new mortgage deal three to six months before an existing deal comes to an end. If you've got more than six months to the end of your current deal, you'll either need to wait for a while or pay the early exit fee (A fee you may have to pay your current lender if you end your mortgage deal prior to the ‘o

Talking to kids about the value of money. After seeing their six-year-old son’s birthday list, Liz and Dan have realised it’s high time they started teaching Archie about the value of money. It’s true they both have reasonably well-paid jobs and only the one child but, even so, a Saint Bernard puppy, a quad bike, a horse and a life-size dalek don’t come cheap. So, what can Liz and Dan do to ensure Archie doesn’t end up bankrupting them before he goes to high school? Pocket money Archie is nearly seven - the age when most parents start giving their children pocket money, according to research by Barclays. And the bank says this is a great time to start teaching youngsters about the value of money. By getting Archie to earn his dough by doing household chores, Liz and Dan will help Archie appreciate the effort that goes into earning money and encourage him to develop a strong work ethic. Pocket money can be paid in cash or using a prepaid card. There are a number of cards available that are designed specifically for youngsters from companies including GoHenry, Osper and HyperJar. A pre-paid card could also be a gentle way for Liz and Dan to introduce Archie to electronic payments and the world of online banking. Talking about money By talking to Archie about money and what they spend it on each month, Liz and Dan can help him to appreciate the kind of ongoing financial commitment involved in buying something like a Saint Bernard puppy or a horse. Archie’s probably too young for them to go through their entire household finances with him. But they can start with a large sum and show him how quickly the figure falls as they tick off all their monthly bills. Showing Archie how they budget provides a good opportunity to talk about the difference between wanting something and needing something. This will also allow Liz and Dan to introduce the benefits of saving as a way of affording treats and luxuries, after paying for essentials. Making saving visual

Why homebuyers need to check their credit score Carly and Steve made serious sacrifices to save a deposit for their first home. To cut costs, they moved from their two-bedroomed flat in the centre of Manchester to a studio flat in one of the less well-regarded suburbs. When the damp and the noisy neighbours got too much, they moved in with Steve’s mum and when her questions about when they were going to start a family got too much, they moved in with Carly’s big sister. As well as moving home three times in the space of a year, Carly and Steve gave up takeaways, holidays and their gym memberships. When they finally had enough money for a deposit, they couldn’t apply for a mortgage fast enough. They were crushed when their application was rejected due to a poor credit score. A good credit score is vital for homebuyers, as this is how lenders assess how much of a risk you pose. The UK has three main credit referencing agencies – Experian, Equifax and TransUnion. They use your personal banking information to assess how well you manage credit. This is summarised in a credit report and by a single number - your credit score. Lots of things can affect your credit score, including moving house frequently, which is seen as a red flag as it can be a sign you’re struggling to pay your rent. So, as well as avoiding frequent changes of address, what can you do to make sure you don’t end up in Carly and Steve’s position? *Check your credit report for errors Even small mistakes, such as a mistyped address, can affect your credit score. If anything looks wrong, contact the credit referencing agency to correct it. *Register to vote at your current address This proves where you live and can add 50 points to your credit score, according to Experian. *Build your credit history Having little or no borrowing history may result in a lower credit score. You can build your credit history by opening a current account, setting up Direct Debits or getting a credit-build

Get Savvy Against Scammers Retired teachers Paul and Mary are devoted parents and grandparents to their three children and eight grandchildren. As their family started to grow, they decided they wanted to begin saving for their grandchildren’s future. Disappointed with the returns from their savings accounts, they decided to look into other investment opportunities. After comparing a number companies online, they settled on one and made a £30,000 bank transfer. Within just a few months, their initial investment had grown sizably. Soon afterwards, their eldest grandchild passed his driving test. They decided they’d like to buy him a car, so they made a withdrawal. Being able to do this so easily cemented their trust in the investment company. Over the next year, they made several more deposits. Paul and Mary then agreed they’d like to help one of their children with a deposit for a house. However, when they tried to withdraw the majority of their original investment, they couldn’t access their money or get through to the company by phone, email or any other means. It was at this point, they realised they’d been scammed. On top of wiping out most of their life savings, the scam took a toll on the couple’s mental health. They both suffer from feelings of embarrassment and guilt, and Paul has developed severe depression. Anyone can fall victim to a financial scam Although Paul and Mary feel foolish, financial scams can be extremely sophisticated and trick the savviest of us. We’re used to hearing stories about elderly and vulnerable people being conned but recent research by Lloyds Bank found 18 to 24 years olds are most likely to fall victim to investment scams, making up approximately 25% of all cases. And, in fact, victims aged under 45 account for 70% of all reported investment scams. Types of financial scam Financial scams take many forms including high-return investment opportunities, like the one Paul and Mary fell for, pensions transfers a

Key Dates For Your Finances 2022 Now’s a good time to make sure your fully prepared for the financial year ahead. To make it easy we’ve summarised the key dates and facts and figures below. 1 April National Living Wage (for age 23+) rises from £8.91 to £9.50 National Minimum Wage rises to £9.18 (for 21-22-year olds), £6.83 (for 18-20-year olds), £4.81 (for 16-17-year olds) and £4.81 (for apprentices under 19 or in the first year of their apprenticeship). Council tax bills rise by up to 2.99% (including a 1% social care precept) although there may be some regional variations. The Energy Price Cap increases by 54% as announced by Ofgem in February. Those on default tariffs paying by direct debit will see an increase of £693 from £1,277 to £1,971 per year. Prepayment customers will see an increase of £708 from £1,309 to £2,017. Households in Council Tax bands A-D in England will receive £150 Energy Bills Rebate on their council tax bill to help protect them from rising energy costs. Discretionary funding will also be provided to support those in Council Tax bands E-H or those on low incomes who don’t pay council tax. Reduced VAT rate of 12.5% on suppliers of hospitality, holiday accommodation and attractions, reverts to the standard rate of 20%. 5 April End of the 2021/22 tax year. Have you used all your allowances? 6 April Start of the 2022/23 tax year ISA allowance remains at £20,000 (if it’s a cash ISA, stocks and shares ISA or innovative finance ISA) and £4,000 (for a lifetime ISA) Junior ISA allowance remains at £9,000 (for a cash JISA, stocks and shares JISA or a combination of the two) National insurance contributions paid by workers increases by 1.25%. 11 April State Pension and benefit rates rise by 3.1% in line with the Consumer Price Index. This means the basic State Pension increases to £141.85 per week and the full rate of new State Pension increases to £185.15. Standard Lifetime allowance for tax free pension sa

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