Blueprint Services
MORTGAGES . INSURANCES . WILLS
Mortgages
Are you thinking about arranging a mortgage?
It can seem like a daunting task, but don't worry! We're here to help. By using a combination of advanced technology and expert human knowledge, we can quickly find the best mortgage option to fit your specific needs.
It's not just about finding the right mortgage, though. You'll also want to think about which interest rate options will work best for you. We've got you covered with all the information you need on the different types of mortgage products available to you. So, don't let the mortgage process stress you out.
Let us help you find the perfect fit for your current needs and circumstances.
- Buy to Let Mortgages
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Are you thinking about becoming a property investor or private landlord?
A buy-to-let mortgage might be the perfect solution for you! These types of mortgages are specifically designed for individuals or companies who want to purchase a property to rent it out as a source of income. Keep in mind though, that buying a rental property can be a bit tricky. There's no guarantee that the value of the property will increase or that rental income will be steady. But, if things go well, letting a second property to tenants could bring in some great financial rewards in the long run. It's important to weigh the potential risks and rewards before making a decision.
When buying a rental property, you'll also want to think about what your investment goals are. Are you looking to cover the monthly costs and maybe make a profit on the side? Or, are you hoping to make a profit later on by selling the property, assuming its value will increase over time? This decision can affect the type of property you purchase, its location, and the level of risk involved.
If you're unable to buy the property outright, don't worry! A buy-to-let mortgage can help.
Just keep in mind that these mortgages have some differences compared to other types of mortgages. Lenders will typically base their decision on whether to approve the mortgage or not on the rental potential of the property, as well as your own income. However, in some cases, your income may not be taken into consideration. Usually, a deposit of 20-30% of the property's value is required, which is often higher than other types of mortgages. Additionally, you can expect buy-to-let mortgages to have higher interest rates. And don't forget, starting April 1st, 2016, there's an additional 3% stamp duty for buying a second property, whether it's for rental or personal use.
All in all, buying a rental property can be a great investment opportunity, but it's important to consider all aspects before making a decision.
Your property may be repossessed if you do not keep up repayments on your mortgage. Some buy to let mortgages are not regulated by the Financial Conduct Authority. - Remortgages
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Are you thinking about changing your mortgage to a new deal with a different lender without moving properties? That's called remortgaging.
Some people do this because it can work out cheaper for them. For example, if the introductory discounted interest rate with their current lender has ended, they may be able to find a better deal with another lender.
Others choose to remortgage to consolidate their debts. By combining multiple debts into one mortgage, it may seem like you're paying less each month, but keep in mind that you may end up paying more over the entire loan term.
It's important to keep in mind that remortgaging isn't always the best option. Sometimes the savings you make by getting a cheaper interest rate can be outweighed by the fees associated with setting up a new mortgage. And converting unsecured debt to secured debt may not be in your best long-term interest.
When looking for a new mortgage deal, make sure to also consider the overall repayment period. You might be able to pay less each month, but check the final repayment date of the mortgage. It might be longer than your current deal.
It's also worth checking with your current lender, as you might be able to find a new mortgage deal with them, and it may even be cheaper to do so.
Securing short term debts against your home could increase the term over which they are paid and therefore increase the overall amount payable. You may have to pay an early repayment charge to your existing lender if you remortgage.
Think carefully before securing other debts against your home. Your home may be repossessed if you do not keep up repayments on your mortgage or any other debt secured on it. - Offset Mortgages
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An offset mortgage is a type of mortgage that allows you to potentially reduce the amount of interest you pay by offsetting a credit balance against the mortgage debt.
It works by allowing you to offset your unspent income against the outstanding mortgage debt, so you only pay interest on the net amount owed. For example, if you have a mortgage balance of £150,000 and a credit balance of £10,000 in a savings account, interest will be calculated on the net £140,000.
There is usually a borrowing limit, and you can redraw against this limit as the mortgage is paid down. However, it's important to have good management and discipline, as problems can arise if you choose to 'withdraw' previously made mortgage payments. With an offset mortgage, you can make significant interest savings and potentially repay the mortgage sooner, but it's important to make sure it's the right fit for you.
Your home may be repossessed if you do not keep up repayments on your mortgage. - First Time Buyers
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Buying your first home can be overwhelming, but these tips can help make the process a bit easier:
- Budget accurately: Make sure you can afford the home and mortgage, and keep in mind that older properties may require repairs.
- Get a second opinion: Have an experienced home buyer help you view the property.
- Consider the bills: Make sure you budget for expenses such as council tax, utility bills, and home repairs.
- Look at the local area: Check out local amenities, schools, and transport links.
- Check connectivity: Make sure you have access to good broadband speeds.
- Think about commuting time: Consider the cost and time of commuting when choosing a location.
- Equity Release or Lifetime Mortgages
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Equity release provides an opportunity for older individuals who own homes to tap into a portion of the funds, known as equity, tied up in their property's value.
If you're 55 years or older and own a home, you likely meet the requirements to pursue an equity release plan. The funds you release become your own, allowing you the freedom to allocate them according to your desires. Common options include enhancing your home, settling debts, assisting children in purchasing their own homes, or simply savouring your golden years.Equity released from your home will be secured against it.
What is a lifetime mortgage?
A lifetime mortgage is the most popular kind of equity release plan, often tied to your main home. It's like a long-term mortgage that lasts as long as you live, and you continue to own the property entirely in your name.
Unlike traditional mortgages, you typically don't need to make monthly repayments with lifetime mortgages. However, most plans now offer the option to make voluntary repayments if you want to manage the balance. There are various flexible choices available with lifetime mortgages, including:- Making repayments: You can choose to make repayments irregularly or regularly through voluntary or monthly payments. This helps you control the future balance of your mortgage.
- Protecting equity: You have the option to include an Inheritance Protection Guarantee, which ensures that a portion of your estate is safeguarded to be passed on to your loved ones.
- Accessing future funds: With a drawdown lifetime mortgage, you can withdraw additional cash in the future. This is done through an initial cash reserve facility, allowing you to take out funds as needed.
Your home may be repossessed if you do not keep up repayments on your mortgage. - Self Build Mortgage
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A self-build mortgage allows you to borrow money for your building project in stages.
Lenders will typically lend you money for the purchase of the land, and then release money in stages as the build progresses.
The release of funds can be fixed or flexible, depending on the lender, and typically happens in six stages. There are two ways the money can be released, either at the end of each stage or at the beginning. The end of stage release (arrears) can cause cash flow difficulties for self-builders, but the start of stage release (advance) provides positive cash flow and allows you to stay in your current home while the build is ongoing.
The stages of the build depend on the type of construction you are doing - traditional, timber frame or renovation.
Your home may be repossessed if you do not keep up repayments on your mortgage.
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Life and Protection Insurance
This can be a tricky topic, but we're here to make it easy for you.
We'll help you plan for unexpected events and provide peace of mind for you and your family.
All you have to do is reach out to us and we'll guide you through the process and help you make informed decisions to secure your future. And with one point of contact, you'll always have someone who has your best interests in mind.
Please note: the purpose of this website is to provide technical and generic guidance and should not be interpreted as a personal recommendation or advice.
- Life Insurance
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Life insurance is a must-have for many of us, especially if you have dependents.
It can cover your mortgage and provide financial support for your loved ones in case something unexpected happens. It's important to consider your income, debts, and expenses when determining how much coverage you need. If you have no dependents or are comfortable passing your property back to the bank, then life insurance may not be necessary. However, for those with dependents, it's important to consider the financial consequences for them if your income were to cease.
Level Term insurance is a type of life insurance that pays out a fixed lump sum if you pass away within a set term, such as 18 years. This type of insurance is designed to provide financial protection for your loved ones in case of your untimely death.
When deciding how much coverage you need, consider any outstanding debts and the standard of living you want your dependents to maintain. Additionally, consider how long you want the coverage to last, usually until your children finish full-time education or until your partner reaches retirement age.
The cost of coverage will depend on factors such as your age, health, occupation, and whether or not you smoke. The longer the coverage term, the higher the premium. If you're a couple, you can choose to have joint or separate coverage. It's worth getting quotes for standalone policies, as they may be cheaper than joint policies.
If you pass away, the life insurance payout will be part of your estate, which can increase its value. To avoid inheritance tax, consider writing the policy in trust, which means the proceeds go directly to your chosen beneficiaries. This is easy to do and most policies include the option at no extra charge. Please note that these types of plan will have no cash in value at any time, and will cease at the end of the term. If premiums are not maintained, then cover will lapse. - Mortgage Protection
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Mortgage Protection is a type of insurance that helps pay off your mortgage if you pass away during the term of the policy.
It's a good idea to consider this coverage when you take out a mortgage, especially if you have dependents who rely on your income. The cost of the policy is based on factors such as your mortgage amount, length of the term, age, and smoking status. It's worth noting that if you quit smoking, it's worth getting a re-quote as the premium may be lower. Also, consider writing the policy in trust to avoid any inheritance tax on the payment.
Reach out to us for personalized advice and guidance on what type of coverage best fits your needs. - Income Protection Insurance
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Income Protection Insurance can help secure your family's future by replacing a portion of your income if you're unable to work.
It's important to consider this type of insurance, especially if you have dependents or are self-employed with limited sick pay. The cost of coverage varies based on the deferment period and your occupation. Choosing a longer deferred period can lower the cost, and having more savings can also make the policy more affordable. Keep in mind that these policies have a time limit, usually between 12-24 months, while long-term Income Protection Insurance will pay out for as long as you are unable to work or until death.
The plan will have no cash in value at any time, and will cease at the end of the term. If premiums are not maintained, then cover will lapse. - Critical illness insurance
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Critical illness insurance is an important form of protection that can provide financial support in the event of a specified illness.
It can pay out a lump sum or regular income to help you cover expenses related to changes in your lifestyle, such as modifying your home or paying off your mortgage. Even if you're single and have no dependents, critical illness insurance can be a valuable safety net. It's important to review the policy documents for specific illness definitions. It can be a good idea to consider this type of coverage, especially if you have debt such as a mortgage, but it's important to weigh the costs and what you can cover from savings. Some policies also offer a combination of critical illness and life insurance, or cover for total and permanent disability.
Business Protection
Business Protection is all about being prepared for unexpected events that could impact your business.
- Key Person Insurance
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Key Person Insurance Is one important form of business protection.
It's a type of insurance that a small or medium-sized business can take out to protect against potential financial losses that could occur if a key member of the business, such as a director or valuable employee, were to die or become incapacitated. The goal is to help protect profits and keep the business running smoothly. It's important to note that the insurance policy pays out a fixed monetary sum, as specified in the policy, and does not cover actual losses incurred. It's also important to consider the tax implications when setting the sum assured on the policy. - Partnership Protection
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Partnership Protection is a way to safeguard your business in case something unexpected happens to one of your partners.
It's designed to provide a safety net and ensure that the business can continue smoothly in the event of a partner's death or serious illness. This type of protection can include life cover to fund the purchase of the deceased partner's interest in the business, agreements and trusts to ensure the partnership continues, and arrangements for partners who retire or become unable to work.
Having Partnership Protection in place can help to protect your business interests, ensure continuity of prosperity, and avoid the sale of assets to repay the departed partner's interest in the business. It's an important consideration for any business partnership to ensure that you and your partners are protected in case of the unexpected. - Shareholder Protection
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Shareholder Protection is all about being prepared for the unexpected.
It's a way of protecting your business if something happens to one of your shareholders.
For many business owners, running a company can be a time-consuming and complex affair. But it's important to think about what might happen if a shareholder dies or becomes seriously ill. This is especially important for private limited companies with a small number of principal shareholders.
By having the right insurance policy in place, you can ensure that there are sufficient funds available in the event of the death or specified critical illness of a shareholder. This way, the company can continue to operate smoothly while the outgoing shareholder or their family receives fair compensation.
Benefits of Shareholder Protection include:- Arranging for the most appropriate transfer of shares to surviving shareholders, or the company, at a fair commercial price
- Setting up insurance policies to provide the funds to purchase the shares
- Avoiding the need to draw on funds set aside for other purposes
- Preventing the sale of shares to hostile parties or competitors
- Helping to maintain business stability and continuity
- Helping to retain the confidence of employees and customers
Wills & Estate Planning
We are Associates of with APS Legal and Associates and the Institute of Professional Will Writers to offer Will Writing and Estate planning, which includes Lasting Power of Attorney and various Trusts.
The services that we offer provides a convenient and cost-effective alternative to that offered by solicitors and banks and enables us to review your overall financial situation, not just from a legal point of view but holistically to ensure all of your provisions are meeting your needs.
A summary of the common areas that most clients ask for are below.
- WILLS
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It is important for everyone to have a professionally drafted Will, one that you can be certain will be legally valid when you die. No matter how simple your affairs may seem or whatever age you are, a Will ensures that your wishes are set out clearly so that on your death your assets will go to the people you want them to go to.
If you have young children, you can also appoint Guardians in your Will to look after them should you die before they reach 18.
Although a standard Will might meet the needs of a small number of people, most would benefit from the more specialist advice and planning. This is because most people are not aware of the threats by Government and Local Authorities, or even certain family situations, to the assets that they have worked so hard to gain and which standard Wills may not protect against.
There are several Trusts that can be used either in your Will or set up during your lifetime to protect those assets. We can discuss these during your appointment or contact us for more information.
Estate planning and the provision of Wills are not regulated by the Financial Conduct Authority. On behalf of APS Legal & Associates Ltd, Head office: Worksop Turbine Innovation Centre, Shireoaks Triangle Business Park, Coach Close, Worksop, Nottinghamshire, S81 8AP. APS Legal & Associates is a member of the Institute of Professional Willwriters. APS Legal & Associates complies with the Trading Standards Institute Approved IPW Code of Practice. - LASTING POWERS OF ATTORNEY
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These are documents that enable you to give legal authority to a person or persons who you trust, called Attorneys, to manage your affairs for you or make decisions on your behalf, when you are not able to do so yourself, for example following an accident, stroke or the onset of dementia.
There are two kinds of Lasting Powers of Attorney (LPA), one that deals with your Property & Financial Affairs and one that deals with your Health and Welfare. The former would enable your Attorneys to do things like draw your pension or pay your bills or sell your property on your behalf. The latter would enable your Attorneys to make decisions related to your health and personal welfare, for example what sort of care you receive, but this type of LPA can only be used once you lose mental capacity. Both types of LPA must be registered by the Office of the Public Guardian before they can be used by your Attorneys.
Estate planning and the provision of Wills are not regulated by the Financial Conduct Authority. On behalf of APS Legal & Associates Ltd, Head office: Worksop Turbine Innovation Centre, Shireoaks Triangle Business Park, Coach Close, Worksop, Nottinghamshire, S81 8AP. APS Legal & Associates is a member of the Institute of Professional Willwriters. APS Legal & Associates complies with the Trading Standards Institute Approved IPW Code of Practice
