For many people, buying a home is one of the biggest financial commitments that they will make. But house hunting is not just about getting the price right; you also need to be confident that the property and location is right for you and your lifestyle. Here are some factors to consider when making your move. What can you afford? We strongly recommend that you sit down with a professional adviser to ascertain what you can afford, based on your current financial situation. As well as your deposit and monthly mortgage repayments, there are many other extra costs involved with buying a home. It’s essential to budget for Stamp Duty payments, conveyancing costs and other additional fees. This will help you enter your property search knowing what you can realistically afford. Is this a long-term home? If you see a property you love, it’s tempting to get swept up in the excitement and make an offer immediately. However, it’s important to step back and ask yourself if this is a property that will work for you in the future. For example, a two-bedroom home may suit you now, but will you need more space in five years? Or will you wish you had more garden space when the summer comes? Location, location, location If you are moving to a new area, are you certain that you can see yourself living there? You should do your research and spend enough time in the area so you can feel confident that it’s the right decision for you. Look up the transport links and work out your commute times and costs. You should also research the local schools and amenities, so you know what you’re signing up for. Get a survey It’s important to understand what you’re committing to, which includes any pre-existing issues with the home. Paying for a professional survey now could influence whether you buy the home – you may find out that there are significant structural issues that are going to be too costly to inherit. Take your time Buying a home is a big decision, so don’t rush into anything. You can view the property again and take along someone you trust, so you have another perspective. Compare the home with other properties on the market and make an offer that is appropriate for you and your finances. If you’re buying a flat, make sure you understand if it’s freehold or leasehold and ascertain any building management costs. Talk to us We can help turn your property dreams into a reality. We will guide you through the process and talk you through your mortgage options, so you can view homes with confidence. Contact us for advice today. Your home may be repossessed if you do not keep up repayments on your mortgage. Source: https://www.yopa.co.uk/blog/finding-the-right-home-five-things-every-buyer-should-think-about/

If your job is deemed dangerous by an insurer, this may affect your protection policy. Examples of hazardous occupations Jobs are considered dangerous if there is an increased likelihood of death when compared with the average profession. This includes the Armed Forces and working outside at heights over 15 metres. Firefighters and police officers are also often in this category as evidence shows that there are associated health risks and increased fatalities. How does this affect your life cover? If you have a hazardous occupation, you must disclose this when applying for life insurance, otherwise you risk invalidating your policy. You may need to provide further details about your duties so the insurer can assess the level of risk. Your premiums might be more expensive if the insurer decides there is a higher chance that they will need to make a payout. Get in touch If you are unable to get standard life insurance, you may be able to get specialist cover with the help of a professional adviser. It’s important to consider if you also need critical illness cover or income protection due to the nature of your job. We will explain your options so you can make an informed decision. As with all insurance policies, conditions and exclusions will apply. Source: https://www.legalandgeneral.com/insurance/life-insurance/lifestyle/dangerous-jobs/

Research suggests that many UK households could be missing out on better home insurance deals as they have allowed their policy to auto-renew. A quarter of Brits let their home insurance renew automatically and 17% of this group haven’t checked if better deals are available. A further 8% admit that they left it too late to shop around, by which point their policy had already rolled over. The trend is particularly noticeable among men, who are more likely to let their policies auto-renew. While it can feel convenient, auto-renewal is not always the most cost-effective option. Insurance premiums and personal circumstances can change year to year, so you could end up paying more than necessary. As with all insurance policies, conditions and exclusions will apply. Source: https://press.gocompare.com/news/a-quarter-of-brits-admit-to-letting-their-home-insurance-renew-automatically

House prices picked up in March, with annual growth rising to 2.2% according to Nationwide. This is an improvement on February, when prices rose annually by 1.0%. The average house now costs £277,186. In March, most UK regions saw modest increases in house prices, however the Outer South East and East Anglia both saw price declines. Meanwhile, Northern Ireland outperformed the rest of the UK, with annual growth of 9.5%. In England, the North West saw the strongest increase, with prices rising by 3.3% year-on-year. Interestingly, detached properties recorded the biggest annual growth, with a price increase of 2.4%. On the other hand, the value of flats has only increased by 15% since the start of 2020 – half the growth seen in detached properties. Source: https://www.mortgagestrategy.co.uk/news/annual-house-price-growth-up-2-2-in-march-nationwide/ https://www.nationwide.co.uk/media/hpi/reports/uk-house-price-growth-picks-up-in-march

If you’re self-employed, it’s essential to ensure you have the right protection in place – otherwise, you risk leaving yourself financially vulnerable if you’re unable to work. Many people enjoy the freedom that comes with being self-employed – you can be your own boss and work on your own terms. However, it does mean that you’re not eligible to receive Statutory Sick Pay if you’re unwell. No sick pay, no safety net Research has found that self-employed people take 35% fewer sick days than employed workers because they’re worried about losing out on income. However, carrying on working could be more detrimental to your health in the long run. It’s therefore vital to have appropriate income protection in place, so you can take the time you need to return to full health. The importance of income protection Income protection insurance provides a portion of your income (typically 50-70%) if you are unable to work due to illness or injury. It pays out regular monthly payments until you return to work, retire, or reach the end of your policy term. Unlike critical illness cover, income protection covers a wide range of medical conditions, from mental health issues to physical health conditions. If you have a pre-existing condition, this may not be covered by the insurer, so it’s important to understand your policy terms. The waiting period Once you have stopped work, you will typically have to wait a specific length of time before you can claim income protection payments – this is called the deferred period. As you don’t qualify for Statutory Sick Pay, you may opt for a shorter deferred period so that you can receive financial support sooner. This does mean that your premiums will be higher, so it’s important to calculate how long you could manage without an income. How your work affects your insurance If your job involves a level of risk, this may impact your cover. For example, you might be a contractor who frequently uses heavy machinery and works at height. When applying for income protection, your insurer will ask a range of questions about your job so they can ascertain how much cover you need. It’s important to answer these truthfully, or you risk invalidating your policy. Executive income protection If you are a self-employed director of your own limited company, you might consider executive income protection insurance. The policy will be taken out by the business and protects you or an employee in the event of illness or injury. Get in touch with us if you are considering this option. Here to help We can help you source an income protection policy that is tailored to your unique circumstances. As with all insurance policies, conditions and exclusions will apply Source: https://www.reassured.co.uk/income-protection/income-protection-for-self-employed/#:~:text=Self%2Demployed%20income%20protection%20%5BQuick,to%20meet%20your%20unique%20needs