HMRC has warned buyers to be cautious of tax agents making false claims about Stamp Duty Land Tax (SDLT). Some homeowners have been wrongly advised that properties in need of repair are uninhabitable, so are eligible for non-residential rates of SDLT. Rogue agents are suggesting that, for a fee, they can secure a tax refund on behalf of the buyer. However, a Court of Appeal decision has confirmed that properties needing repair are still residential and repayment claims based solely on a property’s condition are not valid. Anthony Burke at HMRC has warned, “Homebuyers should be cautious of allowing someone to make a Stamp Duty Land Tax repayment claim on their behalf. If the claim is inaccurate, you could end up paying more than the amount you were trying to recover.” Sources: https://www.jkt.co.uk/news/business-news/archive/article/2025/August/homebuyers-warned-as-hmrc-clamps-down-on-stamp-duty-claims https://www.gov.uk/government/news/homebuyers-warning-as-hmrc-gets-tough-on-bogus-stamp-duty-claims

Life cover is designed to provide loved ones with essential financial protection when it is needed most. But it’s not just a one-off decision - it’s important to review and update your policy regularly, especially after experiencing any key life events that may change your circumstances. Buying a home In a recent survey, 21% of UK life insurance policyholders said that they were prompted to get cover because it was a requirement for their mortgage. Whether or not it’s stipulated by your lender, it’s essential to get protection if you’re a homeowner, as life insurance could help your family to keep up with monthly repayments in the event of your death. Getting married If you’ve started sharing finances with a partner, it’s important to make sure you’re both insured if the worst happened. A joint policy covers two people – it’s often cheaper but usually only pays out once, so a surviving partner would need to take out a new policy. Also, it can be difficult to separate the policy if the relationship breaks down. If a couple takes out separate single life insurance policies, the surviving spouse will still be covered if their partner dies. The birth of a child In the survey, 30% of respondents said they got life insurance because they had become a parent. As well as bringing a lot of joy, having children brings great financial responsibility, so it’s important to make sure your policy reflects that. This does not just apply to your first child; it’s equally important to review your level of cover as your family grows. Planning for the future It’s not just major life milestones that might prompt you to review your insurance. If you’re thinking about estate and tax planning, you might also review your protection plans. For example, if you’re over 50, you might be thinking about who will pay for your funeral, as this can be a big expense for surviving family members. Over 50s life insurance can help with this – while it is not designed to cover all the costs of a funeral, it can pay out a small, guaranteed lump sum to your loved ones. Also, writing your life insurance policy in trust ensures that a payout is not considered part of your estate and therefore not subject to Inheritance Tax. Plus, claims can be paid before probate is granted, so your beneficiaries can receive the money swiftly. These documents are legally binding so it’s important to seek advice about this. Here to help We can help you review your existing policy or explore new options tailored to your needs and budget. Don’t wait for life to change before you act; take the opportunity to review your cover today. Your home may be repossessed if you do not keep up repayments on your mortgage. As with all insurance policies, conditions and exclusions will apply. Sources: https://www.forbes.com/uk/advisor/life-insurance/life-insurance-statistics/ https://www.postoffice.co.uk/life-cover/guides/six-reasons-you-need-cover

Data has found that most consumers prefer to seek professional advice before purchasing an insurance product. Nearly two-thirds (64%) of respondents said they would feel most comfortable taking out protection after consulting an adviser. When researching products, most people (59%) would use comparison sites, while 45% would visit the individual sites of insurance companies. The younger generations Interestingly, 25 to 34-year-olds were most likely to seek advice from an adviser, with 54% saying they would do this when exploring their options. However, 14% of this age group would also consider the opinions of influencers, reflecting the increasing trend of turning to social media platforms for financial advice. This is not advisable as many financial influencers (known as ‘finfluencers’) are unregulated and unreliable. Boost your confidence, seek advice Overall, the survey found that 74% of consumers feel confident about their understanding of insurance products and how to purchase them. Jamie Page at The Exeter commented on the data, “While online resources or AI-powered tools can help people get started, these findings highlight the important role that advisers play throughout the purchase journey.” As with all insurance policies, conditions and exclusions will apply. Sources: https://www.ftadviser.com/exeter-friendly-society-ltd-/2025/8/22/nearly-70-prefer-seeking-advice-when-buying-insurance/

Bank Rate may be at its lowest level since March 2023, but mortgage rates seem to be on the rise again. In August, inflation was at 3.8% for the second month in a row, nearly double the Bank of England’s target of 2%. The Monetary Policy Committee therefore voted to keep Bank Rate at 4% in September, and many experts are uncertain if another cut is likely in 2025. In response to this uncertainty, many lenders have increased their mortgage rates; the average two-year and five-year fixed mortgages are now at 4.97% and 5.02% respectively. While this is lower than the peaks of 6.86% and 6.35% in the summer of 2023, it’s still high in comparison to October 2021, when some of the lowest rates were below 1%. Your home may be repossessed if you do not keep up repayments on your mortgage. Sources: https://www.thisismoney.co.uk/money/mortgageshome/article-1687576/mortgage-rates.html

If you find it difficult to understand leasehold and freehold, you’re not alone. Research has found that leasehold is the UK’s most confusing property term, with the term generating over 160,000 Google searches in the last year. Freehold was second on the list, accounting for 114,000 searches. Most flats are sold as a leasehold, meaning that you own the property for a fixed period, but not the land it sits on. The lease will have a fixed term, usually between 90 and 999 years. With freehold property, you own the building and the land. Most houses are freehold, although there are some that are leasehold, often through Shared Ownership schemes. Most people generally prefer freehold, but it means that you are responsible for maintaining all aspects of the land and property. Sources: https://www.propertyreporter.co.uk/leasehold-tops-the-list-of-most-confusing-property-terms.html