Blog and News
Newsletter Quarter 1 2015
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classic mortgage mistakes
There are countless articles about getting the best mortgage deal, explaining how to do it right, from finding a product that meets your needs to bagging the cheapest rate.
But, in reality, there are probably half a dozen or more ‘right’ mortgages for most borrowers – all of which would be suitable, competitive and meet their needs. Even in this restricted, post-credit crunch mortgage market, there are still many homeloans out there to choose from.
What’s just as important as finding a deal that suits you is avoiding making an absolute clanger. It’s a case of borrower beware when it comes to taking out a mortgage, because getting it wrong can cost you thousands.
Below are five major mistakes that could lead you to the wrong mortgage:
Your Will could be useless or dangerous!
A badly drafted or out-of-date Will can do more damage than no Will at all!
A Will is a vitally important thing to write. But an incorrect, badly drafted or obsolete Will can be a huge headache.
A Will is an expression of your wishes regarding the management and distribution of your estate after you die. It’s also a legal declaration in which you appoint one or more adults to manage your estate and transfer your property after your death.
Die ‘intestate’ (without a Will) and your property, personal possessions and other assets will be distributed according to intestacy law, rather than your personal wishes. Many believe that when they die, their spouse or partner will receive all their wealth and goods. Actually, this is not the case. In fact, without a Will, your assets are distributed according to a strict legal pecking order.
Three reasons you may be underinsured
Many of us don’t take out enough insurance. It can be a costly mistake.
It is very easy to have too much insurance. Everyone, everywhere always seems to be offering you cover for this or that. But plenty of us go the other way, leaving ourselves short of cover when we need it most. Let’s take a look at three simple ways that you could leave yourself underinsured.
Do you need financial advice?
Do you need financial advice?Financial products can be complicated and it can be difficult to compare options and make the right decision for you. If you are confused by what is on offer, it’s best to seek independent financial advice. You might consider getting financial advice if you are making long-term financial decisions, such as:•
First Time Buyers
First Time Buyer Mortgages Ready to buy your first home? Knowing how to secure loan approval is really important as is getting the best deal. At Southeast Financial Services, you get expert advice from qualified staff. We will advise you on the best options to suit your needs and we will work with you through
Accident & Sickness Cover
Accident and Sickness Cover What would happen to you and your family if you fell ill or had to take time off work? Where would the money come from? Who would pay for the mortgage and everyday household bills? You can forget holidays, treats for the children and any new things around the house.
ARF/AMRF
An Approved Minimum Retirement Fund (AMRF) and/or Approved Retirement Fund (ARF) A Guaranteed Income for Life, or annuity, may be the right option for someone who needs their pension to provide them with a steady income in retirement. However, if your circumstances are such that you do not require a regular income for life
Annunities
An annuity is a contract with a life insurance company that will pay you a guaranteed, regular pension income for life in return for a capital sum. The capital sum comes from your retirement fund. You will pay income tax and Universal Social Charge (USC) on the income that you receive. The amount of regular pension income