PAYDAY LOANS AND CREDIT UNIONS

There has been considerable controversy about payday lenders providing small loans at very high interest rates. Even the Archbishop of Canterbury has entered the fray. It has served to highlight one of the lesser known type of financial institutions – the credit union. These are small non-profit financial organisations set up by members with something in common and with the intention to benefit their community. The common factor might be those living in the same area or working in the same industry. If you are interested in finding out about credit unions near to you, search on www.findyourcreditunion.co.uk.

HOW MUCH WOULD LIFE ASSURANCE COST?

We are required by law to insure our car and our driving, our home and its contents, but insuring our lives is not required, even though the consequences of an unexpected death can be very considerable. Research by the Liverpool Victoria Assurance Company has established that only 31% of households in the UK have life assurance. Life assurance does not need to be expensive. Give us a call and we can tell you what it would cost within the hour.

BUY NOW!

It is probably the best time to set up a new mortgage whether by purchasing or remortgaging. The rates are at historical lows and there are changes in mortgage regulation being introduced by the Regulators in April next year which could make obtaining mortgages more difficult than it is now. Lenders and mortgage brokers will have more hoops they have to jump through, and lenders are likely to have to keep higher reserves to support their lending. If you are not locked into a mortgage, we would recommend that you look at your options now. Just give us a ring and we can tell you what may be available for you.

More Mortgage Options

Also available to help people to buy property are various Shared Ownership Schemes whereby a person buys part of a property and pays rent for the rest of it. To find out more information on this contact the local Help To Buy Agent, by going on line and searching on Help To Buy Agent. There is also to be another Government scheme to be launched in January 2014 which is to help those looking to buy properties which do not have to be new. While we know that it intended to assist those who can only afford a 5% deposit like the other Help To Buy schemes, the full details of this scheme are still being worked on and we will hear more about them later in the year.