New FCA rules allow some clients to borrow advice costs

"The new rules allow lenders to use a different and more proportionate affordability assessment for customers who meet certain criteria, such as being up-to-date with payments under their existing mortgage and not looking to move house or borrow more." https://www.financialreporter.co.uk/mortgages/new-fca-rules-allow-mortgage-prisoners-to-borrow-advice-costs.html read more

Why funding a BTL investment with a pension pot could be a mistake

"Royal London suggests that savers should think twice before raiding their pension as not only would they have to pay income tax on any pension withdrawal; they would also incur costs such as stamp duty. These taxes can bite huge chunks out of the initial sum meaning people may need to radically rethink what type of property they can afford." https://www.financialreporter.co.uk/retirement/why-funding-a-buy-to-let-investment-with-a-pension-pot-could-be-a-costly-mistake.html read more

Majority of FTB’s underestimate the cost of home-ownership.

In a survey carried out by Aldermore, 57% of respondents spent more money than intended, 23% lived in an empty house for months after moving in and 13% said it took years to afford to furnish and decorate it the way they wanted. https://www.propertyreporter.co.uk/finance/new-survey-reveals-majority-of-ftbs-underestimate-the-cost-of-homeownership.html read more

Do brokers have a duty of care towards client mental health?

Very interesting article highlighting the importance of an advisers role in regard to clients' financial situation. "Part of a mortgage adviser’s job is to get people to buy the houses they can afford, not the ones they think they should have.” https://www.financialreporter.co.uk/finance-news/do-brokers-have-a-responsibility-to-protect-their-clients-mental-health.html read more