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Last updated by William at November 21, 2013.

Announcing “On the Money” Financial Column Dunfermline Press

Hi everyone,

Just a quick post today to give you the heads up on a new project I am involved in.

I have long been a fan of the Dunfermline Press and the sterling work that regional editor Simon Harris and his team produce to keep the residents of the Kingdom of Fife up to speed with what’s happening in and around our great part of the world.

Now Simon has graciously invited me to do a weekly financial advice column called “On The Money” for the print Newspaper as well as the online version at their website.

It’s a real honour for me, and certainly quite humbling. I am also glad of the opportunity to serve the good people of Fife with clear, easy to understand retirement, mortgage and investment advice in any way I am able.

Please do have a quick look over at Dunfermline Press if you wish, or send me questions or topics that you would like me to cover for future editions. When you send your request in, do also mark whether you would like me to mention you by name in my piece. If you do, I will certainly be sure to include you in my article, so ask away, you may well find yourself in the paper!

Together, let’s help put Dunfermline and Fife even more on the map, and see if we can’t sort our regions finances out too.

There’s another thing to be said for us Fifers too… a great sense of humour (even in public health information from the Scottish Government – just watch this video and have a chuckle! NOTE: Watch until the 1:02 minute spot!)

And here’s my latest article up on the Dunfermline Press site too about help to buy mortgages

Help to Buy Mortgages

See you next time!

Help to Buy: Mortgage Guarantee Scheme and Equity Loan Advice

Your home may be repossessed if you do not keep up repayments on your mortgage. There may be a mortgage arrangement fee.

This is a new initiative provided by the Government to help first time buyers or current home owners who wish to buy property but have limited funds.

There are two choices…

1. Equity Loan Scheme:

This is only available in England. It allows you to borrow up to a fifth of the value of a NEW BUILD property directly from the Government with the property valued at up to £600,000. There is a similar scheme in Scotland, though property value cannot exceed £400,000.

Note: The government DOES NOT charge interest on the money lent for the first five years via the Equity Loan Scheme which is helpful.

2. Mortgage Guarantee Scheme:

This is available across all UK; England, Northern Ireland, Scotland and Wales and can be used for NEW BUILD or PRE-OWNED PROPERTY.

If you can only save a small deposit, the government will provide the rest, guaranteeing payments for part of the mortgage if you lose your job or become ill, and are therefore unable to work and make your own payments.

Note: The government DOES charge interest on the money lent for whole duration of the loan made under the Mortgage Guarantee Scheme.

IMPORTANT: If you wish to take advantage of this government backed help to buy a house or flat, then it’s best to make enquiries as soon as possible because the Equity Loan Scheme closes in April 2016 while the Mortgage Guarantee Scheme closes in October 2016.

Note: For both schemes you must prove you can afford mortgage payments and meet your specific lenders conditions which vary according to whether you apply to get a mortgage from a bank, building society or a special mortgage lender.

Both ‘Help to Buy’ schemes are NOT available for those who wish to purchase property in order to let it out to those wishing to rent property (ie Buy to Let).

You CANNOT use ‘Help to Buy’ for a second home.

If you have questions concerning help to buy for your mortgage, please do give me a call. I will be happy to help. It’s free from a landline on 0800 321 3508 or call my mobile on 0757 679 1009.

Alternately fill out the form below…

A New Kind of Cover For Difficult Times

A NEW KIND OF COVER FOR DIFFICULT TIMES

With the threat of redundancy looming large for millions of people it might be a good time to review what type (if any) cover you may have. Traditional mortgage protection payment insurance (MPPI) usually pays out when you can’t do a job the insurance company feels you’re suitable for. But your idea of what you’re suitable for might not be the same as theirs – making it hard for you when it comes to claiming on your plan.

A new product from insurers LV called Mortgage & Lifestyle Protection has looked at these problems and rebuilt the product from the ground up, basing it on what customers really need. Whilst traditional MPPI usually gives short-term accident and sickness cover, paying out for 24 months at most this new product is more akin to traditional Income Protection where it will pay out for the whole term or until you’re able to go back to work, whether that is 24 months or 25 years. In terms of unemployment it will pay out for 12 months at a time and up to 36 months over the term of the policy. Unlike traditional MPPI it pays out if you can’t do your own job.

The Dangers of Having A Pension Mortgage

Hi all,

Just a short one today folks, but it’s very important…

I received an enquiry from someone concerned about their pension mortgage having been advised by their bank to take one of these vehicles out some years ago.

It really is two separate products though and therein lies our first problem. A pension is designed to create an income for you when you choose to retire whilst a mortgage is obviously a debt that will need repaid at some point.

Fannie Mae and Freddie Mac – Which Way Will the Wind Blow

World markets have responded positively in the main to the news that US has effectively nationalised the two mortgage giants known as Fannie Mae and Freddie Mac. On Sunday the Secretary of the US Treasury Henry Paulson announced the takeover of these two huge American Institutions or GSE’s as they are known – meaning ‘Government Sponsored Enterprises’, a curious mix of both state and privately owned entities. Read more ›

First Time Buyer Mortgages Harder by 350%

A brand-new Royal Institute of Chartered Surveyors accessibility index report published in August 2007 reveals that the cost of purchasing a home in the UK has become substantially more difficult by 350% since 1996. First-time buyers both on lower quartile earnings (£26 667) now need to find approximately £25,600 to pay for a deposit, stamp duty and various purchase costs for even a standard starting home. For a couple buying for the first time this equates to a massive 96% of their joint take-home incomes.