Research suggests almost a third of households are already worried about meeting their mortgage repayments. Now, the Bank of England (BoE) has warned that millions of households could see a significant jump in their repayments by the end of 2026. Read on to understand if your finances could be affected and what your options are. According to a BBC report, …
Rising interest rates are placing pressure on household budgets, and some families are considering interest-only mortgages. While they could alleviate some of the challenges now, an interest-only mortgage could have implications over the long term. In response to high inflation, the Bank of England (BoE) has increased its base interest rate over the last 18 months. This has led to …
High inflation and rising interest rates aren’t just affecting households, they’re affecting the UK’s public finances too. Forecasts suggest the government may need to implement tax rises to avoid debt spiralling. According to the Office for National Statistics, at the end of July 2023, public sector debt was an eye-watering £2.57 trillion. That is the equivalent of around 98.5% of …
Reports suggest that the Conservative party will make scrapping Inheritance Tax (IHT) part of its manifesto pledge in a bid to secure the general election. Frozen tax thresholds meant HMRC raked in a record amount of IHT in the last tax year. Read on to find out more about the reports. While there have been reports that IHT would be …
While the State Pension may not be your main source of income in retirement, it’s often an important one. If you’re not on track to receive the full amount, there might be things you could do to boost it. For 2023/24, the full new State Pension is £203.85 a week, adding up to around £10,600 a year. However, your National …
A combination of frozen tax thresholds and rising inflation mean an increasing number of retirees need to consider tax. Read on to find out what you need to know about Income Tax in retirement and how you could manage your tax liability. According to the Independent, in 2023/24, 8.5 million over-65s are paying Income Tax – that’s around a 10% …
Investing in property and securing the right mortgage arrangement can be a significant and, at times, complex commitment in achieving your financial goals. Corporations, individuals, and first-time buyers alike can encounter challenges in navigating the property market, property financing options, and mortgage planning. To make well-informed decisions and find the optimal solutions tailored to your unique needs, expert guidance is …
As life expectancies continue to rise and the cost of living increases, planning for retirement through effective pension schemes has become more crucial than ever. Pensions are the cornerstone of financial stability in retirement. Ensuring a steady income flow that allows you to maintain your desired lifestyle and achieve long-term financial wellbeing. TPD Wealth Management, a Stockport-based financial planning firm …
The UK investment market has experienced a rollercoaster ride in recent years, marked by challenges such as political upheaval, Brexit uncertainty, and the ongoing global pandemic. These factors have inevitably increased market volatility and potential risks and opportunities for investors. In this rapidly evolving landscape, staying informed and abreast of the latest updates is essential to make sound investment decisions, …
Retirement – a well-deserved period of relaxation and fulfilment after a lifetime of hard work and responsibility – is a vital milestone in an individual’s financial journey. However, achieving a comfortable retirement requires careful planning, strategic decision-making, and consistent progress monitoring to ensure long-term financial well-being. As life expectancies increase and retirement periods extend, the significance of a well-crafted, personalised …
