Manor House Financial Solutions

09/07/2024

26/06/2024

Manor House Financial Solutions provides expert mortgage, protection and insurance advice. Manor House Financial Solutions is a trading name of Michael Joseph Kerrigan and Manor House Financial Solutions is the name under which we carry out these services.

Manor House Financial Solutions is a trading name of Michael Joseph Kerrigan which is an appointed representative of The Openwork Partnership, a trading style of Openwork Limited which is authorised and regulated by the Financial Conduct Authority.

Approved by the Openwork Partnership on 15/07/2025.

14/06/2022

17/06/2020

On Friday, Rishi Sunak announced further details of the second and final grant of the Self-employed Income Support Scheme as well as details on how the Coronavirus Job Retention Scheme will change from 1 July.

The key details are as follows:

Self-employed Income Support Scheme

• This scheme is being extended. If you’re eligible for the second and final grant, and your business has been adversely affected on or after 14 July 2020 you’ll be able to make a claim in August 2020.
• You can claim for the second grant even if you did not make a claim for the first grant.
• The second and final grant will be a taxable grant worth 70% of your average monthly trading profits, paid out in a single instalment covering a further 3 months’ worth of profits, and capped at £6,570 in total.
• If you are eligible for the first grant and have not applied yet, you must do so on or before 13 July 2020.

Coronavirus Job Retention Scheme

• The first time employers will be able to make claims for days in July will be 1 July, you cannot claim for periods in July before this point.
• 31 July is the last day that you can submit claims for periods ending on or before 30 June.
• Furloughed employees will continue to receive 80% of their current salary, up to £2,500 a month
• From 1 July 2020, businesses will be given the flexibility to bring furloughed employees back part time.
• From August 2020, the level of government grant provided through the job retention scheme will be slowly tapered to reflect that people will be returning to work. That means that for June and July the government will continue to pay 80% of people’s salaries. In the following months, businesses will be asked to contribute a modest share, but crucially individuals will continue to receive that 80% of salary covering the time they are unable to work.

Coronavirus Bounce Back Loans

• JCB Finance and Paragon have joined the Scheme meaning there are now 21 lenders of which 3 are in Northern Ireland.
• It is important to remember that the maximum loan under this Scheme is £50,000. So, if a business thinks they might need to borrow more than this amount, they should go for a Coronavirus Business Interruption Loan as you cannot borrow under both Schemes.

Coronavirus Business Interruption Loan Scheme

• There are now 90 lenders participating in the Scheme offering Term Loans, Asset Finance, Invoice Financing and Overdrafts.

06/06/2020

An update on mortgage payment holidays – three-month extension



The Government has announced the requirement for lenders to extend the initial three-month mortgage payment holiday scheme by a further three months. They felt that the extension was necessary because it would be too sudden and soon to end the scheme now for those currently experiencing financial difficulties.



This means help and support will continue for those currently struggling with their mortgage repayments, providing borrowers already taking a holiday with the ability to extend their holiday period until 31 October 2020. Customers who haven't yet requested a payment holiday, will be able to ask their lender for one up to this deadline.



If you can afford to repay your mortgage, it is in your best interests to do so. This is because interest will continue to build during the re-payment holiday period which you will still need to pay back at a later date – effectively meaning you will pay back more in interest in the longer-term. In addition, your monthly repayments after the payment holiday ends may also be higher, or your mortgage may take longer to repay.



However, if you are struggling to make your mortgage repayments because of Coronavirus, the new measures, which came into force from 4 June 2020, should provide much needed help.



Please remember:

If you can afford to repay your mortgage, it is in your best interests to do so
It is only a payment holiday if it has been agreed directly with your lender
Cancelling your direct debit is not a payment holiday and counts as a missed payment. It could also show on your credit file - affecting your credit score and possibly impacting your ability take out credit in the future
Next steps:



You’ll need to deal directly with your lender if you wish to apply for a mortgage payment holiday or extend an existing one. But, there may be other options. So please speak to me first if you can, particularly if you are considering a mortgage holiday and are nearing the end of your current mortgage deal.



Before anything is agreed, your mortgage lender will have to provide you with enough information, so you can make an informed decision. Also, you should be aware that your lender will need to ask you questions about the changes in your circumstances, even if you are extending your mortgage holiday. So make sure that you have up-to-date information easily to hand and ready for this conversation. Lenders have committed to responding as quickly as possible, but due to high levels of demand and staff working from home, service levels might be slower than usual.



If you have any questions or want to discuss your situation further please don’t hesitate to get in touch, I’ll be more than happy to help.


Daniel Kerrigan



Your property may be repossessed if you do not keep up repayments on your mortgage.

02/08/2018

Bank of England raises UK interest rates

The UK interest rate rises to 0.75% - the highest level since March 2009.

27/07/2018

The Bank of England has admitted that current forecasts show its base rate could remain under 2% for the next 30 years

The Bank of England (BoE) has admitted that current forecasts show its base rate could remain under 2% for the next 30 years.

01/12/2017

Stamp Duty scrapped for first time buyers - what you need to know

There’s been speculation for weeks as to what the Chancellor would do for first-time buyers in the 2017 Autumn Budget, and now we know. Stamp Duty has been axed for people buying their first home. Good news.