Michael Bains - Wealth Manager - Burfields House Wealth Management

24/03/2022

Absolutely delighted to have qualified as a Vouchedfor Top Rated Adviser for 2022 and to be included in the Times supplement this weekend. I'm extremely grateful for the very kind reviews and feedback from all my clients as I've now qualified two years in a row!! Thank you all

11/05/2021

The long overdue government pledge to reform Social Care and it's funding may be addressed in todays Queens speech. The Pandemic has for obvious reasons placed the long term care issue down the pecking order list of government priorities this last year. Let's hope for some clear policies and funding commitments today, like those working and advising in this area have been calling for addressing the needs of the most vulnerable in our society.

UK ministers split on whether homes should be included in assessing eligibility for means-tested care

20/04/2021

Calculations by Age UK show that had the upper limit risen with inflation since 2011, it would now be £7,236 higher, with the lower limit £4,435 higher. Both thresholds have effectively been cut by 31% since 2011.

Charity condemns ‘miserly’ failure to raise free care income thresholds set in 2011

20/04/2021

"Accessing property wealth will play a vital role in retirement planning, both now and in the years to come. For today’s retirees, it can make the difference between making ends meet or enjoying a more comfortable lifestyle by boosting their pension income, improving or adapting their homes life and paying for domestic care support. For younger generations, it can open up the possibility of receiving a ‘living inheritance’ to support their own financial goals, such as getting on the property ladder"

The total value of UK private property passed £6 trillion for the first time at the end of 2020, as market activity recovered from the first coronavirus lockdown, according to the latest report from the Equity Release Council.

14/04/2021

Very Interesting report around the Bank of Mum and Dad or even Nan and Grandad and helping children and grandchildren onto the property ladder.
Around 61% say they will consider downsizing while nearly a third (31%) would remortgage and 24% would consider equity release plans.
"It is understandable parents and grandparents want to help but they should think carefully about how they release money from their homes and take advice on the most appropriate ways to do so as well as any inheritance tax implications.”

Our new research shows nearly one in five parents and grandparents plan to use their home wealth to help children and grandchildren on to the property ladder in the next five years.

16/03/2021

Very pleased to visit Laura Cooper at St John's C.E. Primary School yesterday to donate 3 laptop computers and assist the school in what has been a very challenging and demanding year, and a big thank you to Paul Heneke at Global Computers, Crowborough for sourcing them.
This year will be our last at the school, as our youngest moves up to secondary school and this was a small token of our appreciation for all the dedication, hard work and support Laura and all the staff have provided for the last 12+ years.
From the Governers, Staff and not forgetting the fund raising by the PTA we will look back in years to come with very fond memories.

16/03/2021

BREAKING NEWS - ACCORD MORTGAGES ARE LAUNCHING THE FIRST 95% LTV MORTGAGE EXCLUSIVE FOR FIRST TIME BUYERS AND BEFORE THE MUCH PUBLICISED GOVERNMENT SCHEME ANNOUNCED IN THE BUDGET IS LAUNCHED. EXPERIENCE OVER THE LAST 12 MONTHS AND THE PENT UP DEMAND FOR HIGHER LTV PRODUCTS MAY MEAN THE PRODUCT IS OVER UTILISED SO FEEL FREE TO CONTACT ME FOR ANY FURTHER INFORMATION

see the news release below:-

First-time buyers with just a 5% deposit will receive a boost from tomorrow (Wednesday) as we become the first lender to return to the 95% LTV market.

We’re launching a five-year fixed rate mortgage - exclusively to first-time buyers. The new product has a fixed rate of 3.99% and comes with a £995 fee and free standard valuation. It’s available up to a maximum borrowing of £500,000.

We won’t be using the government’s mortgage guarantee scheme for this product and it’s not available for flats, new builds or properties in Northern Ireland.

We were one of just a handful of lenders that continued to offer 90% LTV mortgages during the pandemic and we’ve been monitoring the market closely to ensure we carefully broaden our support to those clients with even smaller deposits.

To qualify for the new product, first-time buyers will be able to borrow a maximum of 4.49 times their income, ensuring prudent affordability; to get an accurate lending figure please complete a DIP.

As the first lender to launch a new 5% deposit mortgage to the market, it’s important we balance demand with being able to offer the high levels of service you and your clients expect. So, this product may be withdrawn at relatively short notice, but we’ll continue to signpost our intentions wherever possible.

12/03/2021

Apart from all the other drama in the news this week, how nice was it to see pictures of families separated by this awful pandemic finally being able to hold hands again - who would of thought a year ago we would be denied such a basic gesture and something so fundamental to being human.
If you are like me you are counting down the days when we can finally hug our loved ones

Opening up care homes forms part of the first step of the Government’s road map which sets out how restrictions could be eased over the coming months.

10/03/2021

Imagine if you had a cash machine at home that without fail every single month would pay out the equivalent of a monthly income, would you insure it?

I suspect the answer for most people would be a massive – YES!

Who's the cash machine in your family?

If the worst happened and you or a family member lost an income, what financial impact would this have?

Having appropriate cover in place that pays a tax-free income, for an agreed number of years, in the event of the death or serious illness – is something that should be considered as it could provide the financial security required.

If you have this cover in place, wonderful & if you don’t – you may want to consider putting in place. It may not cost as much as you think!

How important is it to make sure you have the right financial safety net for your family if the unthinkable should happen to you?

When was the last time you reviewed your cover to make sure it is still appropriate?

Many people don’t know this cover is available, did you?

If you're unsure about your current arrangements feel free to get in touch for a no obligation review.