NMS Financial Ltd - Simon N. Carr

15/08/2023

Is your current mortgage deal coming to an end?

Concerned about what the new interest rate will be?

Call Simon on 07734255751, we can look into the market for you and find the best deal for your circumstances, at no cost to yourself 😊

26/07/2022

Post Says it All 💪🙏

This photo is incredibly powerful. It shows paralympic swimmer Antonios Tsapatakis standing in front of his chair underwater.

It is a beautiful illustration of how the environment we're in affects what we can do, what we're capable of.

Monday motivation!!

Follow us for all GB Updates ❤

13/05/2021

Hi, please feel free to click on the player below for info on buying your first home, or a refresher on the purchase process.

13/03/2021

**95% Mortgages Return with Government Guarantee**

First-time buyers should be able to secure a mortgage with as little as a 5% deposit, with the government underwriting 95% loans, thanks to new measures in the 2021 Budget.

The 95% mortgage scheme was previously hinted at all the way back in October, as Boris Johnson stated he wanted to ‘turn Generation Rent into Generation Buy’. However, at that time the Prime Minister provided few details. It is now confirmed that the scheme will be available from April, enabling homebuyers to purchase properties worth up to £600,000 with just a 5% mortgage. Both first-time buyers and existing homeowners can take advantage of it.

For Further Details Get In Touch - Now's the Time To Get that New House!!

We will help you throughout the whole application - You will be surprised how easy it is to purchase with our process, we take all the stress off YOU!

23/06/2020

One Reason To Use a Mortgage Broker - Lloyds do not give there deals to Mortgage Brokers, hence you have to deal with them direct....!

We are always here to help you with your mortgage, even after it completes!

City watchdog rules bank mishandled cases of 526,000 customers who fell into difficulties

02/06/2020

MORTGAGE UPDATE:
The deals are slowly starting to come back, now is a good time to have a chat about your new purchase, remortgage or a review on your protection products.

Get them questions answered, whether it's a year down the line or now, we are here to help you get on the right track to achieve your goals.

A wealth of information is at your fingertips.

Look forward to speaking to you, have a great day!

Tel: 07734 255751

19/05/2020

If you where in the process of wanting to move start looking again - deals are coming back.

Lenders are offering more generous terms to borrowers after weeks of restrictions.

14/05/2020

*WE CAN HELP WITH ALL THIS*

No one likes to think about a time after they’ve gone, but life insurance could offer reassurance and comfort to you and your loved ones for this situation.

For most of us, life is a series of important milestones that may cause us to think about the future. Inevitably, when we think about our life and beyond, we can’t help but think of what may happen to the people we leave behind. It’s possible that your dependents or next of kin may become financially responsible for any of your outstanding debts or expenses like childcare costs, a mortgage or even funeral, medical or care costs.

Even if you have been careful with your finances and have no outstanding debts, you may simply wish to leave a legacy to your loved ones, help to contribute to the future cost of living for any dependents or give a small sum to help cover the cost of your funeral.

Whether you wish to leave £5,000 or £500,000, making this provision early can offer you peace of mind.

Do I need life insurance?

One way to determine whether or not you need life insurance is to consider what your financial obligations and contributions are and what the impact of this would be on your loved ones if you were no longer around. If your outgoings are not mitigated by a death in service policy, saleable assets or an income, investment, savings or pension plan then you may want to consider a life insurance policy.

You may have only just taken out a mortgage, meaning you have a lengthy financial obligation to fulfil. If you have children, you might have elected to send them to a fee-paying school. Your funeral is also likely to be a costly event, even if modestly done.

As well as the essentials there are a surprising number of contractual expenses like the cost of running a home, other insurance policies, and raising a child to maturity which contribute to the cost of living and that you may overlook. If you find that you have little-to-no provision for your loved ones after you die, then life insurance might become a serious consideration.

*Why do people buy life insurance*
Here are a few of the main reasons that people choose to buy life insurance:

*Buying a new home*
If you die before your mortgage is repaid, then the responsibility to complete payments falls to someone you love. Life insurance enables you to be proactive about ensuring those you care for can meet those financial commitments after you’ve gone.

Decreasing cover life insurance is a type of cover that helps if you have a repayment mortgage or other sizeable reducing debt. The longer your cover is in place, the less is paid out. This is because your debts are also decreasing, and the insurance is there to help cover these payments. The monthly premiums for this type of policy may also be lower.

If you have an interest-only mortgage, you might be more interested in level-term life insurance. This is where payouts are fixed and the policy is in place for a pre-determined amount of time. The advantage of this kind of cover is that your family’s payout would be the same whether you died a year into your policy or a year before it expired.

*Just married*
If you’ve recently become engaged or married and are joining families and assets, it can make life easier to know you are both covered if one of you were to die. Life insurance enables you to make financial contributions to your partner’s well-being after you’ve departed – which is a beautiful way to honour your marriage vows.

The type of policy that you take out could be single – i.e. only covering you – or joint. A joint policy is usually cheaper than purchasing two single policies, but in most instances it only pays out once, if you make a claim you are no longer covered – the surviving partner would need to take out their own individual policy after that.

Two single policies can pay out upon the deaths of each policy holder and can take away the complexity in the unfortunate circumstance that the relationship comes to an end.

There are pros and cons to both types of policy, but it's important to know that if a relationship breaks down, an insurance provider may not be able to divide a joint life policy into two single policies. Also if you claim on a joint policy and choose to apply for a single policy later in life, it can be expensive because premiums increase with age.

*Having a baby*
The cost of raising a child is expensive, even before factoring in considerations like private education and university contributions. There are policies available that run until your child reaches maturity – and after they’re 18, it’s up to you what “maturity” means.

Providing for your child to protect them against the unexpected is a way to give yourself peace of mind and enjoy the present with them more fully.

Level and increasing cover term insurance are policies which pay out lump sums if you die within your agreed term. If you wish to leave a sum of money to your kids rather than pay off debts, then consider an increasing or level term policy.

*Planning for a funeral*
In 2017 the average funeral cost about £3,784; an increase of 3% from 2016 †. Over 50s life cover could help to pay off this cost. Contributions for this type of life cover tend to be smaller than others as the payout is significantly lower.

Over 50s life cover differs from term life in that there is no fixed length to the policy; it simply exists as long as you live and pays out upon your death. That doesn’t mean to say that you will pay indefinitely for a fixed sum of money though. You will stop paying premiums either after 30 years, on your 90th birthday or on the policy anniversary following your 90th birthday.

The payout doesn’t necessarily need to contribute towards your funeral, however if that is your main motivation for taking out the policy then you might also want to consider a Funeral Benefit Option.

*Inheritance tax*
Another reason people may decide they need life insurance is inheritance taxopens in new window. Inheritance tax has become a bit of a bogey man for those intending to leave money for their children once they die. Bills can run into tens of thousands of pounds, which can make a significant dent in your children’s inheritance. However, if you were to buy a life insurance policy that covered the tax bill, they could enjoy everything you intended them to receive.

You may also want to put your insurance policy into a trustopens in new window. If the conditions of your trust are met, then this means that your assets no longer belong to you, but to the trust. In accordance with HMRC rules, your assets could then be exempt from inheritance tax. You would be able to decide how the trust is managed, for example whether your assets go straight to the beneficiary after your death or are retained by a trustee until your beneficiary reaches a certain age.

Trusts come with important legal implications, and should only be entered into after thorough discussion with an impartial legal or financial consultant. Once you have placed your policy in trust, it is very difficult to undo this, so being certain of what you are doing beforehand is crucial. There are several kinds of trust available, so it is also important to think long-term about how you want your money to be handled when considering this path.

*The next generation*
Getting older is a fact of life, and has a tendency to make us reflect. If you are at such a point in your life – whether due to age, ill-health or any of the above reasons – then the financial security of the next generation will be on your mind. Life insurance helps you put these worries to rest and focus on enjoying the future.

† Source: The Royal London National Funeral Cost Index Report 2017

14/05/2020

Using NMS we help you through all this, from start to finish!

England’s property market is now open for business with viewings, valuations and house moves all permitted. But should you go ahead with a home purchase?

An estimated 373,000 property sales were put on hold during the lockdown and coronavirus crisis, according to Zoopla.

Given the scale of the health pandemic, house price predications for 2020 have varied immensely with Knight Frank expecting a 3% drop while the Centre for Economics and Business Research (CEBR) suggests a 13% fall.

For those who are mid-purchase and are unsure of their next steps in light of the housing market seemingly back on track, Sarah Coles, personal finance analyst at Hargreaves Lansdown, said there are five questions to ask yourself.

She said: “Buying a property is immensely stressful at the best of times, so having the whole process frozen part of the way through has been excruciating. Even now the housing market has re-opened in England, there’s plenty of fresh agony to come. Using NMS we help you through all this, from start to finish!

“One of the most worrying questions for the hundreds of thousands of people who are mid-purchase, is what’s going to happen to house prices, and whether that means they should go ahead as planned, pull out, or renegotiate.

“There’s a broad expectation that prices will fall this year. But nobody really knows how far, how fast, or for how long. It makes it nigh-on impossible to be certain of the best approach.

“However, there are five questions you can ask yourself, so you can be sure that whatever the outcome, you made the right decision for your own circumstances.”

Have I over-stretched myself?
In a rising market it’s always tempting to push your budget to the limit – and sometimes beyond. If you felt under pressure to offer more than you could really afford, or if your circumstances have changed as a result of the crisis, the purchase may not make sense anymore.

Would I rather live somewhere else?
Every house purchase is a compromise, but if you made compromises you’ll struggle to live with because you couldn’t afford what you wanted, a falling market could push more attractive properties into your price range.

What’s the cost of pulling out?
If you’ve already exchanged contracts, losses could be substantial. The seller has the right to keep your deposit, and there could be penalties on top. Before you exchange, there could still be significant costs. If you’ve done searches and paid surveyors and lawyers, you could lose thousands of pounds.

Even at the early stages, if you’re a first-time buyer, this could end up costing you thousands of pounds more in rent if you go back to the drawing board. Before you make any decisions, calculate what you stand to lose.

Am I planning to be in the property for a while?
It’s only natural to worry about falling prices – and the risk that you’ll pay over the odds.

However, this matters far more if it’s somewhere you’ll be selling in a couple of years, so you end up with less than you started with – and even risk falling into negative equity. If you intend to live there for a reasonable period, price drops won’t really matter. There’s every chance prices will have recovered when you come to sell.

Am I prepared to risk losing this property if I negotiate?
If you really want to buy the property, but you’d like a price reduction to protect you from future price falls, you can contact the seller through the estate agent and open negotiations. You may well get a reduction of some kind, because it’s a buyers’ market at the moment.

However, any time you try to negotiate, you need to be prepared for them to refuse and take their chances back on the market. If this is the home of your dreams, you need to be certain you’re prepared to risk this.

13/05/2020

https://www.bbc.co.uk/news/business-52640696

Some Normality Back

Relief for hundreds of thousands as the government sets out plans to restart England's housing market.

12/05/2020

Doing your mortgage through NMS can make you feel on top of the world!!
We do a proper job and protect all your precious things 🌟

12/05/2020

From payment holidays to the housing market's future prospects, we address the most frequently asked questions around how COVID-19 is impacting mortgagors.

After the UK government announced a number of measures to support homeowners who are financially impacted by the outbreak of COVID-19, banks soon followed suit. But the reporting on what's available has been confusing and, in this time of uncertainty, it can be tricky knowing which headlines you can trust - and which schemes you'll benefit from the most.

That's the advantage of having a financial adviser. They can assess your individual circumstances and explain how the new measures, and the options, could impact you personally - and make you aware of any small print that might apply before you commit to a course of action. Below, we cover some of the most commonly asked questions an NMS Financial Adviser could help you with if you're finding it difficult sorting the facts from the fiction.

Q. How does the three-month payment holiday work?

A. If you're a mortgagor and you're suffering financial difficulty as a result of the COVID-19 outbreak, you can request a 'payment holiday' form your lender with immediate effect. Simply put, this allows you to take a break from making your contractual monthly mortgage payment for up to three months. While lenders will report a payment holiday to credit reference agencies, they have confirmed it won't have an impact on your credit score - except where you've stopped paying your mortgage without first consulting them.

Q. Are there any alternatives to a payment holiday?

A. One option may be to temporarily switch from repaying the capital amount borrowed, as well as the accrued interest, to just covering the interest. Whether you opt for the three-month payment holiday or the interest-only repayment plan, it's important to remember that interest will continue to accrue on your mortgage balance. Any missed payments will be added to the overall outstanding amount and divided over the remaining term. This will likely mean a slightly higher monthly mortgage payment when the payment holiday is over - unless, for example, your lender agrees to extend the term.

Q. What happens to mortgage applications that are in the middle of being processed?

A. If you've been offered a mortgage for a purchase, the lender should (where required) extend the term of the offer - until such time as it is physically safe and able to complete. If, at any stage of the process, your circumstances alter (for example, you suffer a reduction in income or the loss of your job), this constitutes a material change of information and you will need to inform the lender. If there is no change in circumstances, then the case should proceed as normal (given the current situation) and the offer will be extended if necessary.

Q. How are lenders carrying out valuations and surveys at present?

A. Surveyors have not been classed as key workers and, due to the possibility of them transmitting coronavirus by entering different properties and meeting with property owners, nearly all physical valuations have currently been suspended. Lenders are looking for ways around this - but in the meantime, they're relying on automatic ('desktop') or 'drive-by' valuations. With the latter, the surveyor doesn't need to leave a vehicle to provide a valuation. Clearly, the lack of a physical valuation presents a risk to lenders so, in most cases, they have temporarily reduced the maximum loan-to-valuation ratio they will offer to around 75% of the value of the property.

Q. Which mortgage transactions can still go ahead at the moment?

A. The Land Registry is still operational, so remortgages with a lower loan-to-valuation ratio can still be transacted. If you wish to switch to a new rate with your current lender to avoid having to pay a standard variable rate, you can still take advantage of that option, as it doesn't require a valuation or change of lender. The majority of purchases, however, are on hold for the time being.

Q. Have banks run out of money to lend to people?

A. No. But a number of banks have withdrawn products and reduced the amount they will lend because of staff shortages due to the virus and the difficulty in obtaining a survey on the property.

Q. What is the wider impact going to be on the property market?

A. In the short-term, the market will be static due to the restrictions on property sales. However, when isolation is over, estate agents re-open and physical surveys and valuations can be completed again, there's nothing to indicate that the property market won't continue as before.

Worried about the impact the COVID-19 pandemic could have on your mortgage situation? Or simply want to understand more? Whatever's on your mind, our Advisers can help. Just ask.

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