TJM Financial Solutions

26/09/2024

Explore our glowing 5-star Google reviews to see the satisfaction of all my clients. If you're interested in booking an appointment, please don't hesitate to contact me.

Tel: 0115 855 7538 or 07528631619
Email: [email protected]
Website: https://www.tjmfinancialsolutions.co.uk
Linktree: https://linktr.ee/tjmfinancialsolutions

We look forward to providing you with excellent service and addressing your financial needs.

19/08/2024

Understanding Income Protection Insurance

Income protection can provide you with a regular income if you're unable to work due to illness or injury. This type of policy can relieve a lot of financial pressure by ensuring you continue to receive an income until you're ready to return to work.

Key Features:

- Average Payout: The average claim payout is 7 years, though policies can range from 1 year to a lifetime payout.
- Coverage Start: The policy typically kicks in when your sick pay ends. For self-employed individuals, the deferred period can be as short as 4 weeks.
- Coverage Amount: The amount of income protection you need is calculated based on your current outgoings and commitments (mortgage, bills, loans, credit cards, food, etc.), up to 70% of your salary.
- Mental Health Coverage: Income protection is the only policy that covers mental illness, including stress and depression.

By considering these factors, you can ensure you have the right level of coverage to protect your financial stability in case of illness or injury.

For personalised insurance advice, feel free to get in touch with us.

Tel: 0115 855 7538 or 07528631619
Email: [email protected]
Website: https://www.tjmfinancialsolutions.co.uk
Linktree: https://linktr.ee/tjmfinancialsolutions

Please note that the information provided is not financial advice, and we are not responsible for any actions taken based on this information. Remember, failing to make mortgage repayments may result in the repossession of your home.

16/08/2024

Mortgage Tip -

Carefully Manage Your Available Credit

Managing your available credit involves balancing how much credit you have on credit cards and overdrafts with your spending. It’s the difference between your total debit balances and your total credit/overdraft limits.

Striking the right balance is key:

- Too Much Available Credit: Lenders might worry you could incur more debt by using all your available credit.
- Too Close to Limits: Staying close to your credit limits suggests you might be struggling financially.

Experian suggests:
- Debt Utilisation: Lenders prefer if your debts are less than half of your available credit. To be even safer, aim for debts to be around 25% of your available credit. For example, if your combined limit is £10,000, try to keep your debt under £2,500.

- Avoid Lowering Limits: If you are using a significant portion of your available credit, don’t lower your limits abruptly, as it can make your financial situation appear strained.

- Avoid Excessive Credit: Don’t maintain excessively high credit limits as lenders might worry you could suddenly take on more debt.

Be aware that some lenders might consider buy now, pay later debts and available credit when assessing your financial situation.

Managing credit is more of an art than a science, and different lenders have different criteria. Aim to use around 25% of your available credit, but always keep it below 50%. And if possible, pay off your debt to improve your credit profile.

For personalised mortgage advice, feel free to get in touch with us.

Tel: 0115 855 7538 or 07528631619
Email: [email protected]
Website: https://www.tjmfinancialsolutions.co.uk
Linktree: https://linktr.ee/tjmfinancialsolutions

Please note that the information provided is not financial advice, and we are not responsible for any actions taken based on this information. Remember, failing to make mortgage repayments may result in the repossession of your home.

14/08/2024

Don't Expect Every Lender to Approve Your Application

Every lender has its own criteria for deciding whether to approve a loan. If you meet their requirements, you might be accepted quickly. If not, your chances of rejection will increase.

For those in the middle, approval depends on several factors:

- Loan Amount vs. Income: Lenders will assess the loan amount in relation to your household income and your ability to afford the repayments.
- Deposit Size: A larger deposit reduces the lender's risk, making you a more attractive candidate.
- Income and Expenses: Lenders will look at your salary and spending habits.
- Employment Status: Permanent employees may find it easier to get a mortgage compared to temporary staff, self-employed individuals, freelancers, contractors, and those with less common occupations. If your employment status makes getting a mortgage challenging, a mortgage broker can help match you with a suitable lender.
- Credit Rating and History: Your credit score and history play a significant role.
- Existing Debt: This includes credit card debt, loans, overdraft usage, buy now, pay later balances, etc. (Note that mortgage lenders treat student loans differently – see more in our Student Loans and Mortgages guide.)

Meeting a lender's criteria increases your chances of approval, but it’s not a guarantee.

Keep in mind that lenders can change their criteria, making it harder for some to get a mortgage. Even if you've been approved before, don't assume you'll automatically be successful with the same lender again.

For personalised mortgage advice, feel free to get in touch with us.

Tel: 0115 855 7538 or 07528631619
Email: [email protected]
Website: https://www.tjmfinancialsolutions.co.uk
Linktree: https://linktr.ee/tjmfinancialsolutions

Please note that the information provided is not financial advice, and we are not responsible for any actions taken based on this information. Remember, failing to make mortgage repayments may result in the repossession of your home.

07/08/2024

I think this would be a good read for anyone curious about what's happening with interest rates.

It was good news for homebuyers as interest rates finally went down. But it has raised a lot of tricky questions for them

05/08/2024

This is the first base rate cut since 2020, which is great news for anyone looking to buy a home or remortgage.

Here’s what it could mean for you:
- If you have a tracker mortgage, your monthly repayments will decrease.
- Lower rates might allow you to borrow more, providing access to a wider range of options.
- Now is an ideal time to review your mortgage options.

For personalised financial advice, feel free to get in touch with us.

Tel: 0115 855 7538 or 07528631619
Email: [email protected]
Website: https://www.tjmfinancialsolutions.co.uk
Linktree: https://linktr.ee/tjmfinancialsolutions

Please note that the information provided is not financial advice, and we are not responsible for any actions taken based on this information. Remember, failing to make mortgage repayments may result in the repossession of your home.

19/07/2024

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17/07/2024

Why it's crucial to work with a mortgage advisor:

If you secure an agreement in principle off your own back but face a rejection during the application stage, it can be puzzling. Why does this happen? When obtaining an agreement in principle online, only a soft credit check is conducted. If you meet the lender's credit scoring requirements, you'll receive a decision in principle. However, when you submit your full mortgage application, a hard credit check is performed. If you fail to meet the lender's detailed criteria, your mortgage application may be declined.

If you use a mortgage broker. We carefully match your criteria and affordability with suitable lenders before securing an agreement in principle, thereby enhancing your chances of approval when you submit your full application.

Additionally, we diligently search for the most cost-effective mortgage deals that align with your specific needs.

15/07/2024

Discover your potential to live life to the fullest by completing the quiz. 🌟✨

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Tel: 0115 855 7538 or 07528631619
Email: [email protected]
Website: https://www.tjmfinancialsolutions.co.uk
Linktree: https://linktr.ee/tjmfinancialsolutions

Please note that the information provided is not financial advice, and we are not responsible for any actions taken based on this information.

12/07/2024

Can I get a mortgage with bad credit? It depends on your specific situation. We'll need to have a meeting to discuss the details of your credit issues.

For personalised financial advice, feel free to get in touch with us.

Tel: 0115 855 7538 or 07528631619
Email: [email protected]
Website: https://www.tjmfinancialsolutions.co.uk
Linktree: https://linktr.ee/tjmfinancialsolutions

Please note that the information provided is not financial advice, and we are not responsible for any actions taken based on this information. Remember, failing to make mortgage repayments may result in the repossession of your home.