I was discussing Mortgage Protection with two clients recently – such things as Life
and Critical illness cover – when one said to me; ‘So if I don’t make a claim by the time the policy ends, it will all have been just a waste of money?’
A history of adverse credit, whether severe or simply the odd missed payment, can have a major impact on a mortgage
application with high street/mainstream lenders.
During a recent meeting with potential new Lifetime Mortgage clients, they said
something which made me think. They said: “We were always told you should pay off your mortgage before you retire.
I have spoken to a lot of people over the years who have put off even thinking of buying a property, or moving home, because they don’t have a standard Permanent Employed Contract.
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It’s natural that as we get older things become increasingly complex and challenging. Unfortunately, it has always
been that way. As new generations come along, the familiar lies in the past.
As with most things in life, it helps to be prepared. Buying a property, whether you already own a house or this is your
first purchase, is no different. Therefore, here are my thoughts on what you should
be doing from the moment you decide you’d like to buy a new home.
I complete a self-assessment tax return.
Can I spread the cost of my tax bill so I don’t
have to pay it all in January?
I own a pick-up truck for my business
and I am not sure if the tax changes from
April will affect me – what is changing?
I am employed and run a side hustle
selling goods that I make. My income from
the craft business is about £12,000 each
year, but I also have a salary of £45,000. As
my total income exceeds £50,000 does this
mean I need to sign up for Making Tax
Digital?
I am looking for ways to earn more
money. I have a spare room in my house and
both my wife and I have considered letting
this out. Is it true I can do this tax-free?