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April 2018

Pearls of wisdom for mortgage buyers

Spring is the time that most people look to buy/sell their house, it’s the time to make sure you are mortgage ready.

Independent Mortgage advisor and Financial Advisor, Jon Nield from Clarke Nicklin Financial Planning in South Manchester has compiled a step by step guide for mortgage seekers.

He comments ‘Our customers tell us that it’s never been harder to land a mortgage. People are being turned away, not because they have difficult or unusual financial circumstances but because of a lack of prior planning. This doesn’t just apply to first time buyers, it’s also relevant to subsequent applications too. Don’t assume that it’s plain sailing; it’s still a stringent process.’

To combat this Jon has listed a few pointers to help buyers prepare to get that mortgage:

  • Get saving; the obvious starting point for first time buyers. There are some worthwhile government funded schemes available such as Lifetime ISA (Individual savings account) and the Help to Buy scheme which has been extended to 2020. It was originally intended to run until December 2016.
  • Get your paperwork in order; most providers want payslips and bank statements up to three months, some ask for six.
  • Consider your outgoings; providers are allowed full access into your bank accounts (not credit cards) and commitments such as golf, football season tickets, indulging in monthly pampering sessions are taken into consideration. The past 18 months are generally tracked.
  • Register to vote; Lenders will use electoral roll details to confirm names, address, previous addresses. It usually must be up to date before they are willing to offer a mortgage.
  • If you have loans, credit cards to pay off ensure you set up direct debits to show you can handle your money. You won’t be turned down for having a credit card, only if you are not managing it.
  • Sometimes a change of job could jeopardise your chances due to the probation period. You therefore might need to consider timing of this.

Jon continues, ‘It is still possible to get a mortgage. Don’t get disheartened by the media surrounding interest rates and lack of availability as there are still good deals out there. Being prepared will give you a greater chance of getting the right mortgage within your means with the best terms for your lifestyle.’

If you would like to discuss this further with Jon please do not hesitate to contact Jon Nield or Kath Arnold on 0161 495 4700, or email jonnield@cnfp.co.uk or kathrynarnold@cnfp.co.uk to make a free no obligation appointment.

Important information

Your home may be repossessed if you do not keep up repayments on a mortgage or other loans secured on it. Think carefully before securing other debts against your home.

Past performance is not a reliable indicator of future performance.

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Stockport ‘skills swap’ set to boost region’s physical and financial fitness

Stockport ‘skills swap’ set to boost region’s physical and financial fitness

Businesses across the region are to be given an opportunity to enhance their staff’s physical and financial well-being, thanks to a successful ‘skills swap’ between two Stockport organisations.

Life Leisure, which manages sport and leisure facilities in and around Stockport, has teamed up with Clarke Nicklin Financial Planning, to exchange respective in-house expertise in order to jointly develop well-being workshops around improving personal health and wealth.

The workshops will be offered free of charge to businesses in Stockport and South Manchester as a way to boost productivity and positivity among their employees and invest in their workplace well-being.

Sessions will be tailored according to each specific organisation’s needs but options will include health assessments, nutrition talks, and advice on posture and staying active in the workplace. The financial planning element of the day can cover areas ranging from the financial life cycle, saving for your family’s future, financial planning and work life balance, protecting your family, through to home buying, inheritance and wills.

Life Leisure’s Head of Marketing Laura Mylotte said: “Employee well-being is so important and something we are hugely passionate about at Life Leisure. As well as making sure individuals are happier and healthier it also has tangible business benefits in terms of productivity. It’s a win, win. Which is exactly why looking at a new initiative with Clarke Nicklin Financial Planning really appealed.

“At first, we were simply planning a straight skills swap between our organisations, with us giving Clarke Nicklin Financial Planning free advice on health and well-being and their advisors spending time with our employees to explain different financial planning techniques, stages and objectives. We then realised that the two elements combined could become a powerful resource other businesses could benefit from.”

Based on the reactions of their own members of staff, the two businesses are confident the session will go down well with workforces across the region.

Managing Partner Andrew Baggott from Clarke Nicklin group said: “We are delighted to be able to combine forces with Life Leisure to provide these workshops to the regions businesses, and provide support and advice in areas which will have very significant long-term benefits to the individuals, and as a consequence the businesses they work for. We are very aware that many individuals don’t obtain or have access to good financial advice, and so it is great to be involved in something which means that we can reach a wide range of people and give advice that will help them and their families, which in turn all contributes to their overall well-being by helping them plan a key part of their lives.”

Businesses interested in booking a free health and wellbeing workshop should email laura.mylotte@lifeleisure.net or julietunstall@cnfp.co.uk

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