For most retiree’s, property is often their biggest asset and due to a combination of poor pension provisions, people living longer and an increase in housing prices, more and more of our mature population are becoming asset rich and cash poor.
The reality is many over 55’s are in a position where they have outstanding interest only mortgages without any means to repay them. Alternatively, they may be in this position due to an under performing endowment. They have all of their wealth tied up in their home without the ability to access it for things such as urgent home improvements or even simply to pay for a holiday and enjoy their retirement.
Equity Release gives people aged 55 and over whom have money tied up in their home, the ability to release equity from the property without having to sell it or make monthly repayments. The homeowner can decide to take a lump sum or draw down smaller regular amounts (or a combination of both) from the value of their house whilst still residing in it. For many, this can also be an opportunity to repay an interest only mortgage.
AdviserLoan offer a range of Lifetime Mortgage solutions whereby clients can take out a mortgage on their property (provided it is their main residence) and still retain ownership. We do not currently offer Home Reversion Plans.Is Equity Release the right option for your client?
Whilst a Lifetime Mortgage can be a great solution for many, there are other options they may want to consider first. The following key questions can help you determine whether Equity Release is the right option for them:

• Would they consider taking in a lodger if they have the capacity to?
• Would selling and downsizing be an option?
• Are they eligible for any state benefits or local authority grants?
• Do they have access to investments or savings that could be used instead?
• Do they have a family member who could help?

 
If all of the alternative options above have been given careful consideration and discounted by your clients , then Equity Release could be for them.Why choose it?
A Lifetime Mortgage can be an excellent option for clients looking to raise money to subsidise their retirement income, repay an interest only mortgage, fund home improvements, provide a house deposit for their children or simply tap into their asset wealth to allow them to enjoy their later years in whichever way they wish.

• The client can protect some of the value of the property as inheritance for family
• Many offer the option to make repayments or at least service the interest
• Most allow the interest to roll up if required (loan amount and any accrued interest is repaid upon death or moving into long term care) this option means the applicants are required to make no payments if they wish.
• Clients have the right to remain in the property until death or move into long term care
• Only pay interest on the amount withdrawn
• No Negative Equity Guarantee (Client or their estate will not be liable for any negative balance on the loan once the property is sold)
• Some lenders offer the right to move to another property

*(t&c’s apply to all of the above)Criteria
The strict criteria involved in the process of a Lifetime Mortgage can be challenging, but here are a few of the key points:

• Available to individuals aged 55 and over
• Borrow between 20% and 50% of the value of your property dependant on age
• Enhanced rates available for applicants with certain health conditions
• Interest rates are fixed or capped variable
• No fixed term
• An attorney can act on behalf of an applicant if the homeowners have lost mental capacity providing they have the required permissions and are acting on the best wishes of the applicants
• Early repayment charges can be fixed or gilt linked
• Downsizing protection

Why refer to us?
Benefits for your client
We pride ourselves on excellent customer service and aim to be simple fast and efficient in all our dealings with them.
We provide a face-to-face meeting so we fully understand their needs and objectives. In our experience, this is highly beneficial and ensures they appreciate both the benefits and implications of a Lifetime Mortgage.
We will advise them throughout the process, keeping them up to date with each stage of their application and answering any questions they may have, no matter how small.Benefits for you
AdviserLoan are specialists in the field of Equity Release. We use our knowledge and expertise to research the right product for your client, so you don’t have to.
As an adviser referring a client to us, you will receive 50% of the gross procuration fee.
We will keep you up to date with the progress of your client’s case throughout the process and will only discuss the product in question with your clientProtection and Peace of mind
We are members of the Equity Release Council – The UK’s leading industry body for Equity Release
We are fully insured. Our Professional indemnity Insurance policy provides cover of £1m
Passionate about Treating Customers Fairly. We put your client’s interests at the heart of everything we do and always provide honest and up front information regarding our fees and services

For most people, your mortgage is your largest financial commitment, therefore finding the right mortgage for your new purchase should be top of your list.
With the uncertainty of interest rates, it is a good idea to bag yourself a favourable deal, however with a minefield of products to contend with including fixed, trackers, offset and discounted, it can be confusing and all-consuming especially if you are a first-time buyer.
Our guide will help to advise you through your new purchase whether you are a first-time buyer or moving home, we can help you Everystep of the way.How much can I borrow?
Different lenders all lend different amounts which doesn’t make it easy. Lenders have different views and leniency towards additional income such as benefits, overtime, commission and bonuses which can make it feel impossible to find the right lender without the aid of a mortgage adviser.
Additionally, lenders don’t just look at your earned income they also look at what you can afford. This means additional liabilities aside from the mortgage can impede the overall maximum borrowing, essentially the higher your debts, the lower you can borrow on a mortgage. Other household costs such as utility bills, travelling and dependants can influence your affordability.
Cutting out unnecessary spending in the run up to applying for a new mortgage is a wise idea and avoid taking out any new liabilities as this can have a negative impact on your ability to obtain a mortgage.
Proving affordability to your proposed lender can be a difficult task. A mortgage adviser can help present to your lender a clear picture of your personal and financial circumstances. They have access to specific information and have a good knowledge of lenders’ criteria and what documentation and information they require.  A good adviser can increase your chances of acceptance by matching you to the best deal available based on your circumstances, credit history and their knowledge of the industry.How much deposit do I need?
The golden rule is quite simple, the bigger the deposit, the better the interest rate, the lower the monthly payments the cheaper the mortgage. Mortgage rates are the highest at 5% available deposit and the best rates are obtainable at 40% available deposit.
Gone are the days of 100% mortgages but lenders do allow deposits as low as 5% and the help to buy government incentivised scheme may also be worth reviewing depending on your circumstances. Please see our help to buy blog for further information regarding this.Boost your chances of getting a mortgage
Having a big enough deposit forms only part of the process, affordability and credit scoring play as much a part in the lenders assessment of whether they are willing to give you a mortgage. The following will aid your mortgage eligibility:

• Ensure you are on the electoral roll
• Check your credit file for any discrepancies
• Check the address on your credit file is current
• Break with past relationships – write to lenders to disassociate yourself with ex partners etc.
• Do not miss or make late payments
• Keep applications to a minimum before applying to remortgage
• Avoid withdrawing cash on a credit card
• Avoid payday loans at all costs
• Pay off your credit cards in full each month
• Close any unused credit cards
• Stay out of your overdraft

What type of mortgage should I choose?
It’s not always entirely about saving money, ensuring that you have a product that is right for your circumstances is imperative.
Maybe you’ve had a pay rise or a change of job and would like to pay more of your mortgage off and would like the shortest term possible?
Maybe you are concerned about interest rate changes and require your mortgage payments to be stabilised for a long period?
Do you have a mortgage already and is this portable or will you incur penalties for leaving?
Maybe you only plan to stay in the property for a year and would prefer a product where you do not get charged to leave?
Maybe you require the lowest payments possible?
Perhaps you do not require stability of payment at all?
Do you have savings in place and would like to offset these against your mortgage?
There is no one size fits all and a good mortgage adviser can help you find the right product for you and explain all the different options available.Repayment or Interest only?
Unless you have a compelling reason and a sufficient repayment vehicle in place, a repayment mortgage is the way forward and the only way you are going to pay the loan off. The monthly mortgage payments are calculated to both service the interest and pay off the capital of your home over the mortgage term.
Interest only mortgages only service the interest of a mortgage loan and lenders often have very strict criteria regarding this and some lenders have pulled their interest only residential products completely. Applicants generally are required to have a significant amount of equity in the property (enough to downsize in later life) and higher incomes.What paperwork will I need to apply?
All lenders will need the following as a minimum:

• Proof of income – Often your last 1-3 month’s payslips or 2-3 years accounts/SA302’s if you’re self-employed, including proof of bonuses or commission and pay rises.
• Latest 1-3 months bank statements.
• Proof of address – Usually in the form of a utility or council tax bill dated within the last 3 months.
• A valid proof of identity such as a passport or diving licence.

What type of mortgage do I need?
With so many options out there, it is best to liaise with a whole of market mortgage adviser who can help you chose which type of mortgage fits your needs. They can give you impartial advice based on an initial assessment of your financial circumstances and what offers are available.Benefits of letting an adviser help you find the right mortgage?
Good Mortgage advisers will be qualified and experienced. There is so much information out there to process and using someone highly skilled in this area can be hugely beneficial, it takes the strain out of searching through endless options on the internet, being baffled by the jargon and the sheer number of banks and building societies offering mortgages.
Some brokers charge little or no fee’s (depending on the services offered and your individual circumstances) and choose to get paid by the lender for bringing in the business, saving you even more money.
A good adviser should be able to quickly source a relevant product that fits your needs and budget. They can talk to lenders on your behalf, presenting your application in the best possible light and increase your chances of acceptance. In addition, some lenders will only work with brokers offering intermediary exclusive products, which you would not otherwise have access to if you were to go direct.
Whole of market advisers offer exactly what they say on tin, they can research the market quickly and thoroughly saving you from trawling through every lender one by one leaving behind a trail of failed applications and footprints on your credit score. They have access to the whole of the market (as opposed to one bank or a select few) and the resources to speak to the lender’s underwriters quickly, aiding the speed of applications and allowing them to resolve problems quickly as opposed to waiting days for a call back or an in-branch appointment with a bank.Regulated by the Financial Conduct Authority (FCA), they are unbiased and a good adviser will usually come by recommendation giving you further peace of mind.
Everystep Financial are fully qualified, whole of market mortgage brokers, with a wealth of knowledge and experience in all types of remortgaging. We are available to visit you at a time convenient to you, in the comfort of your own home. We have offices in Weston-super-Mare and Hanham in Bristol and telephone appointments are also available if you prefer.
Call us to book a free no obligation initial review and let us take the stress out of remortgaging!

Many of us insure our phones, pets, cars and holidays but forget to insure ourselves against accidents and sickness. For most, work place sickness benefits are fairly limited if any are provided at all. According to a study carried out by the money advice service, more than 16 million people in the UK have less than £100 in savings. This means that for most, they have nowhere near enough savings in place to cover household bills in the event of any accident or sickness. Unless you have parents to fall back on or a wealthy spouse, then you are likely to fall into financial difficulty if you were unable to work.
Additionally, your mortgage has been secured by your income, if your income were to be affected by you may not be able to afford your mortgage. It’s imperative to protect the source that allowed you to obtain your mortgage in the first place!
We ask that you ask yourself the following questions:

• How much are your household bills each month?
• Could you pay your bills if you did not have an income?
• How long could you survive on statutory sick pay?
• How much sick pay does you employer offer and what will you do when this stop’s?
• Do you have sufficient savings in place to cover your income in the event that you were unable to work?

What is Income Protection?
Income protection is designed to provide an income should you not be able to work due to accident or illness. Unless you have sufficient savings in place or family to help, you are likely to struggle affording your household bills should you not be able to work; even for a short while. Income protection providers generally pay out up to 60% of your income as a monthly benefit in the event that you were unable to work due to accident or illness. The pay-out will continue right up to when you return to work (or for a set period of time) without leaving you short and allowing you to focus on getting better rather than worry about how you might pay your bills.
If self-employed: Being self-employed means that you have no company sick pay and that your entitlement would be limited to statutory benefits in the event of sickness. If eligible, the current standard weekly rate for Statutory sick pay is £95.85 per week and only up to 28 weeks, this is far lower than most incomes and would not cover standard outgoings in the event of accident or sickness.
For Employed when sick pay ends: Most company sick pay will out pay out for a short amount of time, after which you may be entitled to statutory sick pay up to 28 weeks. The current standard weekly rate for Statutory sick pay is £95.85 per week, as above, this is far lower than most incomes and would not cover standard outgoings in the event of accident or sickness.In order to ensure that income protection is affordable for everyone, there are 2 years, 5 years and full term plans which are payable until retirement (most often age 70). The 2 and 5 year plans are lower in cost as they pay out for a shorter period of time.
Even if you are self- employed without any proof of income, in your first year as a sole trader, there’s an income protection plan for you!
No doubt will you have arranged suitable life cover to ensure your mortgage is repaid in the event of your death, so why not take out a policy that may benefit you whilst living?
Everystep Financial are fully qualified, whole of market brokers, with a wealth of knowledge and experience in all types of insurance. We are available to visit you at a time convenient to you, in the comfort of your own home or undertake a remote review. We have offices in Weston-super-Mare and Hanham in Bristol.
If you would like to review your income protection options, please get in touch for a quote!

Getting on the property ladder is a daunting task for many first-time buyers, saving a substantial amount of money for a deposit is challenging but with the new government ‘Help to buy ISA’ you can boost your saving potential by 25%, for every £200 you save the government will pay a bonus of £50 (up to a maximum of £3000)How do I do this?
Help to buy ISA’s are available from a range of high street banks and building societies and credit unions. One of the benefits of the scheme is it is available to each first-time buyer, this means that if you are planning to buy with a partner you can both receive the bonus gaining an additional £6000 towards your deposit.
Save up to £200 a month into your Help to Buy: ISA. To kickstart your account, in your first month, you can deposit a lump sum of up to £1,200.
The minimum government bonus is £400, meaning that you need to have saved at least £1,600 into your Help to Buy: ISA before you can claim your bonus. The maximum government bonus you can receive is £3,000 – to receive that, you need to have saved £12,000.
When you have saved your deposit and are ready to buy your first home you will need to instruct a solicitor to carry out the application for your bonus on your behalf, this will be received on completion to consolidate the funds needed to purchase this cannot be used before completion to pay for any indirect cost associated with buying your home such as solicitor fee’s or estate agent costs.How can I find out if I’m eligible?
The basic criteria is as follows:

• You must be 16 or over
• Have a valid national insurance number
• Be a resident in the UK
• Be a first time buyer (including overseas property)
• Not have another active cash ISA in the same tax year – if you have opened another cash ISA this tax year you can open a help to buy ISA but will need to take additional steps.

 
To qualify for the bonus the property you are buying must fit the following criteria:

• Be in the UK
• Have a purchase price of up to £250,000 (£450,000 in London)
• Be the only home you will own
• You intend to live in the property
• Be purchased with a mortgage

 
The Help to buy ISA can be used in conjunction with other government schemes such as the help to buy equity loan scheme and shared ownership.FAQ
How long will the help to buy ISA be available for:

• According to the government the scheme will be available until 30^th November 2019 where the scheme will be closed to new savers, however existing savers can continue to save until 30^th November 2029 and your bonus must be claimed before 1^st December 2030.

Am I considered a first time buyer?

• A first time buyer is someone who does not own and has never owned a property anywhere in the world.

Can I open a help to buy ISA on behalf of anyone else?

• No, the help to buy ISA’s cannot be opened on behalf of someone else.

Can I open a help to buy ISA with anyone else?

• No, you must open accounts individually, if you intend on buying with someone else you will need to save separately. If the property you wish to purchase is within the price caps you can separately claim the government bonuses due on your savings and put both bonuses towards the home you are buying.

If I own a property in trust am I still a first time buyer?
If you have or had an ongoing beneficial interest in a residential property via a trust, (including a trust created by a will or divorce), then you are not a first time buyer.
However, you are still a first time buyer if:

• You are named as a beneficiary of residential property in the will of a person who is still living; or,
• If the trust to which you are or were a beneficiary was only created for the purpose of selling the property and other assets following a death or divorce, and the title of the residential property was never transferred to your name or to a trust which you are an ongoing beneficiary; or
• If you are only acting in a trustee role and will not be entitled as a beneficiary in the future, (and do not have any other interests in residential property).

I already have a cash ISA can I open a help to buy ISA also?

• If you have already paid into a cash ISA this tax year, then you will need to transfer your active cash (up to £1200) into a help to buy ISA. Any amount over £1200 will need to be transferred into either a stocks and shares ISA, an innovative finance ISA, Lifetime ISA or a non ISA account – however the total amount saved must not exceed the annual subscription limit for ISA’s.

Alternatively, some ISA managers offer portfolio ISA’s which allow you to hold multiple ISA products within a cash ISA wrapper. In this instance it would be best to speak to an ISA manager to discuss options.What is the maximum amount I can save? And do I have to save the maximum to receive the bonus?

• The maximum amount that you can save with a Help to buy ISA is 200 per month.
• You can save as much as you like up to £200 per month however you cannot roll over the allowance.

Can I make multiple deposits into the account during the month?

• Yes, you can providing it doesn’t reach the £200 limit.

Can I withdraw money from the ISA?

• Yes, however you cannot deposit the money back in, within the same month, you will have to wait until the following month.
• You must let your manager know if you plan to withdraw all the money from the ISA as they will need to provide you with a closing statement so that you are entitled to claim your bonus. There are however exceptions should you withdraw your money and the sale of the property falls through.

When is the help to buy bonus paid?

• Your solicitor will claim the bonus between exchange and completion.
• If you are in the situation where you need the government bonus to make up the deposit on exchange of contracts, then your solicitor or conveyancer will be able to advise you on your options. In this instance your solicitor or conveyancer should be able to agree a smaller deposit at exchange with the seller; with the promise of the government bonus to follow as part of the overall deposit.

Will my bonus contribute towards the deposit I need to buy my first home?

• Yes the bonus does contribute towards the overall deposit needed for your home, this will be taken into account when calculating how much you can borrow.

Will the interest on my savings be counted towards my bonus?

• The amount of bonus you will be entitled to will be calculated when you close the account, this will include both the savings and interest earned on the savings. However, you will not earn interest on the government bonus.

Ok I’m ready to apply, how do I do this?

• When you find your home, you will be asked by the lender to instruct a solicitor to take care of the legal work associated with the purchase, You will need a closing statement from the ISA manager to give to your solicitor to enable them to claim your bonus on your behalf, the bonus will then be sent to the conveyancer ready for exchange and completion.

How much will it cost me to instruct the conveyancer to process my bonus application?

• The conveyancer or solicitor cannot charge more than £50 plus VAT to process the application for you.

What if I want to buy a home before I have saved enough to claim the £3000 bonus?

• You must save at least £1600 to claim the minimum £400 bonus from the government, if you close your account before you save the minimum £1600 you will not be entitled to any bonus.

How long after closing my account can I claim my bonus?

• You have 12 months from closing your account to claim your bonus, so its important to not close your account until you are confident that you are about to buy your home.

My house purchase has not proceeded to completion- what do I do?

• You can re-open your account, but you will need a document from your solicitor called a ‘Purchase failure notification’ confirming the property did not complete. Take this document back to your ISA manager and the account can be re-opened for you. You can deposit your money back in as a lump sum.

Is my property eligible for the London price cap?

• A map of the London boroughs that are eligible for the £450,000 price cap can be found HERE

Do I have to live in the house that I buy using my help to buy ISA?

• This must be your only home and cannot be used as a rental property or holiday home. However, there are exceptions for members of the armed forces, if you are unable to use your home when you purchase it you are able to rent it out until you can.

What happens if my personal circumstances change after I have received my bonus?

• The government accepts that circumstances change which may mean you would need to rent out your property in the future. The government is clear that they will not claim back the bonus if personal circumstances change however if the person claims the bonus and has no intention to make the property their main residence then the government will seek to claim back the bonus.

If I am buying a shared ownership property can I claim the bonus still?

• Yes, providing all other criteria are met.

What is the price cap for shared ownership properties?

• The property price cap in these instances is the full sale price of the property rather than just the share that you initially buy. You should speak to your conveyancer who can advise you in more detail and calculate if the property is eligible.

Can I use the Help to buy ISA scheme to buy land to build my own home?

• Providing you meet the criteria, you can use the bonus to purchase land to build your first home. You cannot however, use the scheme to build a home on land you already own.

I own undeveloped land or agricultural land, am I a first time buyer?

• Yes, if you own land that has never been developed and is not in the process of being developed you may still be classed as a first time buyer.

Can I buy a property without a mortgage and still use the help to buy ISA scheme?

• No the property must have a mortgage to qualify.

This information has been taken from the government Help to buy website, for more information please click HERE.
Everystep financial are fully qualified whole of market mortgage brokers, we are available to visit you at convenient times, in the comfort of your own home, our Weston-super-Mare branch or our Hanham branch in Bristol. Telephone appointments are also available.
Call us to book an appointment for a free no obligation financial review.

The government launched the help to buy scheme in 2013 with the idea of making it easier for hardworking people with small deposits to get on the property ladder.
The scheme is now only available to first time buyers, helping them take their first step on to the property ladder.How does it work?
Pro’s
The equity loan scheme allows you to borrow a maximum of 20% of the purchase price of the property in the form of a help to buy loan. You need to have your own deposit (a minimum of 5%) available to be eligible for the scheme. Should you have a larger than 5% deposit available, this can be used if you wish, however the maximum deposit you can put in alongside the 20% equity loan is 55%, giving you a total of 75%. Help to buy London works in the same way but the maximum loan is higher at 40%.
One of the main benefits of the scheme is that it provides you with a much larger deposit than you might ever be able to raise yourself. This allows you to be eligible for lower 75% loan to value rates, as opposed to much higher 95% LTV rates if you were only able to put down your 5% personal deposit.
The loan is interest free for the first 5 years. In the sixth year, you will be charged 1.75% of the loans value. The loan increases each year at 1% above the retail price index (RPI) and repayments are due monthly.
Example:
Con’s
It is important to remember that the loan will not decrease in size unless you opt to repay part of it early, which means that over time, the cost of the admin fee along with rate increases could become expensive, especially if inflation rises.
These costs will need to be paid in addition to your mortgage repayments, so you need to be sure they are affordable based on your income. Ideally, the loan should be repaid within 5 years to avoid interest costs.The following conditions apply:

• Only available to first time buyers
• Property must be a new build
• Property value no higher than £600,000
• You must intend to live in the property (not eligible for second homes or buy to lets)
• You must meet the loan schemes affordability assessment
• The loan must be repaid within 25 years

How to apply?
The first step is to contact your local help to buy agent to check you are eligible and confirm the terms of the loan. This link, will take you to the local help to buy website where you can find more information about the scheme, including your local agents contact details.
If you are accepted for the scheme, you will be issued with an authority to proceed form (ATP) at which point a full mortgage application can be completed. Your chosen mortgage adviser will require a copy of this.Repaying the loan
Be aware that the loan is an equity share in your property, not a fixed loan amount. As an example, if you took the full 20% loan, you will owe 20% of the current value of your house.
The loan can be repaid at any time, in full or part. For many, this is often repaid on the first remortgage. However, if you aren’t in a position to repay the loan or you don’t want to, there are plenty of lenders that will allow a re-mortgage, whilst keeping the equity loan in place.
Once the loan is repaid, you will be released from the terms of the help to buy scheme.How can we help?
Everystep Financial are experts in help to buy mortgages. Our independent specialists can help you find the most suitable mortgage for your new home. We don’t charge broker fees on  standard residential mortgages with no adverse credit (unlike some Advisers you might find on new build sites). And we are here to guide you through the process EveryStepof the way.
 Please contact the office on 01934 51533 if you would like more information or to book a free initial, no obligation consultation.

Understanding life assurance can be confusing. With everyone having different needs and circumstances and so many different products and providers out there, it can feel like a minefield…However, it doesn’t have to be with the help of a good financial adviser and our short guide.Why should you consider Life Insurance?
Life insurance is fundamental to having a sound financial plan and it’s not as expensive as you may think. According to moneytothemasses.com a healthy 30 year old male (non smoker) requiring £100,000 of life cover, over a 20 year term can be as little as £5.08 per month. This is less than the price of a couple of take away coffees per month but gives you the peace of mind,knowing that your mortgage is paid off and your loved ones are protected.
If your loved ones depend on your financial support for their livelihood, life insurance should be an extremely important consideration for you. It can help to ease the potential financial strain on your family and maintain their standard of living, giving you peace of mind that they will be looked after if you were no longer here to do so.Types of cover
There are many different types of life insurance available to suit a range of different needs and circumstances. The most common are:Term Assurance Policies

• These types of policies run for a fixed period of time, known as the ‘term’ of your policy (such as 5, 10 or 25 years)
• They pay out a lump sum if you die during the policy term
• There is no lump sum payable at the end of the term
• You can choose from either ‘Level’ term, meaning the sum assured remains level (the same as when you took the policy out) throughout the term, or ‘Decreasing’term, meaning the sum decreases by a certain amount (based on a chosen percentage) each year
• Decreasing term assurance is commonly used to repay a mortgage in the event of death. It is usually cheaper than level term assurance (because it decreases in line with your mortgage) and for this reason, is also sometimes known as ‘mortgage protection’.

Family Income Benefit

• This type of plan pays either a lump sum or more commonly, a monthly income to help a spouse or guardian with living costs and other household expenditure
• Many people have a lump sum policy to repay their mortgage but forget that running a household (especially one with children!) can cost well in excess of the mortgage payment. A monthly income is essential in almost all homes
• The knowledge that your family can still afford their bills and maintain their current lifestyle in the event of your death can be invaluable
• The sum assured is usually level but some providers offer an option to increase it in line with RPI- so you don’t have to worry about inflation
• It’s a good idea for the term chosen to be in line with your youngest child becoming financially independent (usually when they turn 21)

Critical Illness Cover

• Pays out a lump in the event of you being diagnosed with a critical illness
• Can be used to cover household costs for a period of time, repay a mortgage or cover mortgage payments, relieving financial pressure and allowing you to focus on being treated and hopefully getting well
• There are many different providers offering cover for various different conditions so it’s important to be sure you check what you are being covered for as well as any exclusions that may apply
• Critical illness with term assurance is usually cheaper than stand-alone critical illness cover. Your adviser can discuss what is important to you and recommend cover accordingly

Trusts
It’s important that relevant policies are placed in trust. This ensures benefits are paid to the people you want and removes funds from your estate, helping to protect against potential inheritance tax liabilities.Applying for cover
A good Adviser will ensure they get a good understanding of your circumstances and finances so that you are offered a protection package that is tailored to your particular needs. They should ensure it is fit for purpose and competitive within the market. The application will include a series of questions about you, your health, family health history and lifestyle. An initial cost for premiums will be given on the quote, however it’s important to remember that certain factors can change the cost of cover dramatically. These can include:

• Your lifestyle/hobbies
• Job
• Smoking status
• Health issues
• Amount of cover

Reviewing your Protection
Once you have cover in place, it is a good idea to review it every couple of years (or at the time of a life event such as getting married, moving house, remortgaging or having a child) to check it is still meets your needs and to ensure the premiums you are paying are still competitive in the current market.How can we help?
Everystep Financial can help you with all your protection needs. We are fully qualified and regulated by the Financial Conduct Authority, fully insured, and promise never to sell you a policy that you don’t need. We want your premiums to be affordable for the long term, ensuring you and your family are protected when you need it most.
We have access to the whole of the market and a good understanding of different providers’ products and underwriting criteria, giving you the best chance of getting the right cover to suit your needs.
We receive commission direct from providers meaning we won’t charge you a fee for our protection services and are available to visit you at times convenient to you, in the comfort of your own home or in either of our offices in Weston-super-Mare or Hanham, Bristol.
Call us on 01934 550046 to book an initial free, no obligation appointment

For most people, your mortgage is your largest financial commitment,therefore remortgaging can be your biggest money saver.
With the uncertainty of interest rates, trying to save yourself money on your remortgage is a good idea, but there are many other advantages of remortgaging and on the other hand, it may not be the right option for everyone.
Our guide will help you decide if remortgaging could benefit you, as well as providing you with vital information you need to know before committing, and some questions to ask your adviser.Should I Remortgage?
Remortgaging is shifting your current mortgage to another lender to obtain a new deal. Saving money in interest is the most obvious reason for remortgaging; it is your biggest financial commitment so it makes sense that you get the best deal possible to suit your needs. Staying on your lenders standard variable rate after your introductory deal has ended can be right for some, but do make sure that this is an active choice not a blind one as the majority of lenders standard variable rates are much higher than their other mortgage products, which means you could be paying large amounts in unnecessary interest .
It’s not always entirely about saving money though, ensuring that you have a product that is right for your circumstances is imperative.
Maybe you’ve had a pay rise or a change of job and would like to pay more of your mortgage off to reduce the term?
Maybe you need to bring your mortgage payments down because you require lower payments due to a change in circumstances?
Maybe you are concerned about interest rate changes and require your mortgage payments to be stabilised for a long period?
Maybe you want to borrow more money? Home improvements, debt consolidation and raising cash for your children to buy a property are all valid reasons for borrowing more on your mortgage.When should I NOT consider a remortgage?
You may already be on a great deal or tied into a fixed rate, which could potentially incur heavy fees (early repayment charges also known as ERC’s). In situations like these, if you left your current lender it could prove more expensive!
Alternatively, most lenders offer product switch options, which means the lender is willing to offer you a new deal to stay with them. A good mortgage adviser can assist with this and advise whether it’s best for you to stay with your existing lender or remortgage to a new one.
Product switching (if available) is also a good option if your circumstances have changed since you entered into your last deal. Maybe you don’t fit lenders’ criteria anymore or your credit file has become damaged. These are all factors that may rule out remortgaging or make it more challenging.
Some things you might want to check prior to applying for a new mortgage are:

• Early repayment fees on your current deal
• Deeds release fees (these can be anywhere between £50-£200 depending on the lender)
• The current loan amount, so you know how much you need to remortgage for (you can call your lender for an up to date figure)

The current LTV (loan to value) of your property. To calculate this, divide your loan amount by the property value.Improving your credit rating

• Ensure you are on the electoral roll
• Check your credit file for any discrepancies
• Check the address on your credit file is current
• Break with past relationships – write to lenders to disassociate yourself with ex partners etc.
• Do not miss or make late payments
• Keep applications to a minimum before applying to remortgage
• Avoid withdrawing cash on a credit card
• Avoid payday loans at all costs
• Pay off your credit cards in full each month
• Close down any unused credit cards

Affordability
Proving affordability to your proposed lender can be a difficult task these days. A mortgage adviser can help to give your lender a clear picture of your financial circumstances. They have access to specific information as well as knowledge of lenders’ criteria and what documentation and information they require.  A good adviser can increase your chances of acceptance by matching you to the best deal available based on your circumstances, credit history and their knowledge of the industry.What is a broker and how can I benefit from using one?
Good Mortgage advisers will be qualified and experienced. There is so much information out there to process and using someone highly skilled in this area can be hugely beneficial and take the strain out of searching through endless options on the internet and being baffled by the jargon and the sheer number of banks and building societies offering mortgages. Some brokers charge little or no fee’s (depending on the services offered and your individual circumstances) and choose to get paid by the lender for bringing in the business, saving you even more money.
A good adviser should be able to quickly source a relevant product that fits your needs and budget and they can talk to lenders on your behalf presenting your application in the best possible light and increasing your chances of acceptance. In addition, some lenders will only work with brokers offering intermediary exclusive products, which you would not otherwise have access to if you were to go direct.
Whole of market advisers offer exactly what they say on tin, they can research the market quickly and thoroughly saving you from trawling through every lender one by one. They have access to the whole of the market (as opposed to one bank or a select few) and the resources to speak to lenders underwriters quickly, aiding the speed of applications and allowing them to resolve problems quickly as opposed to waiting days for a call back or an in-branch appointment with a bank.
Regulated by the FCA (Financial conduct authority), they are unbiased and good adviser will usually come by recommendation giving you further peace of mind.What paperwork will I need to apply?
All lenders will need the following as a minimum:

• Proof of income – Often your last 1-3 months payslips or 2-3 years accounts/SA302’s if you’re self -employed, including proof of bonuses or commission and pay rises
• Latest 1-3 months bank statements
• Proof of address – Usually in the form of a utility or council tax bill dated within the last 3 months
• A valid proof of identity such as a passport or diving licence

What type of mortgage do I need?
With so many options out there,it’s best to liaise with a mortgage adviser who can help you chose which type of mortgage fits your needs. They can give you impartial advice based on an initial assessment of your financial circumstances and what offers are available.
Everystep financial are fully qualified, whole of market mortgage brokers, with a wealth of knowledge and experience in all types of remortgaging. We are available to visit you at a time convenient to you, in the comfort of your own home. We have offices in Weston-super-Mare and Hanham in Bristol and telephone appointments are also available if you prefer.
Call us to book a free no obligation initial review and let us take the stress out of remortgaging!