We’re Recruiting!

Mortgage and Insurance Administrator

We are looking for a forward-thinking individual to support our advisers in offering a first-class, professional, service to our clients.

Minimum of 16 hours with the option of overtime and the potential to increase to a full time position.

Mortgage administration experience preferred, but we will offer full training and support.

The successful applicant will need to:

  • Have a positive attitude
  • Be a team player
  • Have great communication skills
  • Be pro-active
  • Have good IT skills
  • Be organised

Key responsibilities include:

  • Liaising with lenders, insurers and solicitors
  • Assessment of key compliance documentation
  • Communicating by telephone and email
  • Submitting full mortgage and insurance applications and supporting documents
  • Keeping our clients smiling throughout the process!

Please forward your CV to hello@hollybeckfinance.co.uk  by Friday 10th May. Good luck!

 

Retirement Interest Only Mortgage (RIO)

Retirement Mortgages are back – and it’s not ‘equity release’

Wind the clock back a few years and the only way to enjoy any of the money tied up in your home was to apply for an ‘equity release’ mortgage.

Equity release mortgages can be expensive to arrange; with high set up costs and high interest rates charged. In some instances, the interest is ‘rolled up’ over time – leaving borrowers concerned about what equity might be left when their home needs to be sold, or when they die and want to pass it on to their loved ones.

Many people decided that selling and downsizing was a better option; offering more certainty over the numbers. Or….simply doing nothing at all.

Enter, the ‘Retirement Interest Only’ mortgage (RIO).

Can I benefit from it?

  • Yes, if you need to remortgage from a standard interest only mortgage, with your house sale as the repayment vehicle
  • Yes, if you want to release equity to make home improvements or enhance your retirement lifestyle.

How does it work?

  • Affordability

If you are retired and want to release equity from your home, you simply apply under the same basis as if you are working and need a mortgage. The mortgage is granted on your ability to repay the monthly payments, so is assessed using your retirement income.

  • Interest Only

A major benefit is that the mortgage is granted on an ‘interest only’ basis, which keeps the monthly payments lower. This also means that the amount borrowed doesn’t decrease, nor does it increase.

  • No set end date

Unlike a traditional mortgage, which is repaid after a specific term, the RIO mortgage is repaid if you move into sheltered accommodation, residential care, move home or when you pass away.

As long as you can service your interest only payments during the term of your mortgage, you won’t be asked to repay it until one of the above life events happens.

Key things to consider

There are terms and conditions that have to be met with a RIO mortgage, along with the lenders usual criteria:

  1. Many lenders will restrict the loan around 40% – 50% of the property value
  2. Minimum age at application of 55
  3. The property must be your residential home

 Is it for me?

If you have little in the way of savings and want to release money to give you a better retirement lifestyle then this could be a way of doing that. The money can be used for a variety of reasons; whether it’s a holiday of a lifetime or changes at home to make life more comfortable.

How do I find out more?

We don’t charge anything for an initial meeting to discuss your requirements and find out what your options are. We’ll go through your personal and financial circumstances to find out if you meet the eligibility requirements and then take things from there.

For more information please contact the team on 01332 416470 or email hello@hollybeckfinance.co.uk

 

 

 

 

The true value of a stay-at-home parent

 

With Mother’s Day over for another year, we explore the financial value of the stay at home parent.

As a Mum of two gorgeous kiddies, personally I think that being a mum is the most rewarding job in the world.

But wouldn’t it be great if we actually got paid for it as well?

If you think about it, a stay-at-home parent – be it full-time or part-time, is many things: childminder, teacher, nurse, cook, cleaner, launderette, taxi service, gardener, dog walker, accountant, counsellor, personal shopper, you may care for an elderly relative as well……….the list goes on and on.

If you’re a stay-at-home mum or dad, do you know your worth, not just emotionally but financially?

Your average workday might look something like this:

  • 3.5 hours cleaning, tidying and washing up
  • 2 hours preparing and cooking food
  • 1-hour cleaning, hanging up and ironing clothes
  • 1-hour personal shopper
  • 30 mins gardening
  • 30 mins taxi service (to and from school)
  • 30 mins helping the kids with homework
  • On call for the kids 24 hours a day, (7 days a week!)

Have you ever wondered what your salary might be if you were paid for all the hours you put in at home?

We want to highlight just how hard us mums work.

Some reports suggest that if we were financially rewarded for the job of being a mother, we would be earning £80,000 a year. Whichever figures you believe, the importance and value of a stay-at-home parent is very clear.

It’s an awful thing to think about but with such a busy life have you ever stopped to think about how your loved ones would cope financially if you were to die? Many Mums think they don’t need life insurance or other forms of protection because they don’t work – look at the list above…..we certainly do work, incredibly hard!

The value of a mum is sometimes overlooked when families try to work out their life insurance needs.

If you’re a stay-at-home parent and do not earn a salary, it’s easy to think that you don’t need life insurance cover.

You might think that life insurance is just to protect against the loss of the breadwinner, whether that be mum or dad.

After all, they provide the funds to pay the mortgage or rent, household bills and living costs each month. Right?

WRONG.

A stay-at-home parent makes a massive, often underestimated contribution and we, at Hollybeck, believe they should be protected too.

Any family would be severely impacted, both practically and financially if they were no longer around.

In the event of your death or a serious illness, who would step in and help support your family and run the home?

Could you rely on grandparents? Are they young enough to effectively care for your children?

If not, could you afford full-time childcare, a cleaner, transport costs?

Or would your spouse need to cut down on their work hours to help fulfil these roles?

If so, how would this impact on their salary, on which everyone relies financially?

According to research from The Money Charity[5], the average cost of raising a child, from birth until the age of 21, is £30.23 a day.

That’s £11,034 a year, or a mind-boggling £231,713 over 21 years, (per child).

Of course, replacing a parent is impossible, but a pay-out from life insurance could help to cover some of your family’s day-to-day costs and take some of the emotional, practical and financial stress out of a terrible situation.

For more information and guidance on how much cover you need, please contact us for a chat today. We’re a friendly bunch and will only recommend a policy that is right for you. Our team can be reached on 01332 416470 or hello@hollybeckfinance.co.uk