January 2020 Newsletter : Cylchlythyr Misol Ionawr 2020

Blwyddyn Newydd Dda.  Happy New Year to you all.

 

Some financial matters to ponder at the start of the New Year.

  • For young adults concerned about property deposits, get into the saving habit early, saving a proportion of all income earned and gifts received.
  • Remain alert to potential scams. A friend recently paid more than £50 over many months on their mobile phone bills having unknowingly subscribed to a gym whilst scrolling on their phone. Remember to review bill statements carefully.
  • Recent other scams include Amazon Prime, TV Licensing and DVLA. All want either access to your computer or details of your bank account.
  • Over half of UK adults do not have a valid will. Are you one of them?
  • Review your savings accounts to ensure good rates of interest.
  • Review your mortgage rates and get a good deal with no fees.
  • Make a list of your savings accounts and share with a close member of the family or friend in case you become seriously ill.
  • Review your monthly standing orders and direct debits (many do not!).

 

Ask Huw: What are your thoughts on equity release?

Equity release adverts are regularly seen on daytime TV for the over 55s. An individual will receive a lump-sum and interest is charged against the value of the house and paid when the house is eventually sold. Loans can have a high rate of interest and there is often a product fee. Be very wary of taking one out if you are under 70 and in good health, otherwise when you eventually sell your home, much of the proceeds will go to the equity release company. For older readers, this can work but do your sums carefully and only release what is required.

 

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