Goodmans Financial Planning's blog

Recent comments on the housing market have noted that the age of the average 1st buyer is in their late 30’s and perhaps even their early 40’s. It is worth taking that with a pinch of salt given that somebody in their 30’s a or 40’s lived through the last decade when mortgages were easily available.

However it should be recognised that the lot of a first time buyer is not easy now. The size of deposit required and the availability of mortgages has reduced the number of first time buyers getting onto the housing ladder.

On the 1st of November 2011 Goodmans advised on our first Junior ISA, a ten year old who should be worried about her university expenses but is blissfully unaware. And why not, 11+ and other things more interesting take precedence.

Fortunately her father has a cunning plan to spread the pain for the Bank of Dad. So £25 per month into a solid blue chip equity fund should roll up to £3000 and a bit more, and some of the pain is relieved. Grandparents will be encouraged as well.

At the end of September our technology partners, True Potential, launched Version 2 of the client websites. As well as freshening up the look of the sites fantastic new functionality has been added.

The document and secure e-mail sections now allow you to create folders to organise the documents and e-mails to your hearts content. Remember we always store electronic versions of all your paperwork so you do not need to worry about losing it.

The State Bank of India plans to launch a range of buy-to-let and residential mortgages in the UK next year.India’s largest bank launched into the UK mortgage market last week with a buy-to-let product. It is only offering it direct through its UK branches, but a spokesman says it will start to distribute through IFA’s at a later date.

The lender, which also has Financial Services Authority permission to offer regulated mortgages, plans to launch residential products in 2012.

For many working people the thought of needing income protection doesn’t really occur – but it should! Why? A couple of facts may help change their minds.

Did you know?

Current statistics show that over 2.2 million people of working age in the UK will be off work for at least 6 months during their working lives due to illness or injury. 
 Source: Which? 2010

The recent falls in the Stock Market are unsettling and can be a cause for worry. Over the last 3 months the FTSE All Share index has fallen by just about 14%, and other world markets haven’t fared well either. Over the last year the index is down 3%.

Should I take a Fixed Rate?

If you know you would struggle if rates started to jump, it is important to look at ways of preventing mortgage payments shooting up.

August is traditionally a quiet time of year for us. Thank goodness in some ways. Holidays are needed by now and also plenty of study has piled up for exams.

Andrew Dilnot has released his proposals today on the reform of the funding system for social care in England.

For many people the fear of care fees in older age is significant. I have often heard it said by clients that they resent their savings being drained away whilst other less prudent people have their care funded. The proposals released today may provide some relief to those careful savers.

Here are two of the key proposals that will have a big effect.

We will shortly announce an update to our online client accounts, with further integration of our clients investments and pensions and graphs and tools that make them even more exciting to play with.

Currently the accounts include daily updates of the value of your investments and pensions as well as graphs and pie charts to help you keep a handle on your portfolio. The client sites contain copies of all the paperwork we receive regarding your investments - so no more bulging paper files clogging up draws at home.