Land & Buildings Transaction Tax Cut

What the Land & Buildings Transaction Tax cut means for Your Mortgage

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For Scotland, a cut to the Land and Buildings Transaction Tax will be introduced from Wednesday 15th July, remaining in place until 31st March 2021.

The changes will mean that the starting point for paying the LBTT on house purchases will rise from £145,000 to £250,000.

Home movers purchasing a property costing more than £250,000 will save £2,100.

In addition, an extra £50 million is being added to the First Home Fund, a shared equity scheme providing first time buyers with up to £25,000 to buy a property.

For England and Northern Ireland, the government has scrapped stamp duty on house purchases of up to £500,000, potentially saving homebuyers thousands of pounds. This tax cut is to last until the 30th June 2021.

Previously stamp duty kicked in at £125,000 (or £300,000 for first time buyers) meaning you can make significant savings if looking at purchasing or moving home this year. These new rates will also remain available until 31st March 2021

For more information on how it affects your mortgage, speak to our expert mortgage advisers today – call 01224 316200 or fill in our online enquiry form.

First Home Fund Aberdeen

Scottish Government launches First Home Fund

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The Scottish Government has launched a pilot scheme called First Home Fund. The scheme is to help first-time buyers with the cost of purchasing a home in Scotland.

The scheme will contribute up to £25,000 towards the cost of buying a property through a shared equity scheme.

A total of £150 million will be made available between now and March 2021.

How will First Home Fund work?

The scheme is open to all first-time buyers in Scotland. It can be used for both new-build and existing properties.

First time buyers will need a minimum deposit of about 5% and the mortgage must be at least 25% of the purchase price. There is no price cap on the purchase price.

It is a shared equity scheme, which means the purchase cost is split between the buyer and the Scottish Government.

You will own the property outright. There are no monthly payments to be made towards the Scottish Government and no interest will be charged.

The first-time buyer would repay the government’s contribution when the property is sold.

For example, if you pay 85% of the property’s value through a deposit and a mortgage, the Scottish government will hold a 15% share. When the home is sold, you would keep 85% of the final sale price and the government would receive 15%.

Over time you can also increase your share of equity and repay all or part of the government’s stake in the property.

Which lenders offer mortgages through First Home Fund?

  • Bank of Scotland
  • Barclays
  • Glasgow Credit Union
  • Halifax
  • Leeds Building Society
  • Nationwide
  • Scottish Building Society
  • Scotwest Credit Union
  • TSB

Please note that lenders will have their own individual requirements when providing a mortgage. Speak with an expert mortgage adviser about what lender suits your needs.

For more information about what mortgage is right for you, speak to our expert mortgage advisers. Call 01224 316200 or fill in our online enquiry form.

Sources:
Scottish Government First Home Fund, 2020 https://www.gov.scot/collections/first-home-fund

Link Housing, 2020 https://linkhousing.org.uk/find-a-home/affordable-home-ownership/scottish-government-funded-schemes/first-home-fund/
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Your property may be repossessed if you do not keep up repayments on your mortgage.

This firm charges a fee of up to £395 for mortgage advice. This fee will depend on your circumstances and will be discussed and agreed with you at the earliest opportunity.

Lifetime Finance Group Limited trading as Aberdeen Mortgage Company is an appointed representative of PRIMIS Mortgage Network, trading as First Complete Limited which is authorised and regulated by the Financial Conduct Authority.

Could You Lower Your Mortgage Payments in Time For Christmas?

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With the summer months long gone and the festive month(s) nearing, now is a good time to look at your mortgage.

If you haven’t looked at your mortgage for a while, you could be paying more than you should on your mortgage. This could because you have been transferred over to your lender’s standard variable rate (SVR). A lender normally transfers you onto their standard variable rate when your fixed rate comes to an end. Allowing your mortgage to revert to the SVR can cost you dearly, as lenders typically hold their SVR at a significantly higher rate. Recent research from Which? states that UK homeowners are spending £4,000 too much on their mortgages each year [1].

Aberdeen Mortgage Company can review your current mortgage rate to ensure your monthly mortgage payments remain competitive and that you are taking full advantage of current low rates. The aim being to find you a new deal that could potentially give you that extra bit of savings every month – just in time for sleigh bells ringing.

Reviewing your mortgage is generally a simpler process than your initial mortgage, beginning with a quick phone call to start the process and confirm details.

You have nothing to lose (except maybe a few pounds off your mortgage) by enquiring today. For a quick chat to get started, call 01224 316200 or fill in our online enquiry form.

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Source:

Homeowners spending £4,000 too much on their mortgages each year – https://www.which.co.uk/news/2018/10/homeowners-spending-4000-too-much-on-their-mortgages-each-year/ – Which? March 2018

Your property may be repossessed if you do not keep up repayments on your mortgage.

This firm usually charges a fee of up to £395 for mortgage advice. The amount of the fee will depend upon your circumstances and will be discussed and agreed with you at the earliest opportunity.

Please note if we recommend a Product Transfer with your existing lender then no mortgage advice fee will be payable, we receive commission from the provider.

Lifetime Finance Group Limited trading as Aberdeen Mortgage Company is an appointed representative of PRIMIS Mortgage Network, a trading name of First Complete Limited which is authorised and regulated by the Financial Conduct Authority.

Aberdeen Life Insurance

AIG launches Smart Health – 24/7 GP and Health & Wellbeing

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AIG have launched Smart Health. It gives unlimited access to a 24/7 virtual GP as well as a range of other health and wellbeing experts. With any AIG policy, Smart Health is available at no extra cost.

24/7 virtual GP

Managing your health doesn’t always fit in to the 9-5. That’s why when you need a medical appointment, the Smart Health service provides you with unlimited, round the clock access to a GP.

Bookable on the app, you can get a 30-minute slot at a time that suits you – wherever you are in the world. Whether it’s over the phone or via video call, the AIG team are on hand for medical advice, prescriptions or further specialist referral.

Best Doctors – a second medical opinion service

This gives you and your family access to a network of 50,000+ medical specialists with the expert service from Best Doctors.

If you need a second opinion on a complex medical case or if you’re struggling to get a diagnosis, world-leading experts will be on hand to assess your case and provide recommendations for treatment on a wide variety of conditions.

Mental health support

The dedicated team of support staff are available to provide the right support strategy and treatment. They’ll talk to you to get to the bottom of your condition and then recommend the right solution for you.

Whether it’s to help you cope with stress, anxiety, trauma, depression or a recent bereavement, the service is there to help you or one of your family members when you need it.

Health check

The Smart Health online questionnaire supports you in taking proactive steps to manage your health and lifestyle. You can also discover more about your cardiovascular profile or any screening programmes that may suit you.

You’ll get a personalised report that’s unique to you, containing tips for improving medical conditions and nutrition, as well as forming healthy habits for the future.

Fitness programme

Smart Health’s tailored online 4 or 8 week programme, designed by sports coaches and nutrition experts, are an ideal solution to support your health and fitness goals through a combination of diet and exercise.

Whether training for an event or just wanting to lose weight, you’ll get a weekly menu and a daily exercise routine that is designed just for you.

Nutrition consultation

Our nutrition consultation service can be requested either over the phone or online. A team of specialist nutritionists are on hand to give advice on weight loss, pregnancy, food intolerances and much more.

Their expert advice and knowledge will provide you with a personalised plan, including meal plans and weekly menus, all to support you in reaching your nutritional goals.

Source: AIG Your Smart Health toolkit, Customer Sales Aid, 2019

Please note for these insurance products, terms and conditions apply. This information is for summary only. You will receive a full policy document upon application. This policy will set out the terms, conditions and limitations of cover provided under the plan.

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Our expert protection advisers can arrange the correct life insurance policy for you. Speak with our expert advisers by calling 01224 316200, email us or fill in our online enquiry form.

Lifetime Finance Group Limited trading as Aberdeen Mortgage Company is an appointed representative of PRIMIS Mortgage Network, a trading name of First Complete Limited which is authorised and regulated by the Financial Conduct Authority.

Critical Illness Cover Aberdeen Mortgage Company

400,000 UK Cancer Population Struggle to Pay Household Bills

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A recent report from Macmillan Cancer Support, state there are 400,000 of the UK cancer population who struggle to pay household bills [1].

With improvements to diagnostics and treatments, the cancer population is increasing, but surviving cancer doesn’t mean living well. Everyone’s priority should be ensuring every person living with cancer gets the financial support they need when they need it.

Cancer diagnoses are typically sudden, and people often don’t realise the extent to which their finances are likely to be affected. 45% of people are taken by surprise by the extent of the financial impact of their diagnosis [2].

What’s your financial back-up plan?

If you were to be diagnosed with a critical illness, you’d want to ensure you and your family are financially protected.

Critical Illness Cover is designed to financially support you in case the worst happens, and you are diagnosed with a critical condition that is specified in your policy such as cancer, heart attack or stroke. You would receive a lump sum payout or regular payment. It could help ease your recovery by paying out the money you need for your care and treatment, your recuperation, help pay off your mortgage or make up for lost income.

Read our blog of The Difference Between Serious Illness Cover and Critical Illness Cover.

Our expert protection advisers can arrange the correct life and critical illness insurance policy for you. Speak to our expert protection advisers today, call 01224 316200 or fill in our online enquiry form.

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Lifetime Finance Group Limited trading as Aberdeen Mortgage Company is an appointed representative of PRIMIS Mortgage Network, a trading name of First Complete Limited which is authorised and regulated by the Financial Conduct Authority.

[1] Macmillan Cancer Support/YouGov online survey of 2,011 UK adults who have ever been diagnosed with cancer. Fieldwork conducted 7–11 November 2014. Survey data has been weighted by age and gender to match the known profile of people living with cancer (using 2008 cancer prevalence estimates).

[2] Macmillan Cancer Support/Truth online survey of 955 adults in England, Scotland and Wales who have a cancer diagnosis. Fieldwork was undertaken between 3–21 September 2015. Data has been weighted.

Teacher's Income Protection

Teachers Income Protection

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Teachers endure greater job-related stress than other professionals, according to the National Foundation for Educational Research (NFER) [1].

Research revealed that 3,750 teachers were signed off on long-term sick leave in 2017 because of pressure of work, anxiety and mental illness. [2]

Sick pay for teachers – not that straightforward

Teachers working in the public sector don’t always have straightforward sick pay arrangements. Some teachers in the UK receive significant sick pay, which can be as much as 6 months of full sick pay and a further 6 months of half sick pay. However, sick pay for teachers can differ greatly. Some teachers’ sick pay will work on a tiered system following years in service.

What’s the solution?

Teachers Income Protection is an insurance that can help you when you unable to earn from your normal income. If you are unable to work due to injury or illness, you could receive a monthly income until you return to work or the policy reaches the end of its term. From as little as 59 pence a day, you could receive £1,750 a month*.

*Based on a female teacher, non-smoker, aged 34, on an income of £35,000, total monthly price £17.75

Speak with our expert income protection advisers today, call 01224 316200 or fill in our online enquiry form.

Terms and conditions apply. This information is a summary only. You will receive a full policy document upon application. This policy will set out the terms, conditions and limitations of this product.

Sources:
[1] Guardian, February 2019
[2] Liberal Democrats Freedom of Information Request, 2018

Lifetime Finance Group Limited trading as Aberdeen Mortgage Company is an appointed representative of PRIMIS Mortgage Network trading as First Complete Limited which is authorised and regulated by the Financial Conduct Authority.

60% of Stroke Victims Fall Within Working Age

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Could you and your family cope without your income?

Recent statistics released by RedArc have shown almost two-thirds of stroke victims (60%) fall within the traditional working age bracket of 40 to 59.

One in four of the 100,000 strokes in the UK each year [1] happen to people of working age or younger. Almost two-thirds of stroke survivors leave hospital with a disability [2].

So not only does a stroke incur significant recovery time but it can also require potential rehabilitation too. Time spent recovering could mean time away from work, therefore having a safety net in place is essential.

Having cover in place such as Income Protection or Critical Illness Cover can help ease your recovery by paying out a lump sum or regular payment when you’re diagnosed with a serious illness. This could cover your care and treatment, your recuperation, help pay off your mortgage or make up for lost income.

Insurance can differ from policy to policy, which is why it is important to take sound advice before taking out a policy.

Our expert protection advisers can help arrange the most suitable policy for you, call 01224 316200 or request a callback.

Request A Callback

Lifetime Finance Group Limited trading as Aberdeen Mortgage Company is an appointed representative of PRIMIS Mortgage Network, a trading name of First Complete Limited, which is authorised and regulated by the Financial Conduct Authority for mortgages, protection insurance and general insurance products. The Financial Conduct Authority does not regulate some forms of Buy to Let. Lifetime Finance Group Limited.

Source:
[1] Different Strokes, January 2018
[2] Stroke Association, State of the Nation, published January 2017

Income Protection Cover – Do You Need It?

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If you are unable to work because of illness, injury or disability – could you still pay your mortgage, bills or other living expenses?

Click on the image for a larger version of the infographic.

IP-DoYouNeedIt

 

Testicular Cancer Awareness Month: 3 Ways To Be Prepared

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April is Testicular Cancer Awareness month. It’s a cancer that’s most common in men ages 15-35 years, but men of all ages can be at risk [1].

Statistics from the Movember Foundation revealed that 1 in 10 men don’t know how to check for signs of the disease [2]. So as it’s Testicular Cancer Awareness month, we’ve put together three key points so that you are prepared.

1. Check Regularly

2,300 men are diagnosed every year in Britain [3]. Most testicular cancer awareness organisations recommend that males conduct regular self-exams. Research from the Movember Foundation concluded that 70% of men aren’t checking regularly enough.

4 out of 5 instances of testicular cancer will be painless, and the only way to detect the disease is with a monthly physical exam.

2. Be prepared financially

As well as making sure you check regularly, you need to ensure you have the right protection in place in case the worst happens to you.

Critical Illness Cover is designed to pay out a lump sum or regular payment to ease your recovery if the worst was to happen to you are diagnosed with a serious illness specified in your policy.

Most people believe that a critical illness will never happen to them, but most of us know of someone either directly or through friends and family that has been affected. When considering Critical Illness Cover, it’s worth thinking about the effect of not being protected.

Having Critical Illness Cover in place can help ease your recovery by paying out the money you need for your care and treatment, your recuperation, help pay off your mortgage or make up for lost income.

With the good news that survival rates are increasing for certain conditions [4], the need for financial protection could be even more important.

Please note for these insurance products terms and conditions apply. This information is a summary only. You will receive a full policy document upon application. This policy will set out the terms, conditions and limitations of cover provided under the plan

3. Pass on the message

If you’re reading this, not only should you be taking notice, but you should remind your friends and family. Most of us know someone that’s in the common age group most affected.

Since the early 1990s, testicular cancer incidence rates have increased by more than a quarter (27%) in males in the UK [5]. It is for this reason that charities like the Movember Foundation are doing their utmost to raise awareness, and now you can do your bit too.

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Our expert protection advisers can help secure you with the right critical illness cover to ensure you are financially protected in case the worst happens to you. To speak with an adviser, call 01224 316200 or fill in our online enquiry form.

Lifetime Finance Group Limited trading as Aberdeen Mortgage Company is an appointed representative of PRIMIS Mortgage Network, a trading name of First Complete Limited, which is authorised and regulated by the Financial Conduct Authority for mortgages, protection insurance and general insurance products. The Financial Conduct Authority does not regulate some forms of Buy to Let. Lifetime Finance Group Limited.

Sources:
[1] Testicular Cancer Awareness, March 2018, www.testicularcancerawarenessmonth.com
[2] Movember Foundation, March 2018
[3] Cancer Research UK, March 2018
[4] Cancer Research UK, http://scienceblog.cancerresearchuk.org/2018/02/03/news-digest-cancer-survival-breast-cancer-drug-cancer-jab-trials-and-vaping/, February 2018
[5] Cancer Research UK, http://www.cancerresearchuk.org/health-professional/cancer-statistics/statistics-by-cancer-type/testicular-cancer/incidence, March 2018