The country watched with a mixture of despair and bafflement as the Prime Minister's Brexit deal was resoundingly voted down by MPs. In what was the biggest ever loss for any single government, Theresa May's deal with the EU over the UK's relationship with the European bloc following its exit, was defeated by 432 noes to 202 ayes - a difference of 230 votes. And opposition leader Jeremy Corbyn of Labour has sparked a vote of no confidence in May's Conservative government, which will be debated on today. This could lead to a general election. But in reality the possible outcome that will most concern people is that a no-deal Brexit on March 29 is looking all the more likely now. This is something that very few people want, even hard-line Brexiteers. You won't find many MPs backing it, they just say they want a 'better' deal than what had been on the table. The 'Northern Ireland backstop' was a major issue among the deep divisions which led to yesterday's voting down of May's deal. This … [Read more...] about 29 ways a no-deal Brexit would affect your life
Best deal homeowners insurance
ALMOST half of first-time buyers will still be paying off their mortgage when they retire, the City watchdog warns. This is a huge increase from previous years, as only 22 per cent of borrowers were expected to pay their mortgage into retirement in 2012, the Financial Conduct Authority (FCA) said. A whopping 40 per cent of home owners who took out a mortgage in 2017 will be older than 65 when their mortgage deal ends, leaving them financially vulnerable, the FCA said in its 2019 Sector Views report. This comes after more home buyers are taking out larger loans over a longer period of time, while many first-time buyers also delay buying their own place until they're in their 30s to save up for a deposit. Traditionally, buyers have taken out 25-year mortgages to pay for their home, but the FCA found that 30-year terms have now become more common, with 34 per cent of loans taken out in 2017 now lasting 30 years or more. The burden of a long mortgage deal could hurt borrowers' ability to … [Read more...] about Huge rise in homeowners who will still be paying off mortgage when they retire
The Financial Conduct Authority’s report into the mortgage market found that around 30 per cent of borrowers were unable to see that they were eligible for a cheaper deal. On average, these consumers paid around £550 per year more over the introductory period compared to the cheaper product. But this poses a question: is the cheapest mortgage always the right mortgage? With price comparison websites now well-established, some consumers have started to make important financial decisions based solely on price. But while a decision between two retailers selling the same model of toaster, for example, is simple, such choices are far more difficult when it comes to the world of financial products. The cheapest insurance deals do not necessarily offer the best levels of cover, and the lowest mortgage rates may not be the best deal for a borrower’s circumstances. The good fight The mortgage market is both complex and diverse. While high street lenders may have the largest … [Read more...] about Why the cheapest mortgage deal isn’t necessarily the right one
THE average two-year fixed mortgage rate has fallen for the first time in a year to 2.49 per cent. This is the first times average rates have dropped since their record low of 2.20 per cent in October 2017. It means now could be the time to remortgage, to lock in low rates. This is especially true for anyone sitting on a standard variable rate mortgage - where the average interest rate has reached 4.89 per cent. Charlotte Nelson, finance expert at comparison service Moneyfacts, said: "[This is] the first time the Moneyfacts UK Mortgage Trends Treasury Report has recorded a reduction to the average mortgage rate since the November 2017 base rate rise. "Many would have assumed that the average rate would have increased in the aftermath of the base rate rise this August, however the opposite seems to be the case. "Providers have started to reignite competition in the market to attract remortgage customers and retain their mortgage books." Homeowners may wish to move fast, as … [Read more...] about Two-year mortgage deals fall for the first time in a year – is now the time to fix your mortgage?
Adam Shell USA TODAY Published 6:17 AM EDT Sep 25, 2018 There’s no better feeling than landing your first job and depositing that first paycheck. But with that money comes responsibility: You need to figure out how to stretch your wages to pay your bills while setting money aside for emergencies, retirement and life’s other big costs.. What you do with those early paychecks “can really set a tone for your personal finances” for the future, says Marguerita Cheng, CEO of Blue Ocean Global Wealth, an investment advisory firm in Gaithersburg, Maryland. Remember you won’t get rich overnight and you’re just taking the first steps toward financial adulthood. Divvying up your take-home pay will be challenging, especially for those with modest starting salaries, and credit card and student loan debt, personal finance pros say. “They look at all the bills screaming at them on a monthly basis and say, ‘I have to pay … [Read more...] about Tips for budgeting: How to save for retirement, and pay bills and debt