Motor insurance is essential for protecting individuals from experiencing crippling monetary losses just in case they get involved in accidents. If they are determined to be the cause of an accident, regulation requires that persons offset the cost of car maintenance for the other party as well as that of medical expenses. Aspects covered by such insurance include the vehicle secured together with third parties involved in the accident.

Some providers of cover in certain areas might also extend this to protection for injuries sustained by passengers in the insured car under no-fault policy. There are many ways in which to obtain quotes for car insurance yet the Continue reading “Obtaining Some Motor Insurance Quotes” »

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There are certain circumstances and events that you should think about when deciding how big a loan to take out.

  • Do you think that you will be on a much higher salary in May be eight or 10 years time.
  • How safe is your job? Do you live on bonuses and overtime to help pay the mortgage, and how certain are you that you will still be getting this extra money over and above your basic pay for the next few years.
  • If you are a self-employed person, you should be able to find a mortgage lender who requires business accounts for only the last year as proof of income. Lenders in the past have required at least three years accounts, and they had to be signed by an accountant. There may be lenders offering Continue reading “How Big a Loan to Take Out” »

How big a mortgage do you need also leads to another question, how big a house do you need.
There is an old saying from around the 1950s or 60s, “Buy the most expensive house that is right for you that you can afford”.

This has often proved to be good advice right up until recent times. The reasons being:

  • House prices have risen fairly steadily throughout this time.
  • General prices (inflation) have risen at a fast rate throughout this period. Often it is the rates were actually the low rate of price rises. Prices rose some years as much as 15% or more in the 1970s and early 1980s. So if you were a borrower, part of your loan was paid for by the savers whose savings were reducing in value even though they were getting a decent rate of interest of 10 to 15% per annum. This caused a dramatic effect. Continue reading “How Big A Mortgage Do You Need” »

When you have decided to buy, you will then need to work out which is the best mortgage deal out of the hundreds that are on offer.

The mortgage deals change almost on a daily basis and it is impossible to recommend any,
but there are certain things to look out for which will help you choose the best buy yourself.

First of all it is good sense to get Continue reading “How to Find the Best Mortgage Deal” »

A mortgage is the cheapest type of credit that you are likely to be offered. The interest is usually only 1 or 2% above the base rate, and in some introductory offers it might actually be below it for the first year or two.

The reason the interest rate is lower than for other forms of credit is that the loan is secured on property on which the loan is given. This means that if you get behind with payments, the mortgage lender can throw you out of the house and sell it to raise the money that you owe them. They may give you back anything left over from the sale of the house after they have taken the money you owe, plus the interest, plus other charges. But they usually make sure that their charges and expenses are so high that they can keep the whole lot.
Continue reading “You Want to Buy a House” »

Before deciding which is the best way to finance buying your dream home, consider first if this is the right thing to do or if you might be better off renting.

There are other factors, none financial, which will affect your decision to rent or buy.

These are

  • Do you need to be mobile?
  • Are you sure you want the responsibility of ownership and all the hassle and the problems that goes with it.

Let’s look first at the purely financial reasons.

If you were to rent an unfurnished, two-bedroom, semi-detached house in a pleasant residential are of a largish city, you would probably have to pay rent of several hundred dollars or up to $1000 per month. Over a 25-year period, that works out at around $300,000. and that’s if the rent doesn’t go up during that period, which it almost certainly would.

Continue reading “Should You Rent or Buy a House.” »

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If you do need to borrow money, here is a list of questions that you should ask all the lenders.

  •  What is the APR?
  • What is the length of the loan period?
  • Are there any penalties for making early repayments?
  • Are there any set up fees?
  • Is the rate of interest variable or fixed over the loan period?
  • Is the loan secured on your house?
  • Are there any penalties if you miss or delay in your interest payments?
  • Are there are any other charges of any kind.

Also ask yourself. Continue reading “Questions You Should Ask When Borrowing Money” »

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It is very important to understand what we are doing when we borrow money, and also important to plan the best ways to borrow for a particular purpose, whether it is to buy a house, buy a car or have a new kitchen fitted.

Credit – Is it pleasure or a danger.

Well it can be either.  Whoever your lender is, bank, credit card company or whatever, might not be any worse than your local pub or bar trying to make an honest living. But there are those who keep serving drinks to customers who have already had too many.

These kind are more like your friendly drug dealer. They see someone who is down and offer “Free introductory credit” at zero percent on your credit card.
If you take it, it may make you feel fine for a while, then you need some more, and this time there is interest to pay and they have you hooked.

As your debt goes up, and the interest charges mount, you need more credit to keep going. You might go to another lender or you might be advised to Consolidate your debt at a higher rate of interest or with some other form of charges.

At some point you won’t be able or willing to pay any more. This is when your friendly lender becomes unpleasant. First will come the letter threating you, then telephone calls, and then legal proceedings to take your possesions.

This won’t happen to everyone of course, just a rough picture of what could happen in a worst case.

It is very easy though to become dependent on credit so you should be very clear in your mind about Continue reading “Credit – Learn How to Live with It – Not on It.” »

For most of us living with debt is inevitable in modern life. Almost everyone has some form of debt on another, a mortgage, an outstanding credit card balance, car finance deal or one of many other types of credit. Today’s easy availability of credit is a fairly recent thing. Back in the 1950s and 1960s it was harder to get credit, consumer credit was very tightly controlled by the government and mortgages were rationed.

Further back in history in the Victorian era the one thing that was more disapproved of more than sex was debt. Debt has an unpleasant sound to it particularly to the older generation. Also it’s a lot less fun than sex. Continue reading “How to Avoid Debt Collection” »

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How long been they been in business, and what qualifications do they have.

Do they specialise in a particular area, for example pensions or are they all rounders. Choose one to suit your needs.

How are they paid. An independent financial advisor is paid either by a fee directly from you, or by commission paid to the advisor by the company selling the product.

Fee versus commission. An advisor should always give you suitable advice regardless of the commission that could be earned. However, some financial advisors may be tempted to sell the products that earn them the most. They should always tell you how much commission they will be paid. If they don’t, ask.

Paying fees is one way around this problem. Fee-based advisors have nothing to gain from particular products. Ask how the fees will be worked out.