Melvyn Cosgrove Financial Planning

Melvyn Cosgrove Financial Planning Independent Financial Advisors specialising in Mortgages, Insurance, Pensions and Savings & Investme

Bank of England (BofE) set for the biggest interest rate rise in 27 years? It seems that a half-point increase in the b...
04/08/2022

Bank of England (BofE) set for the biggest interest rate rise in 27 years? It seems that a half-point increase in the benchmark rate to 1.75% is inevitable today with another two half-point increases possible before the year end. The net result for those borrowers who have variable rate mortgage loans is that their rate will normally increase by the same amount. Variable rate mortgage loans include discounted, tracker and standard variable.

In the majority of cases, it makes sense to switch away from standard variable rate mortgage loans to some kind of deal (e.g. fixed rate or tracker). Staying on the standard variable rate deliberately, or in many cases unintentionally, only makes sense usually if you have a clear and realistic plan to pay off your mortgage loan early.

If you are concerned about possible increases to your mortgage loan repayments, please do not hesitate to get in touch via this medium and avail of a FREE initial consultation.

30/11/2021

Will mortgage rates continue to rise?

Inflation is a hot topic at the moment, with the Office for Budget Responsibility saying it could rise as high as 4.4% in 2022 – well above the Bank of England’s 2% target.

Rising inflation is likely to result in the Bank of England increasing its base rate from the historic low of 0.1%. This means that a higher rate – or even the suggestion that a rise is coming – usually sees lenders bump up their prices, a trend we’ve seen in the last couple of weeks.

Don't take any chances with your most prized asset; call us today to discuss your mortgage loan options.

29/07/2020

WHY PAY MORE? – I just saved my client £152 on their monthly mortgage loan repayments by switching them from their lenders Standard Variable Rate (SVR) to a Fixed Rate product. Have you been remiss in this respect?

The Cons of SVR mortgage loans: -

SVR’s are usually higher than the rates offered by other types of mortgage loan. SVR's are typically around 4% and some Fixed Rate products are below 2%.

Your lender can choose to change its SVR at any time. This can mean your monthly repayments could suddenly increase without warning.

Do you wish to be sure of your monthly mortgage loan repayments? If so, and you have a SVR mortgage loan rate then why not have a ‘no obligation‘ conversation? Times are hard enough without you paying more than you need to.

If you wish to talk through your options please do not hesitate to contact me via 07969881570 or [email protected]. Please like and share this post as you wish, thank you.

24/03/2020

BUSINESS AS USUAL - well in actual fact it is not, but as far as work is concerned it is for us. We are still working, but with no 'face to face' contact with our clients. If you need to contact us please do so through this page or email [email protected]. Unprecedented times we know, but above all, you should look after one another along with your nearest and dearest by following the Government's instructions as detailed below:-

Everyone must stay at home to help stop the spread of coronavirus.

This includes people of all ages – even if you do not have any symptoms or other health conditions.

You can only leave your home:

to shop for basic essentials – only when you really need to

to do one form of exercise a day – such as a run, walk or cycle, alone or with other people you live with

for any medical need – for example, to visit a pharmacy or deliver essential supplies to a vulnerable person

to travel to and from work – but only where this is absolutely necessary

08/08/2019

Want to save a mortgage deposit for your first home? Help to Buy ISAs are a great option whereby the state will add 25% on top of what you save, which could mean £1,000s of free cash. I would actually describe this as a ‘no brainer’ so what is stopping you? For a FREE initial consultation please contact me via the page or mobile - 07969881570.

Are you purchasing property?With over 35 years experience in residential and commercial conveyancing Nelson Singleton So...
03/06/2019

Are you purchasing property?

With over 35 years experience in residential and commercial conveyancing Nelson Singleton Solicitors can guide you through the process. They will make it as easy as possible and explain it in a language you understand. When handling purchases they will:

✅ Check title thoroughly
✅ Process your mortgage efficiently
✅ Secure completion as soon as possible

07/05/2019

Why pay more and unnecessarily increase your banks profits?

For most individuals, their mortgage loan is their biggest financial commitment. It follows that streamlining the largest debt can produce the largest saving.

Many of the best mortgage loans only last a short time – often two to five years which is the typical length of time offered on a fixed rate, tracker or discount mortgage.

When it comes to an end, your lender will put you on its bog standard variable rate (SVR). It’s likely to be higher than your old interest rate and higher than the best buys available.

You could be missing a trick by not regularly reviewing your circumstances. For a FREE initial consultation please do not hesitate to contact us via this page or on 07969881570.

07/05/2019

How could you survive without a regular income?

The average weekly income in the UK is £454.922 after Tax and National Insurance, yet Statutory Sick Pay (SSP) is just £94.25 per week.

This could leave an ‘income gap’ of £360.67 per week or £1,562.90 per month if you do not have any form of sick pay arrangements or income protection.

We all insure our phones, pets, houses and cars. Yet a lot of us don't insure the one thing that enables us to have all these things.

Please 'like' and 'share' and should further information or advice be required please do not hesitate to contact me via this page or on 07969881570.

11/01/2018

Professional Services provided - please see below main business areas:-

Mortgages
Life Insurance and Critical Illness Benefit
Income Protection Benefit
Savings & Investment
Pensions including Workplace Schemes

We have many others so if in doubt give us a call or contact me via this page.

11/01/2018

We all have seen the TV advertisements about quick and easy Online Life Insurance.

While it may be quick, easy, convenient and sometimes cheaper, is it really the best option for you? My experiences are that it is normally not because you are limited by the products and underwriting guidelines of normally ONE insurer. If a different type of life insurance product were more suitable for your needs, how would you know?

Buying life insurance (and making sure you get it right) is arguably more important than buying any other commodity. How do you avoid mistakes? One option is to seek advice from an Independent Financial Adviser (IFA) who can help assess your family’s financial goals and evaluate all of your options. Buying life insurance through an IFA offers several major advantages, including the following:-

An IFA can source the ‘whole of market’ and after considering product premiums and offerings they can recommend a policy suitable to your requirements;

An IFA will also ensure that you are not paying for insurance you don’t need. Conversely, they will ensure that you are purchasing enough coverage suitable to your requirements;

IFA’s often have relationships with numerous insurance companies and know which ones specialize in certain types of risks, or will insure individuals with particular lifestyle or health factors. If you are considered to be a greater risk for insurance companies, an IFA might be able to help you find life insurance that you cannot find online;

An IFA can make sure that your application is complete and that your answers will not jeopardise any claim that you might make in the future;

An IFA can provide you a personalised service. The IFA can assist in all processes providing help and guidance where needed. Making a claim can be a particular stressful time for families and this is where an IFA’s personalised service can prove invaluable.

Please 'like' and 'share' as you wish and should you require any further assistance please don't hesitate to contact me om 07969881570

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Ballynahinch
Belfast
BT240XX

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