Concierge Wealth Management Limited

29/06/2023

2 hours 11mins parking cost me £23. Not surprised people are staying away. Idiot councils

Labour blame ‘incompetence’ of former council’s policies as parking fees to rise 300pc

22/06/2023

https://www.telegraph.co.uk/business/2023/06/22/ftse-100-markets-news-interest-rate-rise-bank-of-england/?fbclid=IwAR168i7nLhRCXC0Re9r3-pG7cvEZTdy_HHf98LAhnB5lg_ZLw_njME94HNg

The Bank of England has delivered a blow to mortgage holders by raising interest rates faster than expected to 5pc as it fights to bring down doggedly high inflation.

21/06/2023

Saddening to witness the lack of ingenuity from Government and Regulators in managing the mortgage, interest rate and inflation crisis.

You cannot let borrowers off the hook and cannot play with open markets when things overheat. That just pushes the issue further down the line, is an artificial short termist approach and will come back to bite us all.

What's the point of raising rates to then offer a bailout at the taxpayers expense? That just leads to more inflation and a further reinforcement of bailout psychology and blind faith (zero personal risk) borrowing of years past.

Rather, how about we insist the banks start being decent, enforce limits on the spread between mortgage and savings rates, and make customer service excellence the minimum standard.

Reward savers fairly, to encourage saving, which is deflationary, whilst insisting banks allow temporary "interest only" payments on all mortgages until rates fall. This must be dovetailed with annual reviews of the mortgage affordability and ongoing guidance on repayment strategy to catch up with capital repayments in a timely and affordable manner.

We must insist on lenders being more efficient with loan servicing and deliver reasonable levels of staffing so that they can actually attend to their customers needs for the first time in about 15 years. Make the banks offer real guidance and advice without worming their way out of anything that may benefit or support a customer at the cost of a little profit.

Employ skilled advisers not salespeople. Help your customers manage the storm. Accept the (fair) interest but let borrowers pause capital repayments for a short time rather than reporting arrears and destroying credit files so you can charge more in years to come for "high risk" impaired credit borrowers.

Try to help avoid the huge mental stress good hard woking people are about to experience rather than profiteering on the next financial debacle.

Someone needs to get a grip and actually learn from the mistakes of the 90s. This should be easier than it seems its going to be.

At 6% over 25 years a £100k mortgage cost £644 on a capital and interest basis, but £500 interest only. A 22% reduction in outlay.

Over 15 years it would be £844 reducing to £500 and nearly a 41% reduction.

If you are struggling, speak to your lender and insist they treat you fairly and listen to your concerns and provide a reasonable solution. Then keep it under review. We can offer some advice without charge if you need it.

21/06/2023

All too true sadly, time for some regulatory intervention we think

As homeowners face eye-watering increases in their mortgage bills, uplifts in savings rates offer a small silver lining. But many are still being shortchanged.

09/09/2022

Rest in Peace Your Majesty. We celebrate your incredible life and thank for your unwavering service ❤️

01/04/2022

’s cost-of-living crunch has hit the country hard, with inflation at its highest level in three decades, prices spiralling, retail price increases rising to their highest levels in ten years. 👇

http://ow.ly/aI5Q50Isaqf

25/03/2022

Looking to retire from work, not a paycheck?

When it comes to retirement insecurity, one concern dominates all others, the fear of running out of money during retirement and with people living longer than ever before, it’s a very valid concern.

A new report reveals how two-thirds (66%) of adults planning to retire this year risk running out of money[1]. The research found that a 2021 retiree plans to spend, on average, £21,000 a year in retirement – almost £10,000 less than the average UK household income (£29,900)[2].

Just two in five (39%) feel very confident that they’re financially ready to finish working this year, with a third (34%) of women feeling very confident versus two in five (43%) men. 💷

http://ow.ly/PT3K50Imzy8