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Scott McKinnis
In her AGM report, treasurer Jean Gowen said that they are ‘continuing to look for new sources of funding’, while money is also now needed to carry out repairs to the 12-year-old building, as this has ‘hit our finances hard’.

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But the biggest casualties were Partnership and Just Retirement, which specialise in selling annuities to savers suffering ill health. Although they have been credited with providing a better deal than mainstream insurers, their share price plunged 55 per cent and 42 per cent respectively because they are so reliant on annuity sales.

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Owners of a three-bedroom house are reckoned to be on average across the UK £124 a month better off than someone renting it, even taking into account maintenance. repairs, alterations and insurance on top of mortgage payments.

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Mortgage rates fell significantly yesterday to those levels they had a week earlier. Coming to Wednesday, we are observing some improvements in mortgage rates at on of the biggest U.S. lenders, Bank of America (NYSE:BAC). Under its home loan portfolio, the 30-year mortgage loan is offered at a rate of 4.250%. Borrowers, who lean toward the 15-year fixed counterpart, can expect to pay 3.250% in interest. This is a lower interest rate compared to the former 3.375% it had a day earlier. The lender, which has its headquarters located in Charlotte, NC, advertises the 7/1 adjustable rate mortgage (ARM), for home purchase, at a rate of 3.000%, unchanged since the beginning of the week. The 5/1 ARM has retained its rate level as well, as it’s coming out at 2.625%.

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Take a man of my age who is a 40% taxpayer (and yes; I am). Now suppose they decide to put £10,000 into a pension when  these new rules come into effect. The actual cost to them  of doing so is £8,000:  tax relief of 20% is given at source,  meaning that whilst £10,000 is credited to the account  they only have to write a cheque for £8,000 to achieve this result.  In addition,  they can put this pension contribution on their tax return and claim an additional £2000 of tax relief. A person paying  the standard 20% tax rate can’t do that:  we have a tax system that, perversely, and unjustly, rewards the pension savings of those who are already better off.

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