Lifestyle Financial Management

Santander UK is to write to over 270,000 borrowers to make it clear to customers about when it would increase the cap on its mortgage standard variable rate.

The FCA has agreed the deal with Santander after the regulator found the letters the lender sent to customers about increasing the SVR cap were unclear. Some borrowers did not receive any letters at all.

Santander will start writing to affected borrowers next week, and will be contacting customers in batches until the autumn.

When buying a house, what do you consider the most important issue to arrange is?

• Insuring the contents of your home?
• Taking the opportunity to arrange your Will?
• Covering the mortgage you have by arranging a life cover policy?

Please let me know by using the links below

According to a survey from Move with us, the following is a list of the factors that we are prepared to compromise on when looking for a new home.

• Size of garden – 40%
• Downstairs cloakroom – 33.5%
• Location – 15.4%
• Availabilty of parking – 9.3%
• Number of bedrooms – 2.7%

• In the 12 months to February 2013 UK house prices increased by 1.9%, down from a 2.2% increase in the 12 months to January 2013.
• House price growth remains relatively stable across most of the UK, although prices in London are increasing and prices in Northern Ireland are falling.
• The year-on-year increase reflected growth of 2.1% in England and 4.1% in Wales, which were offset by declines of 1.2% in Scotland and 7.7% in Northern Ireland.
• Annual house price increases in England were driven by a 5.9% rise in London
  and a 2.4% increase in the North East.
• Excluding London and the South East, UK house prices increased by 0.6% in the 12 months to February 2013.
• On a seasonally adjusted basis, UK house prices were unchanged between January and February 2013.
• In February 2013, prices paid by first-time buyers were 1.6% higher on average than in February 2012. For owner-occupiers (existing owners) prices increased by 2.1% for the same period.

Source: Office of National Statistics

The consumer prices index (CPI) has remained unchanged at 2.8 per cent in March, according to figures from the Office for National Statistics.

The main contributors  for an upward trend came from recreation and culture which includes newspapers, books and stationary.

Furniture & furnishings. motor fuels and meat witnessed the largest downward trends.

The Retail Price Index (RPI) rose from 3.2 per cent to 3.3 per cent in March.

The Bank of England said it expects inflation to exceed 3 per cent later this year.

Source: Office for National Statistics

The last house price bubble followed a previous conservative chancellors budget.

Nigel Lawson ended the multiple tax relief available to home buyers in his 1988 Budget. Any Application completed after August of this year was only entitled to one amount of tax relief. This encouraged many couples, especially first time buyers to buy a house in the interim months and complete before the deadline. This created a huge demand for houses and increased the value of homes by several percent nationwide.

Once the deadline of 31 August 1988 had passed, the housing market fell flat for the following reasons:

• Those that had intended to purchase within the next 2 to 3 years decided to take advantage of the double tax relief benefit while it was available
• Young couples who would have purchased within the next year or two also decided to take advantage of the tax relief opportunity
• Even those that had no intention of moving saw property prices rising and thought they did not want to miss out.

Once the deadline passed, demand for houses collapsed and the market fell flat. House prices slumped and many were left with negative equity. It took a number of years for the market to recover.

Whilst this new initiative does not have a deadline attached. Without the correct supply of homes, It is difficult not to think that this has the potential to create a similar situation.

What reason do you have for supporting a specific registered charity?

• An issue that has affected someone you love, a family member or friend?
• An inspiration from a colleague who has been affected?
• Reading a press article or watching a television programme?
• You can relate to a certain circumstance and recognise help is needed?
• You want to help a certain cause because you know it is the right thing to do?
  Some of the ways we support our favourite registered charities 

• Running marathons
• Sitting in a bath of baked beans or staying silent for a day.
• Picking up the phone following an appeal
• Sponsoring a friend or family member in an event
• Working voluntary for a charity
• Spreading the word of a specific charity you wish to support.

Another popular way to help raise funds is via a social event. A dance, an auction or a barbie perhaps.

How you can help YOUR favourite registered charity   

A quiz has being arranged for 21st September 2013,  All you have to do is nominate your favourite registered charity to me. Four charities will be the beneficiaries from the evenings proceeds.

1st The registered charity that receives the most nominations during the period of 1 April 2013 to 30th August 2013 (unless otherwise notified)

2nd A lucky draw from the from the remaining charities will be taken on the evening of 21st September

3rd My two nominated charities. Hope4havering & Housing Justice. Both charities offer support for homeless people locally in Havering and nationally respectively.

In addition to the above the following prizes will also be available.

• Each calender month the person who enters the most correct answers will win a FREE basic will
• Each calender month all entrants for that month will be included in a draw for a pair of tickets to the quiz held on the 21st September 2013
• All entrants who nominate UK registered charities with less than 10 % of the total entries will be entered into a draw for £100 voucher (details to be announced)

How can you nominate your favoured registered charity?

A “Question of the day” (Monday – Friday) will be published via Twitter and Website. All you have to do is:

1. Email me the correct answer to the “Question of the day” (All answers are published within this website)
2. Nominate your favourite charity.

Providing your answer is correct your nomination will be counted. How easy is that? All from the comfort of your chair.

Terms and conditions

All answers must be received by midnight of the day the question is asked.

Only one answer is allowed each day by each person

Only one answer each day can be submitted via a email account

Answers can only be submitted via email .

Each person can enter each day during the period 1st April 2013 to 30th August 2013.

Any correct answer that does not have a nominated registered charity will be void

Once a charity is nominated during the day it cannot be changed

A person can nominate different charities during the period of

1 April 2013 to 30 August  2013

Registered uk charities only to be nominated

Entrants must be a UK resident

No cash alternative will be paid on any of the awards published above

All proceeds of the evening will be payable to the nominated charities

Promoter reserves the right to amend the above details at any time.

Promoters decision is final

Promoter: Brian Samuels

Lifestyle Financial Management 66 Sunnyside Gardens Upminster Essex RM14 3DS

Tel No: 01708 640855

Email: Bestadvice@Lfmhavering.co.uk

Twitter: @LifestyleFinMan