Get Ready for Legacy Financial Services!

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Buying your first home is the most important purchase you will ever make. Add to this the vast array of mortgage products from fixed rates, discount rates, tracker schemes, etc, which can leave you totally stressed and confused.

When you remortgage, you’re switching your current mortgage to a new deal, and to a new lender.

You may be looking at a remortgage as your current fixed rate has finished, and you would like to refix for peace of mind. It could be that you would like to raise some cash from the equity in your home, to carry out home improvements or to buy an investment property or a holiday home. You may have lots of unsecured debt that you would like to pay off, so that you have just one lower monthly payment to help with the cost of living.

Think carefully before securing other debts against your home. Consolidating debt may reduce your outgoings now, but you may end up paying more overall. Your home may be repossessed if you do not keep up repayments on your mortgage.

Buy To Let should not be seen as an easy way to make money, and should be viewed as a long term venture. You would need to have a deposit of around 25% towards the purchase of your BTL property. The rental income then needs to cover the mortgage payments.

Most Buy-to-Let Mortgages are not regulated by the Financial Conduct Authority.

Equity Release allows homeowners over the age of 55 to release equity in their homes, but still allows them to live there for as long as they wish.

We work with a comprehensive panel of providers to find you an Equity Release Scheme to suit your needs.

You have the option to have the interest rolled up into the loan, or you can pay the interest each month. You can also ‘ring-fence’ part of the property value to ensure you leave a legacy to your family if required.

A Lifetime Mortage will reduce the value of your estate and may affect your entitlement to means-tested benefits and tax status.

The impact of not servicing monthly interest payments on a Lifetime Mortage is that the outstanding debt can grow rapidly, thus reducing the value of your estate.

For example, if the interest rate was 7% a year, a £50,000 loan would double to £100,000 after 10 years assuming no repayments are made.

This is an example for illustrative purposes only and personalised advice and recommendations should be sought from a qualified professional. You are strongly advised to register a lasting power of attorney. This will allow your affairs to be managed by somebody else if your mental abilities significantly decline.

Your family is your most precious possession and unfortunately none of us know what’s around the corner. It’s important to ensure you are covered to prevent any stress for your family in the future.

Whether you need life insurance, critical illness cover or family income benefit, we can look for the right cover for your needs.

Please note for these insurance products, terms and conditions apply. This information is a summary only. You will receive a full policy document upon application. This policy will set out the terms, conditions and limitations of cover provided under the plan.

As part of our service, we can refer you to Legacy 4 Life Ltd who look after our clients Last Will & Testaments and Estate Planning needs.

Please note that neither Darren Spragg trading as Legacy Financial Services nor PRIMIS, are responsible for the service they received.

These services are not regulated by the  Financial Conduct Authority and may have limited consumer protection.