Wealth Management Group

27/02/2024

This article about why stamp duty is standing in the way of downsizing caught our eye at the weekend:

In England, stamp duty is charged on properties costing more than £250,000, unless you are a first-time buyer. If you're downsizing to a property worth £450,000, that means a bill of £10,000.

Many economists say this is putting older people off moving, and means family homes are being underoccupied. If stamp duty were cut, that could persuade more people downsize to a smaller home.

https://www.theguardian.com/money/2024/feb/24/it-makes-moving-pointless-why-stamp-duty-is-the-biggest-downside-to-downsizing

Many older people in large homes would like to release them to growing families, but the financial hit can be huge

16/02/2024

Life is unpredictable, and if you're like most people, unexpected bad health would play havoc with your financial stability. Whether it's an injury that puts you out of action for months, or diagnosis of a serious illness, what are the financial implications if you're unable to work for weeks or months?

Income protection insurance covers your outgoings if you’re unable to work due to an accident or illness. It takes away the worry of finding money for bills when you need to focus on your health. Knowing your finances are secure, you can focus on your recovery, without the stress of how to pay your next bill.

Whether you're in employment, run a limited company, or are self-employed, there is flexible cover out there to suit you and your needs. Every policy is different, so it's essential to understand what your policy covers and how it can support you - that's where we come in.

Want to know more about how income protection insurance can safeguard you and your family? Contact us today for a tailored consultation.

09/02/2024

If you run a business, we'd love to speak to you about our financial advice and wealth management services.

If your business is doing well, we can help you with corporate investment advice to ensure an equally profitable future. We also offer financial advice on insurance, pensions, auto enrolment and trustee management services.

Want a no obligation chat? Message us to book a free consultation - in person, online or at our Saltaire office.

02/02/2024

The Bank of England has held base rate for the fourth month in a row and hinted that the rate will be coming down soon. So what does that means for those of us with mortgages?

Fixed rates have been falling since September, when the average two year fix was almost 7%. The Bank's hint means that mortgage rates are likely to continue falling this year. If you're due to come off a fixed deal, this will make it a little less painful for you.

Confused? If you're looking for your first mortgage or have a fixed rate ending soon, message us about finding the best deal for you and your circumstances.

29/01/2024

We're nearing the end of January, so if you've not already, now is the time to give your finances a New Year reboot. Here are 5 top tips for where you should focus your attention:

1) Try the 50-30-20 rule for budgeting: divide your income so you're spending 50% on ‘needs’ like bills and groceries, 30% on ‘wants’ like holidays or a new car, and 20% for savings and/or debt repayments.

2) Review your outgoings: Have you still got the best deal on energy, credit cards and phone contracts? Check for unused subscriptions which you're still paying for - these can add up!

3) Check your tax code: millions of tax codes are wrong every year and it's your responsibility, not your employer's, to check this. You could be under or overpaying - checking your code could mean a rebate.

4) File your tax return by 31 January: if you don't do this, you're facing a fine of at least £100.

5) Book a financial review from WMG: we can make sure you've got the best mortgage rate, review your investments, and advise on inheritance tax planning. Message us to book your free consultation: in person, online or over the phone - or visit our website: wmgcares.com

19/01/2024

If you've worked hard to build a substantial nest egg, you need to be sure it's managed right. Perhaps you’re thinking of helping your child with a house deposit, but don't want to jeopardise your lifestyle in retirement? Or maybe you want to unlock the value in your home but don't know the best way to go about it? Or do you simply want advice on how to best preserve your wealth for future generations of your family?

We can advise on the best way to manage your nest egg, with advice on investment, tax planning and equity release. Book a consultation with our team to find out more - online, in person or over the phone. We'll listen to your ambitions and concerns about your present and financial future, then provide you with the advice and resources to help you achieve your goals.

12/01/2024

Have you made any financial New Year resolutions? Here are five top tips from our team to get your finances in shape for the year ahead.

1) Deal with high interest credit card debt - consider a balance transfer for a 0% rate.
2) Get in the savings habit - try an app that rounds up transactions and puts the extra in a savings pot.
3) Review your pension - are you saving enough each month for the retirement you want?
4) Save money on energy - use a switching website to make sure you've got the best deal.
5) Earn rewards when you spend - many credit cards offer cashback and supermarket cards like Asda reward loyal customers with cash.

10/01/2024

Things are looking up for homeowners. Barclays and Santander are among those who have today slashed rates, following on from other lenders who reduced their mortgage rates earlier this week. The new offers mean 2 year fixed rates are edging closer to 4%, although many of these deals require a large deposit or equity.

If you're looking to buy a home or remortgage on a lower rate, get in touch. We can see the whole market, including specialist lenders and rates not available to the general public, meaning we'll always get you the best deal for your circumstances.

To find out more, contact our team. We offer a free consultation and review, either over the phone, online, or in person at our Saltaire office.

22/12/2023

Happy Christmas to all our clients and friends. We wish you all a peaceful and relaxing break, and a prosperous New Year. Who knows what 2024 holds for us all? We look forward to finding out!

15/12/2023

As we all look forward to spending time with the family this Christmas, it's natural to think about how best to pass on our assets to the younger generation.

The aim of inheritance tax planning is to pass on as much as possible of the proceeds of your estate to your chosen beneficiaries, rather than to HMRC. We can advise on strategies to preserve your accumulated wealth, so you can pass on hard-won assets to your children or other beneficiaries upon death.

Whatever your aims - whether ensuring your inheritance tax bill is minimised or just making sure that your loved ones are looked after financially when you’re gone, we can provide practical advice and peace of mind. Message us to find out more.

08/12/2023

If Christmas is a feeling a bit tighter than normal this year, consider some of the ways you could save or grow your money in 2024.

For example, are you making the most of your savings? If you have money languishing in a low interest account, you'll be surprised by how much you could gain with carefully chosen investments or by using your ISA allowance.

Have you reviewed your life insurance recently? There may be savings to be made which could even result in better cover.

Is your fixed rate mortgage coming to an end? Don't get stuck on your bank's standard variable rate! There are still good deals to be had and we can search the whole of the market to find them.

And have you considered inheritance tax planning? This could save thousands later on, and allow you to pass on as much as possible of the proceeds of your estate to your chosen beneficiaries, rather than to HMRC.

if you need help and advice on any of these tricky financial matters, get in touch. We offer a free consultation, either in person in our Saltaire office, over the phone or online.