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What is a Mortgage in Principle?

WHAT IS A MORTGAGE IN PRINCIPLE?
When it comes to property hunting, there’s no better feeling than finding the house of your dreams. Especially as a first–time buyer! However, before you can make an offer on a house, it’s best to have a Mortgage in Principle (MIP).
 
What is a Mortgage in Principle?
 
Also known as a ‘Decision in Principle’ (DIP), a Mortgage in Principle is a certificate or statement from a lender that confirms they would, ‘in principle’, lend a prospective borrower a certain amount of money based on the information provided.
 
A Mortgage in Principle can be submitted at any point during…

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Quote of the Day

“By working faithfully eight hours a day, you may eventually get to be boss and work twelve hours a day” – Robert Frost
 
 
Source: Quote found by JMS.

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PROTECT YOUR FINANCIAL WELLBEING

As we grow older, protecting our loved ones becomes more of a priority. which is why it is essential to have the correct financial provisions in place to support your family’s financial wellbeing, for a time when you can’t. 
Unfortunately, may people don’t know where to start when it comes to organising their finances. This includes important assests such as bank accounts, mortgages and other securities.
Here at Financial Foresight we have outlined the following basic provisions worth considering when it comes to protecting your family’s financial wellbeing. 
 
1. Make a Will
Despite this being an obvious provision– many people die without making a…

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Quote of the Day

 ”Whether you think you can or you can’t either way your right”. 
 
 
Quote from Mugg & Bean – South Africa

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Plan for a Happy Retirement

More and more people are using their retirement to fulfil lifelong dreams that they couldn’t previously achieve due to work commitments.  With time on their hands those in retirement are taking the opportunity to learn new skills, take up a hobby or travel the world. 
IF you’re someone who’s looking forward to this stage in life, then it’s important you effectively plan and save.
Below we have listed some helpful consideration that will help you plan for a happy retirement. 
Happy Retirement Plan
1.     
Retirement Income (“target income”)
Take time to calculate what your incoming funds will be during retirement. 
Do you have a pension…

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WE WILL REMEMBER THEM

 

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Inheritance Tax Planning

PET – Potentially Exempt Transfers.
 
“This may be unlikely but Inheritance Tax planning is important”
 
 
Source: PEANUTS Copyright – United Feature Syndicate, Inc.

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WILL THE NHS PROVIDE MY LONG TERM CARE?

 
WILL THE NHS PROVIDE MY LONG TERM CARE?Long Term CareOn some occasions Long Term Care is provided and funded by the NHS or alternatively by your local authority. However, depending on your eligibility and financial circumstances you may be expected to contribute to the costs associated with your care.
 
This may seem complicated but it’s worthwhile understanding should you or a loved one require home care,
elderly care or nursing home care.
 
The average residential care costs approximately £28,500 a year in the UK with additional costs if nurses are required. The cost of 24–hour home care is even higher. If you are expected…

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Financial Planning

 “Hope is not a Financial Plan” – Ric Edelman
Source: http://www.picturequotes.com/hope-is-not-a-financial-plan-quote-362464

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HELP TO BUY ISA’S

For first–time buyers this account could be worth a free £3,000 from the government, everyone over the age of 16 who wants to buy a house before 1st December 2030 should apply, but they cannot be opened after the 30th November 2019
 
–BUY NOW WHILE STOCKS LAST–

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