Mortgage: Could you receive state support for interest payments? SMI rules explained | Personal Finance | Finance

This is important to be aware of because if the claimant does any paid work during these 39 weeks, the waiting period will stop and a new claim will need to be made if the person falls out of work again. Eventually, this loan will need to be repaid and the government will add interest to the debt. So long as the receiver of the loan is claiming benefits they will not have to repay it but when they sell the home or die, it will need to be repaid.…

Mortgage UK: What to do if you fall into negative equity – can you remortgage? | Personal Finance | Finance

Property prices may struggle in the coming months if forecasts made by the Office for Budget Responsibility prove to be accurate. They recently found that property values could be set to fall by 2.4 percent and this could have an effect on corresponding mortgages. Properties can often fall into negative equity when prices fall and it can prove to be a real problem. It’s estimated that there are around 500,000 properties in negative equity in the UK, with houses bought in Northern Ireland being in particularly dire straits. If a…

State pension age? Martin Lewis issues urgent warning about Pension Credit claims | Personal Finance | Finance

Martin Lewis, the financial journalist and campaigner, has warned people who are of state pension age to check to see whether they could claim Pension Credit. This form of financial support is a means-tested benefit, and as well as the payment side of it, it may be that claimants unlock additional discounts which are worth thousands of pounds. The broadcaster often shares his financial insights throughout the week, and yesterday, Martin gave a detailed update in the form of the weekly MoneySavingExpert.com Money Tips email. Among the array of money…

Credit & finance: FCA confirm new rules will come into force by Friday – details revealed | Personal Finance | Finance

Credit card payment freezes were recently extended up to October 31 and today, the FCA detailed similar measures would be extended to buy-now pay-later (BNPL), Rent-to-own (RTO), pawnbroking and high-cost short-term credit (HCSTC) products. They also revealed how and when the new support will come into effect. The new guidance/measures will come into force on July 17, which is a mere two days away. Christopher Woolard, the recent Interim Chief Executive at the FCA commented on the new measures coming into force: “Our measures will ensure that people who are…

Housing Benefit UK: ‘Momentous’ court ruling to affect claimant’s lives – how? | Personal Finance | Finance

Housing Benefit can help claimant’s pay their rent if they’re unemployed, on a low income or claiming other benefits. It will eventually be completely replaced by Universal Credit but there are some people who still receive it and it’s also possible to claim it under certain conditions. “Every tenant’s circumstance is different and so they should be treated on a case by case basis based on their ability to sustain a tenancy. “More broadly, the Government can also support this work by ensuring benefits cover rents entirely. “It should also…

Mortgage prisoners: FCA vow to help those in ‘illogical’ deals – are you affected? | Personal Finance | Finance

Intermediaries wanting to commit to this plan must inform the FCA of their intentions by August 6 but some have already expressed their support. Gemma Harle, the Managing Director of Quilter Financial Planning, commented on the FCAs plans: “Covid-19 has had a dramatic impact on the nation’s finances, and many will find themselves struggling to make ends meet in this challenging time. But for many mortgage holders who are trapped paying over the odds, the ramifications of the last crisis are still being felt as they are unable to switch…

State pension age: Martin Lewis urges 1.2 million to unlock discounts via Pension Credit | Personal Finance | Finance

The campaigner then highlighted some of the benefits which are included – such as Council Tax reductions, Cold Weather Payments, and discounted glasses and contact lenses. “Spread the word before that August 1, that it’s time to tell people about Pension Credit,” he reiterated. Pension Credit is an income-related benefit that is made up of two parts, and these are Guarantee Credit and Savings Credit. It’s possible for eligible people to claim it online. Source link

Inheritance Tax UK: IHT and CGT ‘easy hits’ for Rishi Sunak changes after coronavirus | Personal Finance | Finance

Chancellor of the Exchequer Rishi Sunak delivered a summer statement this week, during which he announced an update to his plans for steering the economy through the coronavirus crisis. In response to the COVID-19 pandemic – which has seen the UK being placed in lockdown for months this year in order to try to slow the spread of the virus – the Chancellor rushed out emergency measures, estimated to cost £133billion, according to the Office for Budget Responsibility (OBR). While the autumn Budget is still some time away, many have…

State pension age change latest news: Rishi Sunak told to release 1950s women from work | Personal Finance | Finance

The state pension age for women rose to 65 to bring it into line with men and will go up to 66 by 2020, and 67 by 2028. But campaign group Back to 60’s UN representative, Davina Lloyd has urged Chancellor Rishi Sunak to let people retire at 60 to help the younger generation get employment. She noted that if 1950s women were free from employment, they would be able to care for the elderly saving the Government millions. Speaking to Express.co.uk, Ms Lloyd said: “As long as things are…

Primark rejects Rishi Sunak’s £30million bonus to bring staff back from furlough | City & Business | Finance

The retail chain is believed to have shunned the huge payout announced by the chancellor last week as he tries to bring the UK economy back after COVID-19. Primark furloughed 30,000 staff during the coronavirus lockdown. The retail outlet has reportedly burned through £800million of cash during the pandemic but made profits of more than £900million the previous year. Primark’s decision to reject the money from the Treasury will put pressure on other businesses to follow suit. The Sunday Times reported William Hill has also rejected the bonus payments. During…