Mortgage debt puts millions in the red for life | Personal Finance | Finance

Banks and building societies have traditionally been reluctant to lend into retirement, so it can be tough to get affordable finance or benefit from best-buy deals. Aegon pensions director Steven Cameron said: “Inflated property prices mean that those getting onto the property ladder are doing so at later ages and are borrowing more for longer.” Those who cannot clear their mortgage will either need to pay from their retirement income or carry on working. “One in four people expect to still be working at 70, but not everyone will be…

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Last minute holiday deals | Personal Finance | Finance

Emma Grimster, spokesperson at TravelSupermarket.com, said many people leave buying holiday essentials until the last minute but they should still shop around and compare prices. “We calculate a typical family could overpay by up to £1,137 on holiday essentials such as travel insurance, car hire and foreign currency if they don’t,” she said. For example, a family of four could save £68 on their travel insurance by comparing policies online, rather than simply buying the cover offered by their bank or travel company. Two weeks’ travel cover for a family…

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Appoint the right person to act on your behalf | Personal Finance | Finance

GETTY There was a 45 per cent increase in misuse cases during the last tax year Growing numbers who signed a Lasting Power of Attorney (LPA) to give friends or family control over their affairs in case of dementia or Alzheimer’s have had their finances mishandled.  There was a 45 per cent increase in misuse cases during the last tax year, with the Office of the Public Guardian (OPG) investigating 1,729 LPAs, up from 1,199 the year before.  The danger has been highlighted by former astronaut Edwin “Buzz” Aldrin, the…

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Death benefit shortfall: Five-minute guide to death-in-service pension benefits | Personal Finance | Finance

GETTY GRIEF: Benefit may not clear family debt The average benefit is just one to two years salary, or between £27,600 and £55,200 for the average worker.  This may not stretch far enough because even a £55,200 payout would leave a shortfall of £66,478 on the average UK mortgage of £121,678, according to figures from Direct Line Life Insurance.  Another problem is that many people do not even know what death-in-service is, or if their company pension offers it.  Almost half wrongly believe their company only pays if they die…

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July premium bonds winning numbers: Have YOU won the July premium bonds jackpot? | Personal Finance | Finance

In the July 2018 draw, a total of 3,082,208 prizes worth £88,099,800 will be paid out. There were 75,514,119,546 Bonds eligible for the draw. As well as the two new millionaires, five people won £100,000, nine won £50,000 and 20 won £25,000. National Savings and Investments (NS&I) have reported that there is more than £59 million in unclaimed prizes which have accumulated over the years, so it’s definitely worth a check!  What are the winning numbers? The first new millionaire is a man from Suffolk with the winning number 305QA758516. He…

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Premium Bonds checker: What are the July premium bonds winning numbers? | Personal Finance | Finance

Two lucky savers scooped the top prize in this month’s July premium bond draw and will share a whopping £1million jackpot A man from Suffolk bought his winning bond in June 2017 and had the winning number: 305QA758516. And a man from South West Wales is also taking home a cash prize with his winning Bond, purchased in March 2010. The number was: 166LV246433. He is the fifth jackpot winner from the region since the £1 million prize was introduced in 1994. They are the 389th and 390th winners of…

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