Current Statistics ►

Estimates recently published in the ONS’ survey on ‘Families and Households: 2017’ show that the number of families in the UK have increased by 8.1% over the last ten years to 18,997,000.

Married couples and those living in civil partnerships are the most dominant group, with civil partnerships driving the growth of this group, increasing by 66.7% (versus 4.8% for married couples) particularly at younger age groups.

14 million dependent children are currently estimated to be living in families in the UK. It is, however, families with no children or no dependent children that were more common. Some 6.6 million (40%) 15-34 year olds live with their parents.

The ONS suggests that the larger numbers of young adults tending to stay at home for longer may be explained by staying in education and training for longer, formalising relationships and having children at older ages, and increased costs in renting or buying a home.

September 2017

After months of hard work, our new website finally went live over the weekend and is looking fantastic! Why not have a good look around and see what amazing new features and information are included. 

www.heather-lay.co.uk

 

 

Natalie took part in the Cancer Research Race for Life Pretty Muddy on Sunday 3rd September. It was "pretty muddy" due to the Cornish Autumn weather, but a brilliant time was had by all and Natalie raised a fantastic total of £183.00 for Cancer Research!

August 2017

h_l_banner

Our new banner has arrived today ready for tonight, and it looks great!! We are proudly sponsoring the Pink Wig event which is part of Falmouth Week and raises funds for vital research projects, the best care for breast cancer patients in Cornwall and a safer future for the next generation.​

Offset mortgages come into their own

Offset mortgages come into their own

Property The Guild of Professional Estate Agents 7th September 2016

The recent cut in the Bank of England base rate may have come as welcome news for many mortgage holders, but for savers it has been yet another hit on their returns.

There is light at the end of the tunnel however. At times when homeowners are struggling to make their savings work for them, offset mortgages offer an excellent alternative, and can also be big money-savers.

This type of mortgage works by allowing homeowners to ‘offset’ the balances held in their savings and current accounts against the mortgage debt, thereby reducing the amount of interest payable on the mortgage. Put simply, instead of earning interest on their savings, a borrower pays less interest on the mortgage.

There are a number of other attractive benefits to offsetting. Because no interest is earned on the savings, there is also no tax to pay, so this can be particularly useful for higher rate taxpayers.


   
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There is also a greater degree of flexibility than can be found with many traditional mortgages. Most deals provide an overpayment facility, but this is often restricted to 10% of the mortgage balance per year. Offset mortgages generally provide an unlimited overpayment facility and, perhaps more importantly, borrowers retain easy access to their savings at all times. 

This type of mortgage can be especially effective for homeowners with variable sources of income. The self-employed, for example, might use their offset account to put money aside over the course of the year to pay their tax bill, so having that easy access is essential.

Lenders generally offer two options depending on how the borrower wants their mortgage to work. They can choose to reduce their monthly payments as a result of the reduced interest charge, if cutting costs is a priority.

Many opt to keep their payments as they are however, in order to reduce the overall term of the mortgage. This means making savings on the overall amount of interest paid and clearing the debt much quicker.

The interest rates available for offset mortgages are higher than for traditional mortgages, so borrowers will need to do their sums before deciding if this is a worthwhile option for them. However, with interest rates currently at record-lows, and savings accounts offering little in the way of returns, now may be the time for borrowers to consider using their money in a different way, and ultimately for their own benefit.





If you are considering an offset mortgage or simply need mortgage advice, then please speak to the Guild Mortgage Service provided by fee free L&C Mortgages.

You can contact L&C mortgages on: 0800 073 1945



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