Personal loan, debt consolidation, refinancing

My Mortgage is Growing Teeth

 Budget, Financial, Interest, Mortgage, Savings  Comments Off
Nov 122012
 

After benefitting from several years of low NatWest interest rates, my fixed rate is over and I am reverting to the Standard Variable Rate. I don’t have enough equity to remortgage and I am skint. My mortgage, after snugly fitting in with my lifestyle and life plans, has grown teeth.  I can’t earn more money than I do so… whoop whoop; not… I have had to go on an economy drive. I began by cutting back on the most common (meaning fun) things such as eating out and extras in monthly shops but found that it just wasn’t enough to fill the deficit that I face. It is a bit of a nightmare but what can you do. I have become conscious about everything; not least my energy bills. I have gone on a mission.  A mission to save, save and save some more… Here is what I found out about energy.

Compare Offers Online

I find that if you’re going to secure a tariff, doing it online is your best option for saving on your energy bill; plain and simple. Online comparisons are everywhere these days. Agents and brokers to help you with your switch crop up whenever you run a search for anything energy related.  I get annoyed by it all but I guess if it wasn’t everywhere there would be less competition and we wouldn’t be able to get such good deals.

Different Fuel Offers

  • Single fuel – These tariffs are for those that wish to get their gas and electric from different suppliers. For households that don’t have a gas pipeline, you may end up having to go with a single electricity plan. 
  • Dual fuel – Over the past few years, this has become a very popular tariff, especially because energy companies have been trying to offer lots of incentives to keep loyal customers. With a dual fuel system, your gas and electric will come from the same supplier. This is usually how you end up saving big as they are able to offer you great packages for all energy in your home.

Going Green and Reducing Consumption

The teeth are still sharp so I am getting efficient around the home. Doors are shut, thermostat is turned down, washing machine is always run full, chimney is blocked off, the roof is insulated (courtesy of the Government ;) , the lights are only on when they need to be, the freezer is defrosted and I still have a list of a dozen other things to do or start doing.

I m gradually blunting the Mortgage Teeth. I am gradually getting my spending in line with my earnings. It isn’t easy and it takes sacrifice to own your own home. At the end of the day with responsibility must sometimes come sacrifice; well what else am I going to do?

I could still do with more tips to save some cash around the home. Any ideas anyone?

Image: Microsoft

Attached Images:
  •  License: Royalty Free or iStock source: http://office.microsoft.com/en-us/images/results.aspx?qu=teeth&ex=1#ai:MC900444801|

Phil Turner has great sympathy for anyone trapped by the NatWest interest rates change on current accounts. People would have been counting on those few pounds to pay their bills and without them even more will be struggling to make ends meet.

Top Tips for First Time Mortgage Applications

 Credit Cards, Debt, Insurance, Money, Mortgage  Comments Off
Nov 122012
 

If you are applying for a mortgage for the first time, then the first thing you will note is just how much information you are required to hand over, and how much information you are expected to know off the bat. Rather than find all of this out the long way, we have decided to shortcut your journey by giving you some of our top tips for first time mortgage applications.

1.)   Know the Value of the House and How Much you Can Borrow

Shocking as it may seem, many people start house hunting and checking out rooms before they even know what they are able to afford. Rather than seek out a home only to get rejected at the application, use a mortgage calculator to work out what kind of mortgage you are likely to be lent, so that when it does come to your application, you are actually able to borrow what you need. No use applying for a mortgage that you know will get rejected before you even start!

2.)   Get your Paperwork in Order

Mortgage lenders will want to know your household incomings and outgoings. That means information about your income for the last three to six months, the cost of your bills, any existing debts in the form of credit cards or overdrafts how much you spend per week or month on food: everything. This is to make sure that you will be able to pay back what you owe, and survive at the same time. In order to make the process as painless as possible, have all of this information ready to hand, and calculate everything before you apply, so that you can breeze through the process without having to stop every three minutes to have a good long think about how much you spend on petrol and how much you spend on food.

3.)   Be Honest

Although there is a massive temptation to under guess what your expenses are, hide debts or say that you earn more than you do: don’t! These questions are there as guidelines and the bank is not there to judge you personally, but rather to give you something that you can afford, which will be better for you in the long run. As tempting as it is to fudge the numbers to make it look like you have more free cash than you really do, this will only hurt you later on down the line when you have a monthly mortgage bill that you can no longer pay.

4.)   Search for Insurance

Most mortgages will require some kind of guarantee that your debt will be paid in the event of your demise, and insurance of some form that will cover the mortgage will be required. Rather than being placed in a situation where you impulse buy an insurance solution at the mortgage lenders desk,  find a good insurance package beforehand, so that not only do you have a happy lender on your hands, but you also have an insurance package that suits you and that you can afford. 

Ben is a property expert who writes for www.livingroom.gg. He loves to give property and mortgage advice online.

5 Common Tax Cheats

 Business, Financial, Legal, Money, Mortgage  Comments Off
Nov 082012
 

For those people who are thinking about cheating on their taxes, this is a very bad idea. In fact, cheating is highly illegal and punishable by time in jail as well as large fines. Below are five of the most common ways people cheat on their taxes.

Creating a Fake Dependent

In order to gain more money in stimulus earnings, some people create fake dependents to claim on their taxes. At one time, creating fake dependents was such a large problem in the United States that it prompted government to begin asking for dependents’ social security numbers when filing taxes. In doing so, the government found an effective way to lessen this type of tax cheating. Some people, who can’t steer clear of cheating the government through the creation of fake dependents, have now begun stealing children’s social security numbers; this is a sure way to get caught and makes this tax cheating tactic a very dumb one to implement.

Using the Home for Business Purposes

People cannot legally deduct part of their rent payments simply because they carry out business tasks in their homes. The only legal way to deduct parts or portions of rent, mortgage, and utility payments is if part of the home is being used exclusively for business tasks. For example, if a person uses a home office to carry out business tasks, the office room must be used only for business tasks; not for any other type of purpose such as watching TV for pleasure purposes. The only amount that can be tax deductible is the portion of square footage that the room consumes of the owner’s total home square footage. For example, if a person has a 400 square foot home office, and his or her total home square footage is 1600 feet, only 25% of the rent or mortgage payment can be deducted for business-tax purposes.

Not Reporting Money Gained through Gambling

Anytime a person wins money through gambling, every penny won must be reported; this even includes money won through home-poker games. Most casinos and track events will have winners fill out a Form W-G2 when large amounts of money are won which helps to lessen the amount of people who try to conceal their gambling earnings. For those people who win money and don’t report it, chances are, if it is a large amount of money, the government will find out, making it important to never try and cheat the government through this type of common tax-cheating method.

Giving to a Fake Charity

Just as it is illegal to create fake dependents, it is also highly illegal to create fake charities. In fact, the government maintains a list of charities that are eligible to take in tax-deductible deductions. In doing so, they have made it very simple to identify those people who are stating they are giving money away to fake charities and then turning around to take their donations off on their taxes. Just like any other tax-cheating strategy, inventing a fake charity is a very bad one to follow.

Not Filing Taxes

Not filing taxes is the worst thing a person can do. Eventually, it may take a few years, but eventually those people who refuse to file their taxes are usually caught. Many of these people end up spending time in jail for trying to skip out on paying their taxes. In addition to jail time, not filing taxes also comes along with a hefty fine, putting a person in worse financial shape than they were before they stopped filing.

Attached Images:

Henry Duncan is a corporate accountant and guest author at Accounting-Degree.org, a site with guides and information on getting an online masters in accounting.

Bankruptcy – Your Questions Answered

 Bankruptcy, Credit, Debt, Financial, Money, Mortgage  Comments Off
Nov 052012
 

Bankruptcy is a tricky subject to talk about, as it can be a distressing thing for anyone who’s struggling financially to deal with if no other options are left available to them. However, if you’ve ever wondered what it involves, how it works and how, if at all, it can benefit you in the long term, here are a few questions and answers about bankruptcy:

Can I become bankrupt?

If you have a large amount of debt, and other options such as IVAs are out the question, then you may be eligible to declare bankruptcy, but you should seek advice before you can begin with the whole process from experts who have dealt with people in situations like yours.

How can I become bankrupt?

First, you have to complete all the relevant forms, submit them to your local court and then pay any fees involved, which typically stand between £400 and £500. If you’re out of work or receive any state benefits, you might wonder how, if at all, you could be entitled to a discount off that fee. Your case will then go to court, and after that, the judge will decide whether you can or can’t declare bankruptcy. If so, you will be bankrupt for at least 12 months, and if not, an alternative that suits your creditors will be suggested.

If I become bankrupt, will it affect my partner?

If you have a wife or partner, it all depends on whether or not you have joint debts such as a mortgage. If you do and are in arrears, you might want to seek Bankruptcy and debt advice from payplan.com and then weigh up your options. It’s certain that you will both have to pay the debts in full together, but if he or she doesn’t have any, they will be unaffected.

What happens to my home?

When bankrupt, your home will be at risk, as you will relinquish complete control of all your assets. If needs be, the creditors will receive money after it’s sold on by those overseeing your bankruptcy. If you rent a property rather than own one, you will be unaffected, although there’s a possibility that your landlord may be a little more stringent in relation to rental payments.

How does bankruptcy affect my credit rating?

Details of your bankruptcy will remain on your credit file for six years, a full five years after the typical bankruptcy period ends. This will affect your chances of being given a loan by any lenders.

Payplan.com offer free advice on any debt issues that you may be facing.

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