Parental Support Vital for New Mortgages

First time buyers are increasingly relying on parental support to gain better rates of interest on a mortgage, figures reveal.

According to Clydesdale and Yorkshire Banks, 84 percent of first time buyers admit to relying on their parents for financial support when buying a house.

Since 2005 this figure has more than doubled, highlighting the natureRead More

Fuel Costs Unaffordable for Unemployed

Fuel debt is sweeping the nation as the cost of electricity and gas becomes unaffordable for many, while those who are just making ends meet are at risk of debt should they lose their job.

Those who have been mis-sold payment protection insurance (PPI) may also be in for a shock, if they are relying on this insurance to cover these hefty bills followingRead More

Gladstone Brookes Buy Warrington Wolves Season Tickets for Charity

Gladstone Brookes are pleased to announce the recent community work they have done with the Warrington Wolves Foundation. The foundation is the charity of the Warrington Wolves Rugby League club. The Wolves as we speak sit at the top of the Super League table and are the current Challenge Cup holders after winning the competition in 2009 and 2010. Whilst not many people may be familiar with Rugby League, Warrington is a “rugby town” attracting an average home crowd in excess of 10,000 per game.
Read More

Number of Interest Only Mortgages Declines

The number of interest only mortgages being offered to potential home-owners is steadily declining, a new survey shows.

This strategy performed by mortgage lenders aims to reduce the number of home-owners who have a mortgage they cannot pay back.

According to the survey by Paragon Mortgages’ Financial Adviser Confidence Tracking (FACT),Read More

How Do Payment Protection Insurance Policies Work?

Do you really know the details of your payment protection insurance policy and how to even make a claim should you need to?

The banking industry is left with a compensation bill that will run into the billions. But do you know how payment protection insurance works? If not and you have a policy then you could be liable for compensation now.

Income Protection Insurance policies start paying out once you have been off work for an unbroken period of time, typically anywhere between one and 180 days. As with other insurance products the longer you go without taking payment – e.g 180 days compared to 30 – the amount you pay for your payment protection insurance will be reduced.

Some providers let you vary this excess period, which can be very useful if your employer has a good sickness pay scheme of their own. If, for example, your company pays sick pay in full for two months then you would not need your PPI policy to start paying you until after this two month period. Think about when you would want the cover to kick in before buying your insurance policy.

Policies usually only pay out for 12 months, but some do pay out for longer – up to 24 months. Although it will reduce the amount you pay for your insurance, do you really want cover for less than 12 months? Think about how long you’ll want the peace of mind of payment protection insurance and try and find a policy that best suits your needs.

How much you pay for your payment protection insurance will depend on a number of factors that include your age and what you do for a living.

Obviously the more high risk a job for injury or ill health, the more your insurance will cost. The same is true of your age – the older you are the more you will probably have to pay. The reason for this is that, as many older people can testify, the older you get the harder it can in general be to find a new job, and you are also more likely to fall ill and need to make a claim on your payment protection insurance.

If you think you have a payment protection insurance policy in place that will not provide the necessary cover you think you need, then there is a distinct possibility that you have been mis-sold PPI and could be liable to claim compensation now.