When is the Right Time to Buy a House?

Knowing when the right time can be to buy a house can depend on a number of different factors; you need to be aware of changes in the UK property market, as well as of the availability of different mortgages. At the same time, it’s crucial to consider your short and long term personal finances, and whether you’ll be able to buy a house and then be able to build up its value over time. There are also some timing issues that need to be worked out when deciding on a house purchase. 


While the UK property market is still not out of recession, the continued resilience of the London market and the capital’s house prices is having a gradual impact on nationwide prices, with London having experienced a 0.7 per cent increase in property prices in February. Other rises in house prices have been down to some fluctuating sales costs, which are going through a period of gradual improvement and stalling - the average price for a house in the UK is around £213,710 which represents a small growth on previous years. 


You should also be aware of the different schemes set up by the Government to help first time and existing house buyers to lower the costs of mortgages and get them onto the property market. The most recent of these schemes is Help to Buy, which will offer house buyers a 20 per cent deposit loan on top of their own 5 per cent contribution - these loans will be interest free for the first five years, and set at a rate of 1.75 per cent thereafter. The Government are similarly offering home buyers a guarantor scheme for mortgages, with banks being encouraged to offer higher value loans. 


When looking for a mortgage, the right time to get one can depend, then, on how cautious or optimistic banks and other lenders are at any given time; the Help to Buy scheme, which follows previous efforts to raise confidence in the property market, should help reduce risk for lenders. However, the mortgage market is still fairly stagnant, with only marginal increases in borrowing, and more repayments made than new loans taken out in February 2013. 


For most people, then, there is no ideal time to buy a house, but rather a climate of caution that needs to be carefully explored; you’ll need to make sure that your personal finances are strong enough to cover at least a 5 per cent deposit, and that you can cover stamp duty, conveyancing and other fees, which can quickly add up. Look ahead to consider whether your wages and savings can cover monthly mortgage payments and any renovation costs. 


You can make things a bit easier on yourself, though, by looking to buy a new property in Winter-time, where prices tend to be a bit lower as demand falls. Speak to estate agents about offers, and look into options where sellers may be unable to wait until the Spring for a potentially higher price. Similarly, watch out for new mortgage deals and interest rate changes for the start of the new financial year from the 6th of April, if you want to see if banks are willing to lend more at reasonable prices. 

Author bio: Liam writes about finance, from estate agents in Ipswich to mortgage rates. He attends regular finance seminars to ensure he stays on top of the industry.

Personal Finance After Hitting 50: Is It Too Late for Life Insurance?

For many of us, life insurance is something we only consider after a life-altering event such as marriage or the birth of a child. But for those who haven’t gotten around to investigating its possibilities as we reach retirement age, are affordable options still available?

If you’re in good health, the answer is yes. And you’re not alone: since so many people are getting married and having children later in life, the big questions are now announcing themselves later and later.

Understanding Your Beneficiaries

The first step in determining what kind of life insurance plan you need to get is figuring out who is financially dependent on you and to what extent they’ll need resources in the event you pass. Determine the amount of money that would be commensurate with what you are currently providing for them and calculate how long they’ll need funding.

Potential financial dependents may include your children, spouse, parents or a sibling you provide for financially. When you have your policy in place, you can choose to name multiple beneficiaries and give a specific number for each to inherit.

If nobody is financially dependent on you, you may still consider life insurance if you want to provide for someone after your death. For example, parents with grown children may pay a small monthly premium to know that their children will get a set amount of funds every month or to make sure their funeral costs will be addressed.

Can I Get A Plan?

For most applicants, the criteria for getting a life insurance plan include undergoing a physical examination and answering a questionnaire about your health and habits. When the company determines the current state of your well being, they will offer you their terms and prices.

There are many varieties of plan, most of which can be sorted into two main types: term life insurance and whole life insurance. In term life, you simply pay an annual premium for your coverage for a set duration, such as 20 years. Once the 20 years pass by, the coverage is no longer in effect.


Whole life or cash value policies operate in a variety of ways. Typically, your premium pays the cost of insurance and contributes to a reserved investment account. The policy lasts for your whole life (hence, “whole life”). Premiums are much higher than what one pays for a term policy, but the benefits are greater, too. For some, there may be a tax advantage, even though contributions are made with post-tax dollars.

Choosing A Term

For many 50-somethings, a 15- to 20-year life insurance plan may be the most affordable and effective way to shield your income and loved ones from financial turmoil after your passing. Keep an eye out for two key factors: the ability to convert to a permanent plan that will continue into your later years, and the plan’s policy on guaranteeing your insurability.
Regardless of the type you choose, the maximum value of life insurance is in the peace of mind that it provides. No matter what your circumstances, knowing that your loved ones will be provided for will allow you to fully dedicate yourself to the things you love. You can tend to your organic garden or woodworking project secure in your choices. 

Adrienne Erin is a writer with interests in education, personal finance, and health. To read more of her work, follow her on Twitter under the handle @adrienneerin.

Small Business Ideas After Retirement

People often say that when you’re lucky when you’re retired. All you have to do is sit back, relax and enjoy the rest of your life as it comes. Lazing around during the first few weeks after quitting your job is the life! No more worrying about deadlines or dealing with problematic clients or bosses. You must remember, however, that it takes time to adjust to life after retirement. 

As the month of doing nothing winds to an end, you realize that you’re itching to do something again, to be productive once more. Although man is hedonistic by nature, if you’ve been working all your life, then the tendency is you’ll keep working as long as you’re still able to. 

Since you can no longer do heavy duty, stressful stuff--too much is bad for your health and your age--the next best choice you have is to start your own business. If you have no clue what that business is going to be, here are some ideas to tide you over. 

Blogging 

If you enjoy writing and are good at expressing yourself through words, one of the most logical choices you have is to blog. If there is a certain niche you are passionate about, then that’s a good place to start for your blog. Blogging is a very lucrative business where you can earn from adsense and you can also start selling stuff on your blog once it has gained an online presence. 

A word of caution though, earning from blogging is going to take some time especially when there are so many blogs out there covering different niches. If you want your blog to stand out, choose a unique angle that you think will appeal to your target audience. 

Consultancy 

Choosing what business to start can be a challenge. To help you decide, why don’t you go back to the basics and start with what you know. If you have been around a particular industry for most of your life, then you know the nitty-gritty of that business. It would be practical for you to start a small consultancy firm and reach out to those who want to start their own business. This is what the father of a colleague did when he resigned as Chief of Operations of the company he was working for. He started his own consultancy firm and has served as a consultant to other companies and clients that he met during his previous work. He also helped rebrand old business to refresh their image and improve their online presence by being active on several social media networks. If you are looking for potential clients you can use the area codes at MyLife to help you search. It can also help you get in touch with old friends who just might want to join you in your new venture. 

Online Business 

Nowadays, the number of online consumers has increased and you can take advantage of this number by starting an online business. You can either sell merchandise or offer certain services that has not been offered elsewhere. The best part about online business is that you can operate from your home and don’t need to rent out office space. You can also work anytime and anywhere in your home. 

Keep in mind that competition is tough in the online market and you have to find a way to make your business stand out. You should also provide regular updates through facebook, twitter and other social media. You have to provide both online and offline promotional If you keep working steadily, your efforts are sure to pay off and your online business will take off. 

About the Author 

Based in San Diego California, Tiffany Matthews is a professional writer with over 5 years of professional writing experience. She believes in the importance of saving up for retirement, even if it’s still a long way off. Tiffany also blogs about travel, fashion, and anything under the sun at wordbaristas.com, a group blog that she shares with her good friends. In her free time, she likes to travel, read fantasy books, and watch movies. You can find her on Twitter as @TiffyCat87.

Is a Reverse Mortgage Right for You?

As a senior, you may be living on a limited income, which can make things challenging if you suffer health problems or if your home needs major repairs. Perhaps you simply want to enjoy your retirement, but you don't have the funds to travel or to do the other things that you would like. 

A reverse mortgage might offer the solution you need. A reverse mortgage occurs when the bank buys back your home, giving you a monthly payment based on the estimated value of your home. You don't pay back the money until you sell the house (or until you die). Though there are many benefits to a reverse mortgage, there are also many drawbacks. Here are a few things to think about to help you determine if a reverse mortgage is right for you: 

Your Age

You must be at least 62 to qualify for a reverse mortgage. However, the older you are, the more beneficial a reverse mortgage might be for you. Your home is likely to have more equity in it, which means that you will receive more money. In addition, the bank bases its monthly payment based on how long it expects you to live. The older you are, the fewer years the bank thinks it will have to pay, meaning that it will make bigger monthly payments to you. 

The Equity in Your Home

How much equity you have in your home may be one of the biggest factors determining if a reverse mortgage is right for you. The more equity you have, the more you are likely to get from a reverse mortgage. The equity also has to be enough to overcome the fees and interest you will pay back when you are ready to sell your home. If you don't expect your house to maintain its value or to continue to appreciate, a reverse mortgage may not be the best idea. 

Future Plans for Your Home

If you are planning to move very soon, a reverse mortgage may not be the best idea. The fees and interest will make it difficult to recoup the amount you owe, especially if you took a lump sum instead of a monthly payment. However, if you are planning to stay in your home for awhile, then a reverse mortgage might help you.

Also, if you are planning to leave behind your home to your children, you will need to think carefully about a reverse mortgage. Your family will become responsible for paying off your reverse mortgage when you die, whether they want to stay in the home or not. If they stay, it would be like buying the home all over again. Even if you just want to leave a financial legacy for your family, a reverse mortgage often eats up the equity left in the home, leaving nothing behind.

Depending on your circumstances, a reverse mortgage can be a great idea or it can ruin the financial investment you have made in your home. Consider your age, how much equity you have in your home, and what your future plans are for your home to determine if a reverse mortgage is the right choice for you.

Did you get a reverse mortgage on your home? Tell us how you decided it was the right decision for you.

About the Author:

Alexis Bonari writes for one of the largest open databases of college funding opportunities. Specific topics like free college grants are described in detail to provide multiple resources for students.

Are Coupons Really the Only Way to Improve Your Shopping Budget?

There are very few people round these days who are not in need of a few tricks to make their monthly food budget stretch a little further. Money is tight for most people and the cost of food seems to be on a never ending increase. This has led to the explosion of 'couponing' – the art of clipping discount coupons and special offers in order to reduce your spend – which has given rise to books, websites and even television shows explaining how best to approach couponing, but are coupons really the only way that you can improve your shopping budget? Let's compare a few of the alternatives. 

The Basic Problem With Couponing 

Couponing involves collecting discount coupons and offers in order to save money, but it is a time consuming process. While clipping coupons can be a great way to save money, it also comes with the danger of creating an obsession. A large number of coupon clippers report having feelings of anxiety when they miss out on a deal because the store has sold out or because the relevant coupon has expired. It can be a vicious cycle if you become trapped in it, so it makes sense to look for alternatives to couponing. I'm not saying give it up, just that you could supplement it with alternative options. 

Changing The Way You Shop 

One easy way to stretch that shopping budget without coupons is to adjust your shopping habits. If you switch to generic brands you can trim up to an average of up to 25% off of your shopping budget. There will always be some things that just don't taste good, but you can switch to generic brands on lots of things like pasta, sugar and so on. You can also save a great deal by making a grocery list and sticking to it rigidly. 

Saving Money With A Reward Card 

Another great alternative to couponing is to use reward cards. So long as you use your credit card with care it can be a great way to save some money. Look out for a reward card that offers cash back on grocery purchases, or anything that you will purchase regularly, like fuel. With these rewards you can earn back a small percentage of whatever you spend and if you pay of the bill in full at the end of the month you will not even have to pay interest. Just be sure to keep the money aside in your bank account to cover whatever you spend. 

Other reward cards will allow you to earn points rather than cash back. This allows you to save points up over time and trade them in for vouchers, gifts and other items. Vouchers can be used to cover grocery shopping, or you could trade your rewards in to get gifts for family birthdays thus saving some additional cash. 

Couponing is a good way to stretch your shopping budget, but as I have shown it is not the only way. These are just a few of the many alternatives that you could use instead of or alongside clipping coupons. 

Tim Baker is a writer who loves travelling around the world spending as little as possible using his avios credit card and by taking advantage of shopping and travel rewards.

Life Insurance Helps Take Care of Your Family

Universal Life Insurance Company (Photo credit: Thomas Hawk)

You take pride in caring for your family. You have provided them with all they need to live and prosper. How would they manage if anything happened to you? If you provided the right insurance, they would me able to be financially secure if you should die. 

There are many types of insurance and picking the right one for you is solely determined by your age. The insurance market place has so many companies that getting a good deal is easier then ever. So you should shop around to get the best price. If you want to pay the cheapest rate for life insurance you need to acquire while your still in good health. When we are in good health and young, death is the last thing on our mind. Coming down with a terrible disease may never happen to you but people die everyday from unforeseen accidents. It's unfortunate but it does happen.

If you do pass the first thing that happens to your family is figuring out how to pay for your funeral costs. After you pass,the last thing you want your family to worry about is the cost of a funeral. Most family's barely survive on their income, having a major financial event like a funeral would bankrupt most families. The enormous costs of funeral expenses are something a family doesn't need to worry about at such a stressful time. Making sure you have life insurance policy is the best way you can provide for your loved ones after your gone. 

At one time people paid off their mortgages by the time they were 50 but today most people are still paying their mortgage well into their 50s and 60s. This is one more reason that you need life insurance. Would your surviving spouse be able to make the mortgage payments if you were gone? Over 50s life insurance can help make the mortgage payment or even pay the house off completely if you should pass away. 

You may think that life insurance for the over 50 person is not affordable, this is not true. There are still great deals available, many even guarantee acceptance. The life insurance industry has many providers all competing for your business. With so much competition the cost for life insurance is more affordable. Click here for term life insurance quotes