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May 192017
 

The Bank of mum and dad is often relied upon by first-time buyers to give them a leg up onto the property ladder, but increasingly grandparents are helping out financially too.

Nearly one in 10 (8%) of first-time buyers now turn to their grandma and grandpa for financial support, recent research by Santander Mortgages found, up from 2% just five years ago. Separate research from insurer Legal & General found that around 22,000 grandparents last year provided financial support for first-time buyer grandchildren.

It’s hardly surprising that many first-time buyers need help from the bank of gran and grandad, given that soaring property prices in recent years have pushed up the amount needed as a deposit. Most mortgages lenders require buyers to put down at least 5% of the property value, but even this often isn’t enough to ensure that their property purchase goes through.

According to a survey by Nottingham Building Society, 35% of would-be first-time buyers saw their property deals collapse in the past year because they didn’t have a big enough deposit.

Property website Rightmove’s latest property index shows that the average price of a first-time property – one with up to two bedrooms – is at a record high of £194,881. That means a 5% would amount to £9,744, while a 10% deposit would be £19,488.

Grandparents who are keen to help their grandchildren buy their first home often find most of their wealth is tied up in their own property.

One option that might be worth considering is Equity Release, whereby you unlock wealth from your home, without the upheaval of having to move. Drawdown lifetime mortgage schemes are usually the most popular type of equity release plan, as they enable you to release equity as and when you need. Interest rolls up over time and is only repaid along with the amount released either when you and your partner move pass away or go into long-term care.

Latest figures from equity release specialists Responsible Equity Release found that 4% of those who took out equity release plans last year gave the money as early inheritance. The most popular reason for older people to unlock wealth from their homes was to clear their own mortgages (36%), while 28% wanted the funds as a cash cushion in retirement.
Nigel Waterson, chairman of the Equity Release Council, the trade body for the equity release sector, said:

“Older homeowners are increasingly realising that there are a number of potential uses for their housing wealth beyond supplementing their retirement income, including re-investing in their homes and helping younger family members by providing a living inheritance.”

However, equity release should never be undertaken lightly, or without seeking professional financial advice, as it can affect your entitlement to state benefits and will also reduce the value of your estate.

It’s also important to understand that equity release rates are higher than standard mortgage rates, although they have fallen in recent years. According to Moneyfacts.co.uk, the average fixed rate for equity release deals has fallen to a record low of 5.63%. There are also far more options to choose from, with the number of fixed equity release products having increased from 52 options in 2015 to 82 today, the highest recorded figure in eight years.

Steve Wilkie, managing director at Responsible Equity Release, said:

“The equity release industry has also been far more receptive to innovation, recognising the importance of meeting the changing demands of customers who are more aware of equity release but want more choice and flexibility.

“The greater variety of products, such as interest-only lifetime mortgages and flexible repayment, has attracted a whole new market to the benefits of equity release.”

On your side with Buy to Let

 

First time Buy to Let help

Buying property to let as a long-term investment or to generate a regular income has become an increasingly popular option over recent years, and the demand from would-be tenants for quality rental property continues to grow in many areas of the country.

If you’re planning to develop a substantial portfolio as a professional landlord – or you’re just thinking of a fairly modest investment for the future – you’re almost certainly going to need finance in the form of a Buy to Let mortgage. At Mike Oliver Associates, we’re a leader in arranging Buy to Let mortgages, specialising in finance for the residential letting industry.

We’re ready to help you achieve your goals.

Helping you get it right

As Independent Financial Advisers, we’d like to help you establish and run your Buy to Let business successfully and fairly for all concerned. That means careful planning of finances, taxation, and insurance.  It’s also important that you comply with all of the legal requirements of being a landlord. Ask for our mortgage pack which answers many of the most common questions that arise when would-be landlords first consider investing in Buy to Let – it should work as a sound introduction to the business. However, you’re likely to have specific questions relating to your property, locality and circumstances, and we would be delighted to assist you.

Purchase costs

Deposit

If you are funding your puchase with a mortgage you will need to find a deposit from elsewhere. A typical Buy to Let mortgage is currently available at a maximum of 75% loan-to-value, so it’s likely you will need to fund a quarter of the property value.

 Our arrangement fee

For mortgages we can be paid by commission, or a fee of usually £600, or a combination of both.  This is charge is usually split, so it’s easier to pay; we charge a non refundable fee of £300 upon application and once we receive a suitable offer from a mortgage company a further £300 for the mortgage administration of your case. We appreciate your custom so we’ll reduce your mortgage fees by 50% if you come back to us with repeat mortgage business.

The Financial Conduct Authority does not regulate some aspects of Buy to Let mortgages.

Other costs  

Preparing your property for rent – depending on the condition of the property you intend to Buy to Let, you may have to do structural or decorative work.

You’ll also have to budget for furniture and appliances if you intend to let your property furnished.

Other costs will include legal fees, stamp duty land tax (if appropriate) and a survey fee.

Mortgage costs

Mortgage interest payments are likely to be your largest ongoing cost, and most lenders will want to ensure that the rental you earn from letting your property easily covers your mortgage commitment.  Rental income should be at least 125% of the mortgage interest at initial product, this provides a safeguard against periods when your property isn’t let, and should help you meet the costs of running your property.

Your home or property may be repossessed if you do not keep up repayments on your mortgage and any other debts secured on it.

Running costs

Property maintenance –such as repairs and maintaining the safety of gas and electrical appliances.

Insurance – specialist buildings and contents insurance for landlords is essential. In addition, some insurers will also provide rent guarantee insurance.

Service charges and ground rents – for leasehold properties

Your tenant will normally be responsible for other property related costs such as council tax, a TV licence and utilities. The tenancy agreement should clearly set out who is responsible for each of these payments.

Letting Agent services and charges

If you’re new to the Buy to Let market, have several properties, live some distance from your property or you have other demands on your time, it could make sense to use a reputable letting agent. Naturally the fees or commission you pay to an agent will eat into your profit, but it may save you a great deal of trouble. An agent can be a great source of advice, and it’s worthwhile speaking to local agents who know your area before you buy. A good letting agent will market your property, select tenants, take up references and credit checks, compile inventories and tenancy agreements, collect rent and deposits, and generally inspect and manage the property.

Typical letting agent charges are around 10–15% of the monthly rental. In addition there can be a one-off set up fee. These charges vary from agent to agent, so it may be worth shopping around.

Cost and Income

Your income

Your main source of Buy to Let income will be rent. It is vitally important that you get a true sense of likely rental levels by speaking to local estate agents and generally researching the local rental market. You’ll also be interested in the potential resale value of your Buy to Let property. Therefore the local market, employment opportunities, transport links, schools and other amenities will be important considerations.

Your obligations to the tax man

Tax is payable on the profits you make from letting your Buy to Let property. It’s normally calculated on the gross annual rental income, less any allowable expenses incurred as a result of renting out the property, as well any other allowances that you’re entitled to. If you lose money in any one year, you should be able to carry the loss forward and set it against profit you make in subsequent years.

As a landlord, you’ll have to submit your rental income on your tax return, so it’s vital you keep detailed records of the rental payments you receive as well as all the expenses you incur. It’s standard practice for a landlord to employ an accountant to ensure HM Revenue & Customs are properly advised – and to make sure that all allowable expenses are identified so you can offset them against your profit. Although using an accountant will cost money, the fees you pay for the service will be tax deductible, and the help you’ll receive could easily save you money in the long run.

Expenses which can normally be deducted from your income to calculate your profit include: utility bills, insurance, mortgage interest, maintenance and repair (but not improvements), professional fees, cost of services like cleaners and tradesmen and other expenses such as advertising for tenants.

Sale proceeds and tax

If and when you decide to sell your Buy to Let property, the proceeds from the sale will be subject to capital gains tax. Calculating this tax liability can be quite complicated and it’s almost certainly worth paying for the expert advice of a qualified accountant.

Further information on taxation and allowances can be found by visiting the HM Revenue & Customs website at www.hmrc.gov.uk.

Tenancy agreements

A tenancy agreement is a contract between landlord and tenant. It is most likely to be an Assured Shorthold Tenancy agreement (AST) regulated by the Housing Act 1988 as amended, and provides limited security of tenure to the tenant. Although the content varies, your tenancy agreement should cover:

• details of the parties involved

• The date that the tenancy began

• The duration of the tenancy

•  details of the initial deposit that the tenant should pay  and how it is to be protected

•  details of the monthly rent, when it is due and how it  is to be paid

•  The length of notice that the tenant and landlord need  to give to end the tenancy

• details of the tenant’s obligations while renting the property

•  a provision confirming that the tenant is not liable  for fair wear and tear to the property

 The tenancy agreement should be signed by the tenant and the letting agent, or the landlord if no agent is involved. It can subsequently be changed if both parties agree. Unless you have considerable experience already, it’s a good idea to seek advice from a letting agent or legal adviser on the terms of the proposed tenancy agreement. Initial deposits
An initial deposit should cover you against missing items, or any damage caused by the tenant.

Landlord Obligations

Deposit protection schemes

Tenancy Deposit Protection (TDP) schemes guarantee that tenants will  get their deposit back at the end of the tenancy. (However, the tenant is  still obliged to meet the terms of the tenancy agreement and must not damage the property.)

Landlords are legally required to protect deposits on tenancies which began after 6 April 2007, it’s good practice for landlords to protect deposits in all circumstances. If you don’t protect you tenant’s deposit you could be taken to court. You could be required to repay the deposit plus a sum equivalent to three times the amount, and you may not be able to seek possession of your property. Tenancy Deposit Protection schemes do not cover holding deposits

Types of scheme

There are two types of Tenancy Deposit Protection schemes and you  should seek professional advice – for example from an agent or solicitor –  on what’s the best for you:
•  Custodial – the Deposit Protection Service provides the only custodial  scheme. It holds the deposit in a bank account and returns it at the end  of the tenancy to the person who is entitled to it. This scheme is free to landlords and letting agents.
•  Insurance based – where you or your agent holds the tenant’s deposit  and pays a fee to insure it against default. My Deposits and Tenancy  Deposit Scheme are insurance based providers.

Landlord insurance

Standard home insurance doesn’t normally pay out when a property is let, so it’s important that you arrange a specialist policy. As well as insuring the building and any contents that belong to you, landlord insurance often provides legal cover which could help in disputes. Many policies also include other valuable cover like:

•  Rent guarantee cover – helps protect you against a tenant failing to pay  rent, or if something unexpected happens to make letting impossible.

•  Landlord liability cover – this can protect you against large compensation claims arising from an injury caused by a defect in your property.

Your tenants will be responsible for insuring their own personal possessions.

Landlord repair and maintenance obligations

The Landlord and Tenant Act 1985 covers the three main areas of  your responsibility as a landlord under an assured shorthold tenancy.

Repair

You must keep the structure and exterior of the property in a good  state of repair. You have final responsibility for ensuring your property  is safe and fit for use, and you must ensure that all necessary repairs  are carried out properly.

Gas and electrical safety

As a landlord, you’re responsible for the safety of gas installations and appliances. You must arrange an annual safety check and keep proper records. There are also regulations covering the safety of electrical installations and appliances. Though not currently compulsory in all properties, it makes extremely good sense to fit carbon monoxide and smoke detectors in all let properties.  As a landlord, you must also keep up to date with changes in relevant legislation – it’s your responsibility to find out when your obligations change.

Fire safety of furnishings

You must ensure that any soft furnishings and fittings you provide comply with the relevant standards for fire safety, and it’s a good idea to seek independent advice on your legal responsibilities in this area.

Ending a tenancy

At the end of an Assured Shorthold Tenancy (AST) you have an automatic right as a landlord to possession of your property as long as you’ve given  the tenant two months’ notice to vacate the property.

If the notice period expires and the tenant has still not left the property,  you will need to start the process of eviction through the courts. You can’t forcibly remove a tenant without an eviction order.

If you wish to seek possession under an Assured Shorthold Tenancy because your tenant has not paid the rent, or if they’ve broken other terms of the agreement, you’ll need to use one of the reasons or ‘grounds’ for possession specified in the Housing Act 1988. You will have to seek independent legal advice on bringing an AST to an end.

There are certain criteria that are  applied to all applications for Buy to Let borrowing, as Financial Advisers we are happy to explain any points  relating to your own circumstances.

Tax Tables 2017/18

 

Tax Tables 2017/18

 

The figures contained in these tax tables are based on those announced in the 2017 Budget and may be subject to changes as the Finance Bill passes through Parliament.

Please note income tax thresholds and rates are those applicable in England, Wales, and Northern Ireland.

V1 – 08/03/2017

 

Income Tax 

ALLOWANCES

 

Personal Allowances 2016/17 2017/18
Personal Allowance £11,000 £11,500
Income limit for Personal allowance(1) £100,000 £100,000
Transferable Tax Allowance for married couples and civil partners (2)   £1,100 £1,150
Dividend Allowance   £5,000 £5,000
Personal Savings Allowance (3)   £1,000 £1,000
Married Couples Allowance (MCA) 2016/17 2017/18
Maximum MCA (4) £8,355 £8,445
Income limit for the MCA (5) £27,700 £28,000
Minimum MCA £3,220 £3,260
Blind Persons Allowance 2016/17 2017/18
  £2,290 £2,320

(1) Personal allowance reduced by £1 for every £2 that adjusted net income exceeds the £100,000 threshold. Reduced to zero once adjusted net income reaches £122,000. (2) Available to spouses and civil partners born after 5 April 1935. The recipient must not be liable to tax above the basic rate. (3) Reduced to £500 for higher rate taxpayer and £Nil for additional rate taxpayers.

(4) Can be claimed by individuals born before 6 April 1935. Tax relief for the MCA is 10% and is given as a tax reducer. (5) MCA is reduced by £1 for each £2 of gross income above the income limit (£28,000 in 2017/18) but can’t be reduced to less than the minimum (£3,260 in 2017/18) 

 

TAXABLE INCOME

 

Thresholds 2017/18 Savings Income Dividend Income Non-Savings Income
Starting Rate(1) £0 to £5,000 0% n/a n/a
Basic Rate £0 to £33,500 20% 7.5% (2) 20%
Higher Rate £33,501 to £150,000 40% 32.5% (2) 40%
Additional Rate Over £150,000 45% 38.1% (2) 45%

 

(1) The 0% starting rate is for savings income only. If an individual’s taxable non-savings income exceeds the stating rate limit the 0% starting rate band will not be available for savings income.

(2) These tax rates only apply to the extent that dividend income exceeds the £5,000 dividend allowance.

 

  2016/17 2017/18
Trust Income Dividends Other Dividends Other
Interest in Possession 7.5% 20% 7.5% 20%
Discretionary
The first £1,000 of income 10% 20% 7.5% 20%
Income above £1,000 38.1% 45% 38.1% 45%

 

VENTURE CAPITAL SCHEMES

 

  2016/17 2017/18
Scheme Max Income Tax relief Max Income Tax relief
EIS £1,000,000 30% £1,000,000 30%
Seed EIS £100,000 50% £100,000 50%
VCT £200,000 30% £200,000 30%

 

 National Insurance

 

 

National Insurance – rates and allowances
£ per week 2016/17 2017/18
Lower earnings limit, primary Class 1 £112 £113
Upper earnings limit, primary Class 1 £827 £866
Primary threshold £155 £157
Secondary threshold £156 £157
Employees’ primary Class 1 rate between primary threshold and upper earnings limit 12% 12%
Employees’ primary Class 1 rate above upper earnings limit 2% 2%
Class 1A rate on employer provided benefits 13.8% 13.8%
Married women’s reduced rate between primary threshold and upper earnings limit 5.85% 5.85%
Married women’s rate above upper earnings limit 2% 2%
Employers’ secondary Class 1 rate above secondary threshold 13.8% 13.8%
Class 2 rate £2.80 £2.85
Class 2 small earnings exception  £5,965

per year

£6,025 per year
Special Class 2 rate for share fishermen £3.45 £3.50
Special Class 2 rate for volunteer development workers £5.60 £5.65
Class 3 rate £14.10 £14.25
Class 4 lower profits limit £8,060 per year £8,164

per year

Class 4 upper profits limit £43,000 per year £45,000

Per year

Class 4 rate between lower profits limit and upper profits limit 9% 9%
Class 4 rate above upper profits limit 2% 2%

 

Capital Gains Tax 

ANNUAL EXEMPTION & RATES

 

Annual Exemption 2016/17 2017/18
Individuals £11,100 £11,300
Trustees £5,500 £5,650

 

Main rates for individuals 2016/17 2017/18
Basic Rate 10% 10%
Higher Rate 20% 20%
Rates on gains subject to entrepreneur’s relief 10% (1) 10% (1)
Rates for individuals (gains on residential property) 2016/17 2017/18
Basic rate 18% 18%
Higher Rate 28% 28%

 (1) Entrepreneur’s relief is available on qualifying disposals up to a maximum lifetime limit of £10,000,000.  Gains in excess of this limit are taxed at 20%.

 

Corporation Tax 

Main Rate 2016/17 2017/18
20% 19%

 

*Since 2015/16, there has been a single unified rate for all companies irrespective of the amount of profit they make.

 

*Since 2015/16, there has been a single unified rate for all companies irrespective of the amount of profit they make.

 

Inheritance Tax 

TAX RATES

 

Tax Year Nil Rate Band (1) (2) IHT due on a chargeable lifetime transfers in excess of the NRB IHT due on Death on chargeable transfers in excess of the NRB
2016/17 £325,000 20% 40%
2017/18 £325,000 20% 40%

 

(1)The NRB will remain frozen at £325,000 until 2020/21

(2) When the deceased has been predeceased by a spouse who had not used all of their own NRB on their earlier death, the unused percentage on first death can be transferred to enhance the NRB of the surviving spouse on second death. The maximum percentage that can be transferred is 100% which would double the NRB available.

 

Tax Year Residence Nil Rate Band (1) (2) IHT due on a chargeable lifetime transfers in excess of the RNRB (3) IHT due on Death on chargeable transfers in excess of the RNRB plus any available normal (‘any assets’) NRB (4)
2016/17 n/a n/a 40%
2017/18 £100,000 n/a 40%
2018/19 £125,000 n/a 40%
2019/20 £150,000 n/a 40%
2020/21 £175,000 n/a 40%

 

(1)The RNRB is only available to offset against the value of a residential property that is (or has been previously) used by the deceased as their main residence and which is transferred on death to a lineal descendant, or the spouse or civil partner of a lineal descendant.   (2) When the deceased has been predeceased by a spouse who had not used all of their own RNRB on their earlier death, the unused percentage on first death can be transferred to enhance the RNRB of the surviving spouse on second death. The maximum percentage that can be transferred is 100% which would double the RNRB available.

(3) The RNRB is only available on death – it cannot be offset against lifetime transfers of a main residence. (4)The RNRB, which is in addition to the normal (‘any assets’) NRB, is set off against any chargeable transfers of a main residence before any of the normal NRB is used up.

 

MAIN EXEMPT TRANSFERS

 

Maximum £
Gifts to a UK domiciled spouse No limit
Gifts to a Non UK domiciled spouse £325,000(1)
Gifts to charities No limit
Gifts to political parties No limit
Annual exemption £3,000
Small gifts £250 (2)
Normal expenditure out of income No limit
Gifts in consideration of marriage (see below)
Parents £5,000 each
Grandparents and bride/groom to each other £2,500 each
Any other person £1,000

(1) This £325,000 exemption applies to cumulative transfers. It is therefore necessary to consider previous gifts and transfers to a non UK domiciled spouse in order to determine whether any of this exemption remains.  It is also possible for a non-domiciled spouse to instead make an irrevocable election to be treated as UK domiciled for IHT purposes.

(2) The gift has to be outright; not a gift into trust.

 

IHT RELIEFS

Business or farming assets may attract relief at either 50% or 100%, depending on the circumstances and type of the assets concerned. The relief can apply during lifetime and on death but if the relief is 100%, the practical effect is to make the transaction exempt.

  

Pensions 

ANNUAL ALLOWANCE AND LIFETIME ALLOWANCE

 

Tax Year Annual Allowance Lifetime Allowance
2013/14 £50,000 £1.5million
2014/15 £40,000 £1.25million
2015/16 £40,000 (1) £1.25million
2016/17 £40,000 (2) £1.00 million (3)
2017/18 £40,000 £1.00 million

1) From 6 April 2015, a Money Purchase Annual Allowance (MPAA) was introduced which applies to anyone who accesses their pension ‘flexibly’ on or after this date. The MPAA was £10K in 2015/16 and 2016/17 but reduced to £4K from the start of the 2017/18 tax year.

2) From 6 April 2016, the normal annual allowance is reduced by £1 for each £2 that an individual’s ‘adjusted income’ exceeds £150K. This is subject to a minimum annual allowance of £10K for individuals with ‘adjusted income’ of £210K or more.

3) The lifetime allowance was reduced to £1m from 6 April 2016. To counteract this reduction though, individuals can apply for ‘fixed protection 2016’ to preserve an entitlement to the higher £1.25m lifetime allowance provided (broadly) they do not accrue further pension benefits after this date. Individuals with total pension rights valued at greater than £1m as at 5 April 2016 can also apply for ‘Individual protection 2016.’

 

TAX CHARGES ON PAYMENTS   FROM REGISTERED PENSION SCHEMES

 

Charges Rates 2017/18
Lifetime allowance charge 55% – if the amount over the lifetime allowance is paid as a lump sum

25% – if the amount over the lifetime allowance is taken as income

Annual allowance charge Up to 45%
Unauthorised payments charge 40%
Unauthorised payments surcharge 15%
Short service refund lump sum charge 20% on first £20,000, 50% on any amount over £20,000
Special lump sum death benefits charge No tax charge where member dies prior to age 75

Beneficiary’s marginal rate where death occurs after age 75

Scheme sanction charge 15% – 40%
PENSION CREDIT

 

Guarantee Credit 2016/17 2017/18
Single Person £155.60 £159.35
Married couple £237.55 £243.25

 

BASIC STATE PENSION

 

SPA pre 6 April 2016 2016/17 2017/18
Category A £119.30 £122.30
Category B Supplement £71.50 £73.30
SPA post 6 April 2016 2016/17 2017/18
New single tier pension if got full qualifying years £155.65 £159.55

 

Stamp Duty Land Tax 

RESIDENTIAL

 

Band 2017/18 (existing rates) 2017/18 (Additional property rates)
Up to £125,000 Zero 3%
£125,001 to £250,000 2% 5%
£250,001 to £925,000 5% 8%
£925,001 to £1,500,000 10% 13%
Over £1,500,000 12% 15%

 

COMMERCIAL

 

Band 2017/18
Up to £150,000 Zero*
£150,001 to £250,000 2%
Over £250,000 5%

* Where annual rent is £1,000 or more SDLT will be charged at 1% for commercial land and buildings on values between £0 and £150,000.

 

Individual Savings Account (ISAs) 

ISA   CONTRIBUTION LIMITS

 

Limits 2016/17 2017/18
Overall Limit £15,240 £20,000
Lifetime ISA      n/a £4,000
Help to Buy ISA £2,400 (£3,400 in year 1) £2,400 (£3,400 in year 1)

 

JUNIOR ISA CONTRIBUTION LIMITS

 

Limits 2016/17 2017/18
£4,080 £4,128

 

 

 

 

 

     

 

 

 

 

First Time Buyer Help

 

Need help with your first purchase?

…….then you’ve come to the right place.

Principal: Mike Oliver, Dip PFS Cert CII(MP & EP) has 25 years industry experience as an Adviser, Area Manager, Financial Services Director and Business Owner.

An initial Consultation is totally free of charge and by using our financial adviser services we can offer a huge choice of mortgages (more than 5,000 schemes at a recent count) to suit your precise needs and we can help you quickly.  We will find you the right scheme, liaise with the lender, surveyor, estate agent and solicitor and we will update you at every stage.

Our Purchasing Your First Property Booklet (PDF)  aims to guide you through the process of buying your first home covering the following steps:

  1. Decide what type of property you’re looking for and how much you can borrow
  2. Additional costs
  3. Register with estate agents and visit properties you like
  4. Make an offer
  5. Offer accepted
  6. The best type of mortgage for you
  7. Instruct your solicitor
  8. Survey and Survey results
  9. Exchange contracts
  10. Organise your insurance policies
  11. Completion

For mortgages we charge a fee of at least £600. We will also be paid a procuration fee from the mortgage provider if one is available.

Your home or property may be repossessed if you do not keep up repayments on your mortgage and any other debt secured on it.

What is an IFA?

 

What is an Independent Financial Adviser?

Mike Oliver Associates used to be part of the Sesame Network until the network decided to change their business model from independent to restricted (what does that mean? See below).  We felt strongly that in the best interests of our clients, we must maintain our independence, so we became a firm directly authorized and regulated by the Financial Conduct Authority in 2015.

Broadly speaking Advisers are divided into one of two types.

  • Independent Financial Advisers.  IFAs are unbiased and can advise on and arrange products from any provider right across the market. They are required by the Financial Conduct Authority to give ‘best advice’. This means that an IFA is morally and legally obliged to act as the Agent of the Client rather than that of any product or service provider.
  • Restricted advisers.  These are the type of advisers you’ll often find in high street banks, or those who have chosen to specialise in certain providers’ products or certain areas of advice.  Their ‘restricted’ status means that they can only sell and advise on  a limited range of products, or from a limited number of firms.
So, if you’re looking for an adviser, try to ensure it is an
Independent Financial Adviser (IFA) if you’re looking for an unbiased recommendation.

 

If you’re going to get professional advice, check it’s from an Independent Financial Adviser. This is best if you’re starting out with financial advice, as it is important to identify why restricted advisers are restricted – some will be by product, and some will be by provider.

This terminology is a legal distinction, so ask them, “Are you an Independent Financial Adviser?” Don’t accept any hedged answers. Key Facts about our services and Guide to Our Services documents are designed to inform you as to which category an adviser belongs. Please ensure you are given a copy of such documents prior to any decisions being made.

Welcome To:

 

home commercial mortgages pensions protection savings & investments wills & estate planning about us contact us Equity Release Long Term Care & Asset Protection

Why choose us?

 

Mike Oliver Associates an independent advisory firm authorised and regulated by the Financial Conduct Authority.

We are a multi-award winning company, recently winning an award at the Burgess Hill Business Parks Association and were awarded Sesame ‘Firm of the Year 2012’ and Mike Oliver, was Runner-Up for ‘Independent Financial Adviser of the Year 2012’.  The citation says MOA showed a commitment to the profession, excellent client service, high compliance standards, and effective use of technology.

Dulcie Brookfield currently heads up Business Development and Operations and was a finalist ‘High Achiever’ at the Venus Awards 2013 in recognition of her part in the company’s success in forging innovative relationship strategies and service delivery to enhance the company’s private and commercial business.

We are a progressive leading firm of long established national company of Independent Financial Advisers offering a comprehensive range of financial services to private clients and commercial organisations.

Our in house team of experts specialise in a range of financial products and we offer a huge choice.  For example, we have access to over 5,000 mortgage schemes. This means we will find the most suitable product to meet your needs, whether they are immediate, medium or long term.

Call or email to tell us your needs or arrange to come and visit us. There is no charge for this initial exploratory consultation.  Next we will analyse and consider your position and then:
•    Research the market as a whole
•    Recommend the best products and providers

Your home or property may be repossessed if you do not keep up repayments on your mortgage.

For mortgages we charge a fee of at least £600.  We will also be paid a procuration fee from the mortgage provider if one is available

Speak in confidence to us on 0845 4021757 or tell us your requirements here and we will get straight back to you.

Commercial & Development Finance

 

Commercial & Development FinanceWe want to help you grow a healthy business.

We can help you determine how much investment you need to enable your company to grow: depending on the sum, one or other option may be better suited to your needs.  Every business is different, and even if the figures add up, you may find yourself shying away from particular forms of finance. The best way to get advice specific for your venture is to consult with a professional.

UK based platforms have seen an explosive growth in crowdfunding companies offering different criteria for lending, so knowing which one to choose can be a little bewildering. Whichever route you choose, be that equity, (where you give shares in the company in return for upfront investment), rewards or a loan from ‘the crowd’ otherwise known as peer to peer lending, you’ll need to know who’s who in the UK crowdfunding scene and that’s where we can help.

We also provide expert advice on new or exisiting owner-occupier funding for commercial freehold property or long leasehold.  Loans to individuals, partnerships, limited companies and LLP’s.

Refinance an existing commercial mortgage to reduce interest charges. Many long standing facilities are being charged at much higher rates than would now apply.

Borrowing can be arranged for any purpose giving the business maximum flexibility.

We have linked up with innovative start up social enterprise companies who support small to medium size business reach their full growth potential. With the collective experience of 65 years we have the knowledge and expertise needed to help drive your company forward.  Not only can they research grants and funding for your business, but are also experts at application process and bid writing.

For commercial mortgages we act as introducers.

Your property may be respossessed if you do not keep up repayments on your mortgage.

Speak in confidence to us on 0845 4021757 or tell us your requirements on the Contact Us page and we will get straight back to you.

Protection For You And Your Company

 

ProtectionProtection For you

Life may seem nice and secure at the moment but who knows what could be waiting around the corner?  You may have:

  • Dependants
  • A mortgage or other debts
  • Potential inheritance tax issues
  • A business – Partnership & Shareholder Protection
  • Key members of staff that you wish to protect

We are experts at analysing your protection needs, giving appropriate advice and helping you to make the right choice for your budget. Speak in confidence to us on 0845 4021757 or tell us your requirements on the Contact Us page and we will get straight back to you.

  • 96% of the population do not have adequate income protection cover.
  • Concerned about being made redundant?
  • How you will pay your mortgage if unable to work due to accident or illness?
  • Critical illness cover?

For accident sickness and unemployment insurance we offer products from a selected panel of providers.

Your home or property may be repossessed if you do not keep up repayments on your mortgage or any other debt secured on it.

If you think you could be paying too much for your existing cover or would like to customise it, we offer a FREE no obligation comparison quote on all your existing policies.

Life Cover – pays a cash lump sum to your family or someone else you have nominated, if you die while you’re covered.  A policy can also pay a cash lump sum if you are diagnosed with a terminal illness.

Serious Illness Cover – pays you a cash lump sum if you are diagnosed with a condition covered. The amount you are paid is based on the severity of your condition.  If you claim for a condition that is less severe many policies will pay out part of your cover amount, and the insurer can continue to cover you for the remaining amount.  This means that if your condition gets worse, or you are diagnosed with a  more severe condition, you can claim again.

Critical illness insurance or critical illness cover is an insurance product, where the insurer is contracted to typically make a lump sum cash payment if the policyholder is diagnosed with one of the critical illnesses listed in the insurance policy.

Income Protection Cover – pays you a monthly income if you become ill, injured or disabled and can’t work.  Primary and Comprehensive Income Protection Cover will pay you until you are well enough to go back to work, or until you reach the end of your plan.  Short Term Income Protection Cover can pay you a monthly income for up to 2 years.

Cover that will help pay off your mortgage – Decreasing insurance helps to protect your family financially if you have a repayment mortgage or loan.  As what you owe reduces over time, so does the amount of cover. This helps keep costs lower.

We’d like to help you protect your baby – some providers can give each new parent £10,000 free life insurance as a first step towards protecting your family. Terms and conditions, and exclusions apply, so please ask us.

Education Cover – if something happens to you, this gives your family payments each academic term.  It means your children won’t miss out on any part of  school life.

Disablility Cover – can protect you from the financial impact of a disability.  Policies can cover anything form temporary to severe disablilities that last the rest of your life.

Protection For Your Company

Our advisers can work with you to help you to future-proof your business. Have you asked yourself these questions lately…
  • Would there be a financial impact on the business if one or more of the directors/partners or key individuals were no longer around?
  • Would the business or its owners have the cash to survive?empty boardroom
  • How quickly would the business or owners need the cash?
  • Where would the business or business owners get the cash from if the worst happened?
  • Are there any liabilities (eg loans)?
  • Are there any personal loans from the directors/partners/members into the business?
  • Are any of these loans subject to personal guarantees?

Why leave it to chance?

Mike Oliver Associates authorised and regulated by the Financial Conduct Authority.

 

Mortgages

 

HomeExpert Mortage Advice

You may be urgently looking for a mortgage; our competitively priced Mortgage Service based in Haywards Heath, supports clients nationally.  At Mike Oliver Associates we pride ourselves in helping all types of clients to become property owners:

•    First Time Buyers
•    Home Movers
•    Owners Looking to Re-Mortgage
•    Owners in the Buy to Let Market
•    Holiday Home Owners
•    Business Owners

We can offer a huge choice of mortgages (more than 5,000 schemes at a recent count) to suit your precise needs and we can help you quickly.  We will find you the right scheme, liaise with the lender, surveyor, estate agent and solicitor and we will update you at every stage.

As Financial Advisers, we are morally and legally obliged to protect the assets of our clients, when taking out a mortgage.

Our Haywards Heath team can source Buildings and Contents insurance at competitive rates. For Buildings and Contents insurance we offer products from a selected panel of providers.

If you are concerned about repaying an Interest Only Mortgage then contact Mike Oliver direct.

Your home or property may be repossessed if you do not keep up repayments on your mortgage.

For mortgages we charge a fee, usually of £600.  We will also be paid a procuration fee from the mortgage provider if one is available.

Remember, Mike Oliver Associates are directly authorised and regulated by the Financial Conduct Authority.  Speak in confidence to us on 0845 4021757 or tell us your requirements on the Contact Us page and we will get straight back to you.