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News'I'm 49 and earn £125000 - how can I get half this amount in retirement?' mortgage is on a fixed rate of 2.99pc until January 2018. Mr Hicks said he likes to think he is willing to take risk in order to achieve returns. In reality, he admits, losing money is more of a concern. His self-invested pension (Sipp) , which ...
The Week UKBarclays produces bumper profits on bond trading boLondon South East (registration) (blog)Barclays' results were also marred by a 42 percent spike in credit impairment charges, which the bank attributed to a change in the way it models credit card risk in the U.S. and Britain. It also booked a fresh 600 million pound charge for mis-selling ...Barclays profits hit by £600m PPI provisionThe Week UKall 62 news articles »
Techworld.comMeet the UK's new breed of digital mortgage at Trussle, focuses on the mortgage broker themselves as the source of pain: "There is lots of paperwork, calls after hours, working to their schedule not yours." By making the entire process digital both startups say they can save you time, stress ...
The GuardianWe want to use our pensions to pay a mortgage, but what if we end up in care?The GuardianWhat this means is that if you go into a residential care home, you can choose to pass half of any of certain types of income – including private, personal or occupational pension, or retirement annuity – to your partner who will remain living in the ...
The ArgusHomes for sale in Brighton and Hove snapped up faster than UK averageThe ArgusAcross the UK, a home will typically sit on the market for 91 days - almost exactly three months - before it is sold, according to the study from Post Office Money Mortgages. The report found sellers in Bristol and Edinburgh had the least amount of ...Greedy sellers' high asking prices blasted by mortgage firmEstate Agent Todayall 4 news articles »
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To Save or To Clear the Debts?

You may have noticed that your savings aren’t doing a lot to pay their way these days. Pensioners are badly hit as many of them use the interest from their life savings to pad out the weekly amount they get from the state. Many mortgage payers are happy as their payments have come down, but just about everyone else with savings is in the situation where the real value of their money is falling because interest payments aren’t as high as inflation.

 The average rate for UK instant access accounts including current accounts was around 0.17% at the end of February and we’ve had another cut in the Bank base rate of half a percent since then. Despite that, with credit hard for many people to come by; credit limits being cut by the card companies and worries about job losses, if you can, it’s best to have some savings on hand for an emergency. And the latest figures show that people are saving more. There’s nearly £1,000 billion of savings in our banks and building societies and another £90 billion in National Savings.  

In terms of interest you may as well keep your money under the bed – but then that’s probably the first place a cash strapped burglar is going to look. Fixed rate bonds pay slightly higher rates than instant access accounts. National Savings and Investments products are increasingly popular because people want to know their money is safe whatever the interest rates and they have a 100% government deposit guarantee. It’s never been more important to shop around and don’t be slow to move your money to higher interest rate paying accounts. Keep a close check on any accounts you do have to see what interest you are being paid. The financial pages of the newspapers are good for advice on which accounts are paying the best rates but these change frequently. 

Once you’ve got your emergency fund in place if there’s any money left over think about clearing expensive debts. There’s no point in having a lot of money sitting in an account getting 2.5% interest if you’re paying off loans or credit card accounts at interest rates in the high teens and 20’s. Homeowners are paying off their mortgages too. Some who’ve seen their monthly payments fall are continuing to pay at the old rate so that they clear their mortgages more quickly.

If you have a lot of savings think about getting some financial advice. Your money may not be doing as well for you as it could and a good Independent Financial Adviser can be worth his or her weight in gold. Visit more than one and choose the advice you feel happiest with. Family, friends and colleagues may be able to recommend advisers they’ve used and found helpful.

If you’re lucky enough to have money to put aside it’s time to take stock and nurture it so that it can nurture you back in the future.

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