More low-deposit mortgage deals available
For many first-time buyers, raising a deposit is the biggest hurdle to owning their own home. But for those who can save up 5% of the property’s price, the good news is that the market appears to be opening up. There are now more 95% mortgages available than at any point in the past two […]
Four-day week trial planned for this autumn
An increase in hybrid and remote working and a desire for a better work-life balance have changed expectations around where and when people work. One possible solution is a four-day working week across the workforce, giving employees more time for rest, leisure and family activities as well as ‘life admin’ tasks like shopping and cleaning. […]
‘Over £1m’ in pension savings needed for comfortable early retirement
Savers in the UK need a “seriously large pension pot” if they want to stop work early and have a comfortable retirement, according to a new report. The analysis by Interactive Investor shows that someone who wants to retire at 55 in 2024 and enjoy what is classed as a comfortable lifestyle will need to […]
Mortgage costs set to rise for 3 million households
Around three million UK homeowners will see their mortgage repayments increase over the next two years as cheaper fixed-rate deals expire. Of these, some are facing “very large” payment increases, according to the Bank of England. About 400,000 mortgage holders are likely to see an increase in their payment of 50% or more. Meanwhile, the […]
One in 10 pension dippers regret taking their money early
Around one in 10 retirees (8%) who withdrew money from their pension before leaving full-time work say they regret it. Under the current rules, pension holders can start to access their retirement savings from the age of 55. But leaving your money invested in your pension until you’re 65 could leave you with significantly more […]
Making good work the norm
A good working environment is important for staff to perform well and feel committed to their job. Ahead of the UK general election, HR body the CIPD and trade union Prospect say that any new strategy to boost economic growth should be underpinned by a focus on improving job quality, working cultures and people management […]
UK house prices ‘broadly stable’ as economic picture improves
House prices in the UK were relatively stable in May amid a brighter outlook for the economy, according to the latest data. Although mortgage rates remain elevated, consumer confidence has improved over the last few months. And with strong pay growth and inflation continuing to come down, and a cut in interest rates on the […]
Calls to raise auto enrolment minimum
The UK is under-saving for retirement. While auto enrolment has helped millions of people put more into their pension pots, it’s widely recognised that the current minimum contribution rate of 8% is not high enough to ensure a comfortable retirement. Increasing the default pension contribution rate would boost many people’s income in retirement, while also […]
Three in five homeowners considering equity release in retirement
A growing number of older homeowners are interested in releasing money from their property in later life to meet various financial needs. Research by the Equity Release Council shows that more than three in five (61%) UK homeowners — equivalent to 18.7 million people — would consider some form of equity release, tapping into the […]
Rise in mortgage terms beyond state pension age
Mortgage terms are getting longer and many buyers could still be paying off their mortgage in retirement, according to new data. High house prices combined with inflated borrowing costs and strict affordability criteria mean that more and more people are opting for home loans of 30 years or more. However, these borrowers will end up […]