Support for Mortgage Interest (SMI) is a government benefit that helps pay the interest portion of a mortgage for those who lose their income due to circumstances like accident, sickness, or unemployment. SMI pays interest directly to lenders but only for mortgages up to £200,000 and at a standard interest rate of 3.12%. It starts making payments after 13 weeks currently, increasing to 39 weeks from April 2016, so applicants need a plan to cover payments during the waiting period. SMI provides limited and temporary financial assistance, so recipients should check it will be enough to keep their home. To qualify for SMI, applicants must be receiving another state benefit like Income Support.
If you are on a low income or unemployed, you may be wondering what options you have to make ends meet while you are looking for a job. The UK government offers Universal Credit to those who meet their criteria. Here’s everything you need to know about Universal Credit, including how to work out if you are eligible, how much you will get and your responsibilities.
How can you choose the right type of Life Insurance? Pravesh Vasudeva
Choosing the right type of life insurance can be confusing, but it’s also an important decision. There are primarily two types of life insurance to choose from:
a) Term Life Insurance
b) Permanent Insurance
Which one is the best for you? Let's see.
How to make the most of your Life Insurance policyPravesh Vasudeva
Life insurance coverage can be a bit hard to navigate when you are first looking for coverage. Here are a few tips to keep in mind to make the most of your policy.
Can’t pay your life insurance premiums? These are your optionsPravesh Vasudeva
If you run into financial difficulty, paying your life insurance premiums could take money away from other priorities like paying down your mortgage or buying groceries. But there are other options to consider. Here are a few recommended by our life insurance experts at Trust Life.
Take a look.
Planning for retirement is not as easy as it seems. Simply because you have to estimate your expenses 30 - 35 years hence in today's money. This visual presentation provides an overview of how to approach your retirement planning.
If you are on a low income or unemployed, you may be wondering what options you have to make ends meet while you are looking for a job. The UK government offers Universal Credit to those who meet their criteria. Here’s everything you need to know about Universal Credit, including how to work out if you are eligible, how much you will get and your responsibilities.
How can you choose the right type of Life Insurance? Pravesh Vasudeva
Choosing the right type of life insurance can be confusing, but it’s also an important decision. There are primarily two types of life insurance to choose from:
a) Term Life Insurance
b) Permanent Insurance
Which one is the best for you? Let's see.
How to make the most of your Life Insurance policyPravesh Vasudeva
Life insurance coverage can be a bit hard to navigate when you are first looking for coverage. Here are a few tips to keep in mind to make the most of your policy.
Can’t pay your life insurance premiums? These are your optionsPravesh Vasudeva
If you run into financial difficulty, paying your life insurance premiums could take money away from other priorities like paying down your mortgage or buying groceries. But there are other options to consider. Here are a few recommended by our life insurance experts at Trust Life.
Take a look.
Planning for retirement is not as easy as it seems. Simply because you have to estimate your expenses 30 - 35 years hence in today's money. This visual presentation provides an overview of how to approach your retirement planning.
Important Things to Know About Long Term Care (LTC) InsurancePravesh Vasudeva
Long Term Care (LTC) insurance isn't just for seniors. You may become unable to care for yourself for 90 days or more at any point in your life. Long term care insurance can cover some of the costs of a care facility or a caregiver in your own home following an accident or illness. Here's everything you need to know about LTC Insurance.
What to look for when buying Life Insurance for the first timePravesh Vasudeva
Purchasing life insurance is one of the most important financial decisions you will make. Not only does it protect the loved ones you will leave behind, it can be a useful tool well before then. While there are many things to take into account when purchasing life insurance, check out our list of some of the first six things to consider when buying Life Insurance for the first time in Canada.
Retirement opens up a seemingly limitless world of possibilities. But all those choices can be a bit intimidating. The good news is with a bit of care, forethought and preparation, you can not only plot out a successful, fulfilling retirement, but also ensure you’ll have the funds on hand to pay for it.
The following tips can help.
The best Life Insurance for couples in Mississauga and TorontoPravesh Vasudeva
Life insurance for couples is one of the most important purchases you can make together. It's an investment into your future together that ensures peace of mind. Here's everything you need to know.
Is Retirement Plan Necessary? ✨
We can't work our entire life, The retirement Plan is Mandatory.
Income is of two types: One is Active Income & the other one is Passive Income.
Active Income ➵ which we will get by working Hard.
E.g. salary
Passive Income ➵ we will earn income even while sleeping.
E.g. Interest on Savings A/c,
Fixed Deposits,
Govt. Securities,
Mutual Funds,
Direct Investments.
⚡Interest on Savings A/c :
If you invest your money in a Savings account, We will get a 3 to 4 % Interest Rate. But the Average Inflation is 5%, This states that we are losing 1%, Which is not good.
⚡Fixed Deposits :
If you Invest your Money in Fixed Deposits. We will get a 7-8% Interest Rate i.e. 3% more than the Average Inflation of 5%, Which is better than investing in a Savings account.
⚡Govt. Securities :
If you Invest your Money in Government Securities, We will get a better Interest Rate than Fixed deposits. Also, we will get Tax Benefits, Which is also good.
⚡Mutual Funds :
In Mutual Funds, Fund Manager Invests on our behalf and generates returns. we can check The Fund Performance through CAGR i.e. Compound Annual Growth Rate %.
Mutual funds are of two types: Index Mutual Funds and Normal mutual funds.
In Index MF'S, Fund Manager no need to Check Day to Day for Companies.
In India, we have two major stock exchanges, one is NSE (National Stock Exchange of India Limited) and the other one is BSE (Bombay Stock Exchange). These Exchanges Fixes the companies in the index: NSE NIFTY 50, BSE Sensex, etc.
⚡Direct Investments :
Everybody at one point has to be invested in stocks.
"Select Stocks Wisely, Otherwise you lose money
How to prepare a financial plan to help you adjust to retirement Pravesh Vasudeva
We know how exciting retirement can be after years of hard work. So have you considered how you are going to spend your “me time?" How long you’ll live is an important factor that impacts how long your money needs to last. Canadians are living longer than before, which means you’ll likely need more to support your retirement dreams.
Do you think you’ll spend less in retirement? Some say you’ll spend the same, or maybe even more. To help you position for a bright future, you can take these steps as you move closer to retirement.
Important Things to Know About Long Term Care (LTC) InsurancePravesh Vasudeva
Long Term Care (LTC) insurance isn't just for seniors. You may become unable to care for yourself for 90 days or more at any point in your life. Long term care insurance can cover some of the costs of a care facility or a caregiver in your own home following an accident or illness. Here's everything you need to know about LTC Insurance.
What to look for when buying Life Insurance for the first timePravesh Vasudeva
Purchasing life insurance is one of the most important financial decisions you will make. Not only does it protect the loved ones you will leave behind, it can be a useful tool well before then. While there are many things to take into account when purchasing life insurance, check out our list of some of the first six things to consider when buying Life Insurance for the first time in Canada.
Retirement opens up a seemingly limitless world of possibilities. But all those choices can be a bit intimidating. The good news is with a bit of care, forethought and preparation, you can not only plot out a successful, fulfilling retirement, but also ensure you’ll have the funds on hand to pay for it.
The following tips can help.
The best Life Insurance for couples in Mississauga and TorontoPravesh Vasudeva
Life insurance for couples is one of the most important purchases you can make together. It's an investment into your future together that ensures peace of mind. Here's everything you need to know.
Is Retirement Plan Necessary? ✨
We can't work our entire life, The retirement Plan is Mandatory.
Income is of two types: One is Active Income & the other one is Passive Income.
Active Income ➵ which we will get by working Hard.
E.g. salary
Passive Income ➵ we will earn income even while sleeping.
E.g. Interest on Savings A/c,
Fixed Deposits,
Govt. Securities,
Mutual Funds,
Direct Investments.
⚡Interest on Savings A/c :
If you invest your money in a Savings account, We will get a 3 to 4 % Interest Rate. But the Average Inflation is 5%, This states that we are losing 1%, Which is not good.
⚡Fixed Deposits :
If you Invest your Money in Fixed Deposits. We will get a 7-8% Interest Rate i.e. 3% more than the Average Inflation of 5%, Which is better than investing in a Savings account.
⚡Govt. Securities :
If you Invest your Money in Government Securities, We will get a better Interest Rate than Fixed deposits. Also, we will get Tax Benefits, Which is also good.
⚡Mutual Funds :
In Mutual Funds, Fund Manager Invests on our behalf and generates returns. we can check The Fund Performance through CAGR i.e. Compound Annual Growth Rate %.
Mutual funds are of two types: Index Mutual Funds and Normal mutual funds.
In Index MF'S, Fund Manager no need to Check Day to Day for Companies.
In India, we have two major stock exchanges, one is NSE (National Stock Exchange of India Limited) and the other one is BSE (Bombay Stock Exchange). These Exchanges Fixes the companies in the index: NSE NIFTY 50, BSE Sensex, etc.
⚡Direct Investments :
Everybody at one point has to be invested in stocks.
"Select Stocks Wisely, Otherwise you lose money
How to prepare a financial plan to help you adjust to retirement Pravesh Vasudeva
We know how exciting retirement can be after years of hard work. So have you considered how you are going to spend your “me time?" How long you’ll live is an important factor that impacts how long your money needs to last. Canadians are living longer than before, which means you’ll likely need more to support your retirement dreams.
Do you think you’ll spend less in retirement? Some say you’ll spend the same, or maybe even more. To help you position for a bright future, you can take these steps as you move closer to retirement.
You’re thinking of buying a home? Congratulations -- it’s an exciting
process. And it can be a lot of fun. You get to envision the type
of lifestyle you want for yourself (and your family). Do you want
a beautiful two-story home close to your work? Do you want a
modern, stylish condo in the heart of downtown? Are you yearning
to live near the beach, the mountains, restaurants, good schools,
museums, or family?
One of the greatest things about purchasing your own home is
that you get to make it yours. Even before you move in, you’re in
charge of making the decisions about which home you will buy.
It’s a powerful feeling -- having total control. But it can also be a bit
overwhelming, especially when you’re doing it for the first time.
That’s why we wrote this guide. We want to make purchasing a home
less scary and give you the confidence to move forward through
each step of the process -- from beginning to end, when you move into your new home!
Why Talk About Debt?
Debt is the disease that slowly kills your ability to win with money. It is very hard to prosper with your money when you are weighed down by a big debt burden.
Debt has been sold to us as tool for prosperity and a way of life.
The reality is that debt is simply a modern form of slavery that will keep you from prospering and building wealth.
So let’s talk about some of the most common questions on debt.
IT’S IRA SEASON – SAVE FOR RETIREMENT WHILE ENJOYING TAX BENEFITSSpencer Savings Bank
As a group, Americans are not doing well in preparing for retirement. Research shows that most Americans do not have enough money saved for retirement and many are very concerned. One of the main reasons for lack of saving are incomes that have not changed (or decreased) over the years, while cost of living continues to rise and salaries are not going as far as they once did to cover all the necessities.
To properly write a provisional patent application, it should have 1) a complete description of how the invention works and 2) a set of technical drawings that help explain how the invention works. The key concept is that a provisional patent application must fully describe how the invention works, including the components that make up the invention and how the components are arranged. If any portion of the invention is not clearly described, it is not protected!
The Policy Team at Nottingham City Council has created this information booklet to help advisors, agencies and citizens understand the changes to welfare coming from April 2016 and beyond.
Direct Deposit Payday Loans- Receive cash directly to your account georgemanche
At time limited financial resource results in shortage of cash before the next payday. We, at Pay Day Loans offer an array of payday loans services at low rates and flexible terms.
Tax Benefits of Homeownership After Tax ReformJason Fuchs
Recent tax reform legislation may have reduced the tax benefits of homeownership for some by (1) substantially increasing the standard deduction, (2) lowering the amount of mortgage debt on which interest is deductible, and (3) limiting the amount of state and local taxes that can be deducted. On the other hand, the tax benefits of homeownership may have increased for some because the overall limit on itemized deductions based on adjusted gross income has been suspended. You generally can choose between claiming the standard deduction or itemizing certain deductions (including the deductions for mortgage interest and state and local taxes). These changes are generally effective for 2018 to 2025.
1. SUPPORT FOR MORTGAGE INTEREST BENEFIT (SMI)
KEEP A ROOF OVER
YOUR HEAD.
Buying a new home is exciting. But if you were unable to work due to
an accident, sickness or involuntary unemployment, you could lose the
home you worked so hard to get. Our Deadline to the Breadline research
conducted in 2014 shows that without an income, working-age families
in the UK have on average, just 14 days until their money runs out. That’s
why it makes sense to protect your income and keep your home yours.
2. THE FACTS QUESTIONS TO ASK YOURSELF
Helps pay the interest part of your loan or mortgage
not the actual loan itself.
Do you have an interest-only mortgage or a capital
and interest (repayment) mortgage?
Interest support is limited to the first £200,000 of your
mortgage.
Is your mortgage greater than £200,000?
Interest only is paid directly to your lender. Will your lender accept interest-only payments?
How will you pay off the capital?
The money comes in after 13 weeks currently. From
April 2016, payments will start after 39 weeks. Missed
mortgage payments are not paid.
Can you afford to cover your mortgage repayments
for 13 weeks (increasing to 39 weeks from April 2016)?
The standard interest rate used to calculate SMI is
currently 3.12% as at September 2015.
Is your mortgage interest rate greater than this?
COULD YOU KEEP UP WITH THE MORTGAGE REPAYMENTS?
If you experienced unexpected loss of income you may need to find other ways to maintain
your mortgage repayments.
You may qualify for state benefits and support for mortgage interest (SMI) payments may help
with the interest-only element of your mortgage. However, currently, SMI payments normally
start 13 weeks after you apply, pending eligibility, but from April 2016, the waiting period will
increase to 39 weeks. This means you would need to be able to make the mortgage payments
as a minimum yourself for 13 weeks (increasing to 39 weeks from April 2016.) Do you have a
plan in place which could help you do this?
Whilst SMI can help with the interest-only part of your mortgage payments, the benefit only
offers limited financial help. Would it be enough to keep your home? These facts on Support for
Mortgage Interest could help you decide:
SALES AID
Will you qualify for Support for Mortgage Interest?
You must be receiving one of these:
• Income Support
• income-based Jobseeker’s Allowance
• income-related Employment and Support Allowance
• Pension Credit
Ask your adviser about the best way
of protecting your income based on
your individual needs and keep your
home yours.
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Registered office: One Coleman Street, London EC2R 5AA
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