26 Lowther Street, Carlisle, CA3 8DA

Managing Mortgage Stress – We’re Here For You

stansherlocstg on July 20, 2020

Hackney & Leigh for sale sign in the Lake District
  • Home & Life Insurances

Managing Mortgage Stress – We’re Here For You

Whether you’re a first-time buyer, a second- stepper or further up the housing ladder, buying a home is always a big move and can feel a bit like a roller coaster ride at the best of times. Now there is the added complications and worries that the COVID-19 pandemic may have caused for people’s lives, finances and general wellbeing.

Here are some tips that can help you navigate the home moving process as smoothly as possible.

Smooth sailing

Taking advice will save you time, money and stress. We are on your side, we know the industry and the most appropriate lenders, to be able to recommend the most suitable mortgage for you and we can offer useful advice on all aspects of the house buying process. More now than ever, the value of professional advice is immeasurable. As the mortgage market changes, it’s our job to keep our finger on the pulse. We’ll be able to help you get a decision in principle from a lender, which will give a seller the confidence that you are a serious purchaser.

Expert navigation

We can help you familiarise yourself with all the stages involved in getting a mortgage. We’ll explain important things like how affordability checks work, what paperwork you’ll need to provide to a lender in support of your application, and what costs and fees you should budget for. You will need to have saved a deposit – in most cases the bigger the deposit you can put down, the lower your interest rate is likely to be.

Check out your finances in advance

Start by taking a look at your income and outgoings; any lender considering your mortgage application will expect you to be on top of all your bills and be comfortably able to afford your monthly mortgage payments. It makes sense to cut back on things like unused subscriptions and watch how much you spend on things like eating out. Lenders will want to see a healthy credit score – a higher score usually means you are a lower risk; the more points you score the better the chances that you’ll be offered better interest rates. Being under time pressure can increase your stress levels, so it pays to have your finances in order before you start looking for a property and a mortgage.

Work with a good estate agent

It’s worth taking the time to get to know a reputable estate agent. Explain your circumstances to them so that they can pass on relevant info

Don’t forget to get a survey done

Having a survey carried out on a property before you commit to buying it makes good sense. It can save you thousands of pounds in repair bills and a lot of stress in the future. There are various options available, and we will be able to offer help and advice on choosing the type that meets your needs.

YOUR HOME MAY BE REPOSSESSED IF YOU DO NOT KEEP UP REPAYMENTS ON YOUR MORTGAGE

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Embarking on a DIY project? Check your home insurance!

stansherlocstg on July 16, 2020

Home DIY
  • Home & Life Insurances

Embarking on a DIY project? Check your home insurance!

The weather is improving, you may have some extra time on your hands and judging by the queues outside hardware stores, people are seizing the opportunity to get some home improvement jobs underway, particularly with more Britons than ever working from home. Between February and March 2020, Google searches for ‘DIY’ increased by 9% year-on-year, with searches for ‘home improvement’ also growing by 12%.

Not to dampen your DIY gusto, but before you embark on a new project at home, remember to check your insurance cover just in case your efforts don’t quite go to plan.

Be realistic about your capabilities

The resources available to the novice DIYer are plentiful, with a supply of hints, tips and video guides available online, you might be feeling confident about tackling a job yourself and saving a bit of money, rather than leaving it to an expert. It is important to be realistic about your capabilities; DIY can often cause more work when jobs go wrong, with the average self-made DIY complication costing an additional £217 on top of the original amount spent to do the job. On a national scale that’s equivalent to £1.1 billion spent on DIY repairs every year.

Some of the most common DIY disasters are paint spillages, damaged walls, burst pipes, damaged electrics, flooding when mending pipes, broken windows and damaged/broken fences.

Are you covered for accidental damage?

Despite your best intentions, accidents do happen. Having the correct home insurance in place before you begin a DIY project will ensure adequate cover, if required.

Don’t assume that a home insurance policy will cover your DIY disasters, because accidental damage cover usually comes as an optional extra with most policies. Standard home insurance may provide only very limited cover for accidental damage.

In 2017 one insurer reported 42% of home insurance claims were for accidental damage. Full accidental damage insurance would cover you for things like repairing a burst pipe caused by drilling, putting your electrics back in working order after a botched rewiring job, repairing your ceiling after a foot has gone through the loft floor and replacing your carpet after a paint spillage.

As with every type of insurance cover, there are exclusions and excesses that apply, so it is important that you check your cover meets your needs and expectations.

Leave it to the experts

If in doubt, leave it to the experts. Some jobs, such as electrical work, plumbing, structural renovation and roof repair, are best left to the professionals and have a higher risk of going wrong, along with more costly consequences.

If you are embarking on a project, remember to take care, make sure you have the tools and knowledge for the job you’re undertaking, and check your insurance cover before you begin. It’s important to make sure your home and contents insurance meets your needs.

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Don’t Underestimate the Power of a Good Business Support Structure

stansherlocstg on July 6, 2020

  • Team

Don’t Underestimate the Power of a Good Business Support Structure

During our 30 years in business we’ve helped thousands of clients navigate their financial decisions and achieve the right results, from buying a first home to providing an income in retirement and everything in between. Ensuring consistently great results for our clients is essential to our success, and that in turn relies on the experience and knowledge of our whole team.

While the client may only see their adviser, behind them is a skilled business support team. That team has submitted tens of thousands of applications on our clients’ behalf and developed sleek processes to manage them all. They’ve built strong relationships with their industry contacts and provide the ‘scaffolding’ and support systems for our advisers.

As a family run business, we’ve always believed that everyone in our team has equal value. We know our support team of skilled administrators is as vital to our business as our client facing advisers. As a business we recognise and reward, not only those who directly create revenue, but those that are behind the scenes maintaining fantastic client service and making our business the best version of itself. If we could offer one piece of advice to those making changes to their business structure, for whatever reason, don’t underestimate the power of a good business support structure.

We have made changes to our team to allow for a culture of mutual respect and a shared common goal: the best outcome for the client. Our current team of advisers have been chosen to join Stan Sherlock Associates because they believe in our values and genuinely care about helping our clients achieve their dreams. These advisers recognise that our business support team is vital to achieving that success for both our clients and our business.

Despite the stresses and strains of working through a pandemic, it’s been fantastic during the last few months to see our whole team work together with mutual respect for one another’s skills, knowledge and experience. If we can achieve that during lockdown, from the kitchen table, then we’re really looking forward to seeing what we can do as we return to the office and our new ‘normal’. 

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As mortgage advisers we often get asked about house values… Well here are some tips on home improvements to add value to your home:

stansherlocstg on July 3, 2020

Home DIY
  • Mortgages

As mortgage advisers we often get asked about house values… Well here are some tips on home improvements to add value to your home:

Evidence suggests that many more of us are putting down roots and choosing to stay in our current homes for longer. The average time a homeowner in the UK stays in their property is 21 years.

This contrasts with the 1980’s, when a fast-rising property market encouraged a move every eight years on average.

However, high prices in some regions, Stamp Duty and the other costs of moving, are now encouraging us to stay put and spend money improving our properties.

With so many more people staying put and embarking on some home improvements, it’s a good idea to select improvements and renovations that will add value to your property in case you do decide to move on one day.

Some of the best improvements to add value to your property include (plus potential value added):

  • Converting your cellar — 30%
  • Converting your garage to living space — 15%
  • Extending the kitchen — 15%
  • Loft conversion to add a bedroom — 15%
  • Increase living space with a conservatory or similar — 10%
  • Kerb and garden appeal — up to 10%
  • Fitting a new bathroom — 5%
  • Making the living area open plan — 3-5%
  •  

Here are some useful tips to bear in mind before embarking on your chosen project:

Check your deeds
There could be restrictions on what you can do, you may require planning permission, especially if it affects a boundary or external modifications are involved.

Check your policy
If you’re going to make any major changes to your home, you should contact your buildings and contents insurance provider first to avoid unintentionally invalidating your policy and check your policy covers you for accidental damage.

Get your paperwork in order
If you are looking at a large undertaking such as converting your loft, ensure you have the correct paperwork and certification, otherwise the money you spend may not be realised in the sale price.

Preserve bedroom space
Try not to reduce your bedroom count, you may want to convert a third bedroom into an en suite, but by losing a bedroom you will reduce the value of your property.

Be commercially-minded
Consider the neighbourhood you live in and the types of buyers likely to want to live there, for example spending money landscaping your garden may not appeal to a younger professional couple who want low-maintenance outside space.

Avoid personalisation
Unless you are prepared to redecorate when you come to sell, use a neutral colour scheme, introduce colours in soft furnishings and accessorises and personalisation with pictures or photos.

Hire a professional
Avoid a DIY disaster by only taking on projects you are confident you can complete.

We can help
Please get in touch if you are looking to fund your home renovations with a remortgage or second charge loan.

YOUR HOME MAY BE REPOSSESSED IF YOU DO NOT KEEP UP REPAYMENTS ON A MORTGAGE OR ANY OTHER DEBT SECURED ON IT.

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Been meaning to do it for ages? It’s time to look at Estate Planning:

stansherlocstg on June 29, 2020

Mortgage Calculator
  • Financial Planning

Been meaning to do it for ages? It’s time to look at Estate Planning:

Estate planning encompasses not only preparing your finances to ensure your assets are protected for your loved ones once you are gone, but it’s also about ensuring you have enough money to live on.  

It starts with obtaining a comprehensive view of your assets. Assessing the value of your estate and ensuring the right documentation is in place is a first port of call (such as Wills, Lasting Powers of Attorney (LPA), and the formation of any relevant Trusts). 

Valuing your estate

In order to establish the value of your estate, first calculate the total worth of all your assets, including your home, any other property, money and savings, shares and investments, business equity, cars, jewellery and other personal possessions. Determine the value of

non-monetary assets, by applying a realistic market value. Any gifts which incur Inheritance Tax (IHT) should be added to the value of assets. Then deduct debts and liabilities from this amount to establish the total value of the estate.

Deductions include any outstanding bills, mortgage debt, loans, credit cards, overdrafts, and funeral expenses.

Wills*, Trusts and LPA

Putting together a clear plan, that details your wishes regarding how you’d like your estate to be managed upon your death, will ensure when the person looking after your estate applies for probate they will know what your wishes were. A vital part of successful estate planning is ensuring you have a valid Will in place. Trusts are also a useful way of managing money or other assets on behalf of beneficiaries. There are various types of Trusts which provide an alternative to direct inheritance or transfer of certain parts of an estate, giving you control over who receives what and when. There are 2 types of LPA, ‘health and welfare’ and ‘property and financial affairs’ which are worth establishing at an early stage.

IHT

Estate planning can also help you reduce the amount of IHT payable. With expert planning, you can legitimately reduce the amount of IHT payable and pass on assets to your family as intended. For individuals, the current IHT nil-rate threshold is £325,000, and £650,000 for a married couple or civil partners. Any unused portion of the nil-rate band can be passed to a surviving spouse or civil partner on death. Beyond these thresholds, IHT is usually payable at a rate of 40%.

Since April 2017, there has also been a main residence nil-rate band, which applies if you want to pass your main residence to a direct descendant (e.g. child or grandchild). For the 2020-21 tax year, this allowance is £175,000. Added to the existing threshold of £325,000 this could potentially give rise to an overall IHT allowance of £500,000 for individuals, or £1m for those who are married or in civil partnerships. It is important to note larger estates will find residence relief is tapered, reducing by £1 for every £2 by which the net estate’s value exceeds £2m.

There is another simple way of passing money to the next generation which allows for gifts to be made from surplus income. Conditions apply, and advice would be needed to ensure the gifts are made in the right way. We can talk you through the options and help you to find the most appropriate choice.

We can help

We can give you advice to ensure your money ends up with the people you want, for the reasons you choose. We can show you how much money you will need, help you to pass on assets in the most effective way, and work with you to reduce or manage an Inheritance Tax bill.

*Will writing and LPAs are not a part of the Openwork offering. Openwork Limited accepts no responsibility of this aspect of our business. These products are not regulated by the Financial Conduct Authority.

HM Revenue and Customs practice and the law relating to taxation are complex and subject to individual circumstances and changes which cannot be foreseen. 

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The last adviser in our series… a round of applause please for Tom Graham!

stansherlocstg on June 27, 2020

  • Team

The last adviser in our series… a round of applause please for Tom Graham!

Name: 

Tom Graham 

What do you do at Stan Sherlock Associates? 

I am a Mortgage and Protection Adviser, providing professional and tailored advice to help you achieve your financial goals. I pride myself on giving a bespoke service, treating you as an individual so I have a true understanding of what you want to achieve

Why did you become a mortgage and protection adviser? 

It was the next step in my career in the financial sector. Having worked in banking before I came to Stan Sherlock Associates I wanted to develop my skills and understanding. I worked closely with our Practice Principle developing my knowledge of the housing market and the best way to find solutions for our clients. I loved the challenge, and then thrill, of helping someone buy their dream home. Now, with a broader and more in-depth knowledge, I am much more useful to my clients.

What has surprised you the most about working in Financial Services?

How everybody’s goals/dreams are different; and the relationships you build with people during the process. The personal side of the service is what makes the job so rewarding. Seeing people achieve their goals makes the hard work so worthwhile.

Describe yourself in 3 words?

Easy going, Caring and funny. If I do say so myself!

Would your family use the same three words?

I asked them and they said: “Not the words we would use… thoughtful, horizontal and a joker.”

If you had to be shipwrecked on a deserted island, but all your human needs—such as food and water—were taken care of, what two items would you want to have with you?

I think I would like a super strength telescope; this would allow me to people watch which I find so interesting and would pass the time. The other item would be my vinyl player and records, no special reason for this just a good song can change a bad mood.

If you could choose any super power what would you choose and why?

If I had a super power I think it would be the power to take others’ superpowers. It’s a win win situation – this way I can have all the super powers!

How can you help me?

I genuinely care about my clients and helping you is a very personal process to me. I will make every effort to help you achieve your goals by treating you as an individual. I will see you through the whole process from start to finish. Helping you find the right mortgage, the right protection for your family and assets, and the right insurance for your home and belongings. 

 

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Investing for Children – The Junior ISA

stansherlocstg on June 24, 2020

Family walking along the beach
  • Financial Planning

Investing for Children – The Junior ISA

There was welcome news for young savers in the March Budget with the government announcing the Junior ISA (JISA) allowance was to be more than doubled, from £4,368 to £9,000 from 6 April 2020.

JISA and CTFs both benefit 

JISAs replaced Child Trust Funds (CTF) in 2011, but those who still
hold CTF will continue to benefit from the increased allowance. Both JISA and CTF are a tax efficient way to build up savings for a child. It is not possible to have both a JISA and a CTF.

Savings for children

A junior ISA can be opened for any child under 18 living in the UK and the money can be held in cash and/or invested in stocks and shares. Once the person who has parental responsibility for a child has opened the account, anyone can contribute to it. The child can manage the account from age 16 and at age 18 they can withdraw the money if they want, when the account otherwise becomes a normal cash or stocks and shares Individual Savings Account (ISA). Alternatively, they can keep saving into it as a standard ISA.

The tax benefits for JISAs and CTFs are the same as for an adult ISA. So, there is no Capital Gains Tax and no tax on income.

Investing for their future

Following the Budget, it was reported: ‘By saving towards their future, families can give children a significant financial asset when they reach adulthood – helping them into further education, training, or work.

Junior ISAs and Child Trust Funds are tax-advantaged accounts for children, designed to encourage a long-term savings habit.’  Two principles which apply to many aspects of financial planning are particularly relevant when planning for your child’s financial future:

  • The longer the timescale, the more scope there is for your investments to grow
  • Taking expert advice can help you avoid potential pitfalls

The potential of a JISA

It is estimated that if £9,000 was invested every year from birth and assuming a 2% annual return, which is obviously by no means guaranteed, the JISA would be worth around £194,000 at age 18. Saving such a large amount is obviously out of the question for most people, but whatever amount you can afford to save for your child’s future, a JISA is an ideal choice.

The value of investments can go down as well as up and you may not get back the full amount you invested. The past is not a guide to future performance and past performance may not necessarily be repeated. 

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An update on mortgage payment holidays – three month extension

stansherlocstg on June 10, 2020

Hackney & Leigh for sale sign in the Lake District
  • Mortgages

An update on mortgage payment holidays – three month extension

The Government has announced the requirement for lenders to extend the initial three-month mortgage payment holiday scheme by a further three months. They felt that the extension was necessary because it would be too sudden and soon to end the scheme now for those currently experiencing financial difficulties.

This means help and support will continue for those currently struggling with their mortgage repayments, providing borrowers already taking a holiday with the ability to extend their holiday period until 31 October 2020. Customers who haven’t yet requested a payment holiday, will be able to ask their lender for one up to this deadline.

If you can afford to repay your mortgage, it is in your best interests to do so. This is because interest will continue to build during the re-payment holiday period which you will still need to pay back at a later date – effectively meaning you will pay back more in interest in the longer-term. In addition, your monthly repayments after the payment holiday ends may also be higher, or your mortgage may take longer to repay.

However, if you are struggling to make your mortgage repayments because of Coronavirus, the new measures, which came into force from 4 June 2020, should provide much needed help.

Please remember:

  • If you can afford to repay your mortgage, it is in your best interests to do so
  • It is only a payment holiday if it has been agreed directly with your lender
  • Cancelling your direct debit is not a payment holiday and counts as a missed payment. It could also show on your credit file – affecting your credit score and possibly impacting your ability take out credit in the future

Next steps:

You’ll need to deal directly with your lender if you wish to apply for a mortgage payment holiday or extend an existing one. But, there may be other options. So please speak to us first if you can, particularly if you are considering a mortgage holiday and are nearing the end of your current mortgage deal.

Before anything is agreed, your mortgage lender will have to provide you with enough information, so you can make an informed decision. Also, you should be aware that your lender will need to ask you questions about the changes in your circumstances, even if you are extending your mortgage holiday. So make sure that you have up-to-date information easily to hand and ready for this conversation. Lenders have committed to responding as quickly as possible, but due to high levels of demand and staff working from home, service levels might be slower than usual.

If you have any questions or want to discuss your situation further please don’t hesitate to get in touch, we’ll be more than happy to help.

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

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As part of our series “Getting to Know our Advisers” we introduce you to Emma Sherlock…

stansherlocstg on June 6, 2020

Stansherlock Family
  • Team

As part of our series “Getting to Know our Advisers” we introduce you to Emma Sherlock…

Name: 

Emma Sherlock 

What do you do at Stan Sherlock Associates? 

I’m one of two Directors at SSA.  My main role is making sure that we are a well oiled machine creating fantastic end results for our clients.  

What has surprised you the most about working in Financial Services?

It’s not all about numbers! You would think anything to do with money would all be number focused and very black and white – like maths. But it’s not! Financial services is all about relationships, families and goals. It’s about listening and understanding. Everyone is an individual with a different story to tell, different background and different needs and desires. I love that part of our business; learning about what people want, their story and what they hope for in the future. Helping them reach their financial goals and then protect their achievements.

Describe yourself in 3 words?

Outgoing, pro-active, passionate

Would your family use the same three words?

Haha probably not – maybe loud, bossy and “good at tidying!”

If you had to be shipwrecked on a deserted island, but all your human needs—such as food and water—were taken care of, what two items would you want to have with you?

I was going to say my mobile and a charger to keep in touch with my family while I wait for the emergency services to save me… then I realised there would be no electricity. So, I’d take a vat of factor 50, because I am so fair I burn really easily, and a pair of trainers so I can run, climb, jump, and explore the island!

 

If you could choose any super power what would you choose and why?

I think I’d like super speed! I have 3 children and a full time job, I’m a mentor at the Carlisle Youth Zone and on the school PA. I’m a pretty busy person that finds it hard to say no, so I think if I had super speed, like Dash in the Incredibles or the Flash from Justice League, I would have so much spare time on my hands I might even get to go for a massage!

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How Secure Is Your Business?

stansherlocstg on June 3, 2020

  • Business Insurances

How Secure Is Your Business?

Business protection is a crucial element in a company’s financial future, but how many have cover in place?

You may have covered the tangible assets in your business, but have you protected the most important asset; the people who contribute directly to your bottom line?

If the answer is no, you could be putting your business at risk. After all, if you lost a key employee, this could impact the day-to-day running of the business, it could hit profits and create problems repaying an outstanding business loan.

Research by Legal & General in their State of the Nation’s Small and Medium Enterprises (SMEs) report has found:

52% of businesses would cease trading in under a year if a key person became critically ill or died

47% of shareholders have no arrangements for their shares if they became critically ill or died

51% of businesses have some form of business debt of an average of £175,000

Safeguarding your business
Business protection insurance can help mitigate some of the risks. There are three main types of business protection:

Key Person Insurance provides a lump sum to the business on the death of an important member of the business.
Shareholder Protection Insurance provides a lump sum that will allow remaining shareholders to buy the shares of a deceased shareholder.
Business Loan Protection provides a lump sum to help a business pay any outstanding business loans.


Business Protection Insurance is designed to keep you trading. That’s why making sure you have the right protection in place should be considered a vital part of running a business.

If you are one of the 54% of SME that doesn’t have a relationship with a financial adviser talk to us! As professional financial advisers we can help you realise any risks you may and provide protection for the future of your business.

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Company Number: 05719965

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Stan Sherlock Associates Limited is an appointed representative of the Openwork Partnership, a trading style of Openwork Limited which is authorised and regulated by the financial conduct authority.

The value of investments and any income from them can fall as well as rise and you may not get back the original amount invested.

YOUR HOME MAY BE REPOSSESSED IF YOU DO NOT KEEP UP REPAYMENTS ON YOUR MORTGAGE. Some buy to let mortgages are not regulated by the financial conduct authority. 

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