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MT Financial News

From time to time, we produce information for clients on a number of topical and important issues, some of which can be found below:

Savers need to be aware of changes to FSCS limit - January 18, 2016
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Around one million savers with more than £85,000 in one bank or building society could be at risk following changes to the Financial Services Compensation Scheme (FSCS). On 1 January 2016 the FSCS, which protects savers’ money if their bank or building society goes bust, changed its compensation limit to bring it in line with … Continue reading Savers need to be aware of changes to FSCS limit


UK state pension amongst worst in the world, says OECD - January 18, 2016
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A new report from the international think tank Organisation for Economic Co-operation and Development (OECD) has revealed that the UK’s state pension is one of the least generous in the world. The report from the OECD shows that only two OECD countries pay poorer pensions; Mexico and Chile. In comparison, countries like Turkey, Russia and … Continue reading UK state pension amongst worst in the world, says OECD


Boost in property wealth could help those retiring - January 18, 2016
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People over the age of 55 underestimate their property wealth by more than £90,000, according to a new study. The research conducted by the Equity Release Council has shown that three-in-five older homeowners in this age group (60 per cent) had not had their house valued since they first bought it. The Council’s study also … Continue reading Boost in property wealth could help those retiring


They’ve never had it so good… - December 18, 2015
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Think tank Resolution Foundation has conducted research showing that households headed by a 65-74 year-old hold about 19 per cent of the country’s wealth, compared with 16 per cent for the under-45s. The reason for this is largely attributed to the younger generation being hit by a pay squeeze and being less likely to own … Continue reading They’ve never had it so good…


A new scheme for first-time buyers - December 18, 2015
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Since 1 December 2015, first-time home buyers have been able to save in a Help to Buy Individual Savings Account (HTB ISA) where the government adds money to the pot. As with a traditional cash ISA, the interest earned will be free of income and capital gains tax. In addition, when savers take money out … Continue reading A new scheme for first-time buyers


Sales of pension annuities to be permitted - December 18, 2015
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From April 2017, a new ‘second-hand’ market for buying and selling annuities will be available. Previously, most pension savers had to buy an annuity with their pension pot. That changed in April 2015 when all pension savers over the age of 55 were given the option to do whatever they chose with their pension funds. … Continue reading Sales of pension annuities to be permitted


Bank of England suggest interest rates could be cut further if inflation does not rise - November 13, 2015
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The newest member of the Bank of England’s Monetary Policy Committee has said that interest rates may have to be cut again to stimulate the economy if inflation does not rise. Dr. Gertjan Vlieghe said after the latest data from the Office for National Statistics (ONS) that inflation remained “very weak” and Britain was potentially … Continue reading Bank of England suggest interest rates could be cut further if inflation does not rise


Young adults face significant pension shortfall - November 13, 2015
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The average 35-year-old needs to save £666,000 into their pension in order to match current living standards. These figures have been published in a new report by pension provider Royal London, who has described the challenge facing young adults today as “frightening”. Analysis by the firm showed that the average expenditure by pensioners is currently … Continue reading Young adults face significant pension shortfall


Buy-to-let mortgage deals up by more than a third - November 13, 2015
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According to the Council of Mortgage Lenders (CML) almost 40 per cent more buy-to-let mortgages were approved in August than over the same period in 2014. The CML’s new study showed that 22,200 buy-to-let mortgages were granted in August 2015 – 37.9 per cent more than in August 2014 – with a value of £3.4 … Continue reading Buy-to-let mortgage deals up by more than a third


Interest-only mortgage holders may ‘face repossession’ - October 16, 2015
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The Citizens Advice Bureau has warned that almost a million people have no strategy in place for repaying their interest-only mortgage and could face repossession. Research from the charity estimates that 934,000 people have an interest-only home loan and do not have a plan for how they will pay it off when it matures. That … Continue reading Interest-only mortgage holders may ‘face repossession’


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