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UK income tax now allows everyone at least £8,105 of income in a tax year before being hit with income tax on any income over that threshold. There are higher thresholds for people aged 65 or more. However assuming you are below 65 then someone with 'taxable' income totalling £45,000 then the process is as follows:- £45,000 of taxable earnings/income less £8,105 personal allowance leaves £36,895 taxable. The first £34,370 (reduced from £35,000 last tax year) of taxable income is then charged to 20% 'basic' rate tax. In your case the £2,525 not taxed at the current 20% 'basic rate' will fall into the higher rate (40%) tax bracket. Your actual total income tax bill will therefore be £34,370 x 20% = £6,874 £ 2,525 x 40% = £1,010 A total income tax bill of £7,884 You will be left with £37,116 or £3,093 of net monthly, after income tax,income. In shorthand someone who has part of thier inocme taxed at the higher rate (currently 40% ) is simply described as being a higher rate taxpayer. However as you can see the vast majority of your earnings are actually liable to basic rate or indeed nil income tax. Sadly anyone with earnings will also incur National insurance charges - with employees now being hit by no less than 12% tax on any earnings between the 'earnings threshold' of £146 per week and the 'Upper earnings limit' of £817 per week. There is also a 2% National Insurance rate tax on any earnings over the UEL. Unfortunately this will include you as earnings over £817 a week translate into the equivalent of £42,484 a year !!

well why didn't you get a property you mention on your own? you can get a mortgage depending on your age, income, current credit commitments, status & desires. Why don't you give me a call on my cell # 07545321393 or email me on syed@financialoutlook.co to discuss further. Regards Syed Imran

Well, if yours is worth £275k, and the one you are looking to upgrade to is £350k, then your new mortgage would be [cost of new property] - [achieved selling price of your home] + [your existing mortgage] + [costs of buying/selling/moving] - [any existing cash you have]. So to put some rough numbers in; £350k - £275k + £30k + £18k - £0 = £123k I am pricing stamp duty at 3% of your purchase, and selling costs of 1.5%, and a bit for legals/moving/etc, and assuming you have no spare cash to put towards it. So that would mean your new mortgage would be £123k, which over 25 years would be around £615 pm assuming a 3.5% interest rate. If rates rise that could go up a lot. Obviously if yours doesn't go for that much then your new mortgage, and payments, would be more. As to whether that is beyond your reach - you don't declare your income or expenses, so it's a little difficult to say whether that is possible, or affordable - but it isn't ridiculous compared to many (or my) mortgage, but it is quite a big jump from where you are now. Does that help?

I am afraid the only way to find out will be to work out how much tax you think you should have paid, and compare it to how much tax you have paid. If there is a discrepancy then you may have the right to get some of it back, however under self assessment it is significantly more difficult to get historically overpaid tax returned, as the responsibility for submitting figures lies with you. Realistically this is a job for a pretty decent accountant, not a financial adviser.

Self Certification isn't there anymore I believe for any LTV as we speak. Kindly call me on 07545321393 for discussing some other options. Regards

Well the answer rather depends on what you mean by bad credit, and to a lesser extent the cause. There are lenders who will offer terms I am sure, unless you are in a very poor position as you have plenty of equity, but the flip side of that is that you don't want to be doing anything which will leave you exposed to losing that equity. but doing nothing may not be an option. I am afraid the solution is likely to be highly personalised to your individual situation, you need to talk it through with a broker. Check a few (including us - www.acwealthmanagement.co.uk) and use the one who gives you most confidence (not necessarily says what you want to hear) that they can deliver the right solution for you. Best of luck

As much as you can!! As the more you put, the better are your chances really for securing the mortgage. Technically speaking, 10% would be fine, but the big question is whether your income is sufficient to secure a mortgage loan of lets say £56,700. Your loan will also depends on your age, your passport, your credit history, your current credit history etc. To discuss these matters further, kindly call me- Zafar Imran on my cell # 07545321393. Regards

so Mr. Anthony, What you want to do?? You have the option of remortgaging/ extending your loan by switching to another lender on either interest only or repayment basis. BUT all of it depends on your credit history, your income, your current loans, your LTV in your property, its usage like purely residential or buy-to-let etc. & last but not the least your age. Can you kindly give me- Zafar Imran, a call on 07545321393 to discuss the same & then we can take on from their. Regards

Hello anklebreak48 unfortunately i am not currently aware of a company that would offer cover as you have reached 64 already, many companies stop from age 60 due to the higher rate of claims for this age group. the providers that did come to mind have a requirement of less than 64! its just a pity that you only just fall outside of that. have you checked if your employer offers a scheme, some will offer a group income protection policy and as the terms are bespoke to the employer, they might have the facility of adding you in and then you would have the cost deducted from payroll. i didnt want to assume that your request on here meant that you had discounted this option as employers are only compelled to provide statutory sick pay and many employees think that is where things stop. it might be worth a quick call to your personnel department.

Depending on your income, personal debt & credit position, and the state of your property, it may be possible to purchase without a deposit. You may even be able to borrow extra to fund improvements depending on your lender. Very mainstream lenders will still support this market place. However this is simply a 'what can be possible' type answer - the actual answer will depend on your situation - feel free to drop us a line, and we may be able to help - even if only to point you in the direction of the right local lender. All be best, John Stirling

Hello Gazaldhino unfortunately a mortgage promise doesnt really mean much. it is not legally binding and a lender can withdraw a mortgage offer at any time - even if you have exchanged contracts to buy your new home. i would be reluctant to spend any money at this stage until you know whether you are directly affected by the consultation. you are obliged by the terms of a mortgage application to inform the lender of any material changes during the application process and this would be one. you should also bear in mind that if you work for a large employer (ie covered on the news) that the lender might link the news story to your job and possibly query this with the application anyway. do tread carefully.

I mean £250,000.

this is known as a PET potentially exempt transfer - and could be subject to inheritance tax depending on your father circumstances

Why dont you just convert to a repayment Mortgage

you haven't mentioned suffiicent detail here. if you want a refund on the warranty because the original retailer that sold the item has gone into liquidation, this might not be necessary as most "instore" warranties are underwritten by a separate insurer and "badged" with the retailer name and logo. in this instance you will still have a policy that will still be serviced. if you have decided that you no longer want the original product, you would only be legally entitled to a refund if it is faulty as the store's own returns policy will most likely have been withdrawn during the insolvency proceeding (ie no more quibble free returns within XX number of days). you won't be able to get a refund on the warranty just because the original retailer has failed. the warranty should be covered under the FSCS if the providing company was FSA authorised.

Hi Scarlett, Without having full details of your mortgage, the penalties and the loan, it is very difficult to answer this question. One thing you should consider is the saving on the mortgage over the next 5 years, compared to the penalty you would have to pay. You might find that you would save more than you would have to pay. This should be a separate dicision to adding your loan to the mortgage balance. When diciding whether or not to add "unsecured" loans to your mortgage, you should think about the consequencesof having the loan to be secured on your property. Also, the term of the mortgage pay be longer than the term of the loan, therefore you may end up paying more in interest over the longer term, even though the interest rate is lower. Should you want to discuss your details in more detail, and in confidence, please feel free to call me on 03332 407040 (standard landline rates apply). Or drop me an email, by clicking on my name above. Kind regards Paul

Hi In basic terms the answer to your question is YES. However, you may be able to use the equities in your existing properties although you would still need to meet a lenders normal criteria. Before any mortgage broker could fully answer your qustion they would need to know: 1. The values of your exting properties 2. Details of the mortgages outstanding on your existing properties 3. How much your existing properties will rent for 4. The Proposed Purchase Price of the new property 5.. Your current Employment status 6. Your current earned Income 7. Your current liabilities 8. Your budget for all your 3 mortgages 9. Your Credit History If you want to discuss please contact me - 01273390951 or info@grangefinancial.co.uk Regards - Graham Cooper Grange Financial Services

Hi plucking, There are a number of secured loan providers that operate a "self-certification" style lending. However, it is important tha you can demonstrate that the new borrowing is affordable. This might be through bank statements, showing how much money is coming in and out of your account, or an accountants letter confirming your income. Should you wish to discuss this in more detail, on a confidential basis, please call me on 03332 407040 (standard landline charges apply). Regards Paul Skinner PKS - The mortgage and insurance experts!

Fixed rate (cash) ISA deposits are exactly that - fixed rates. This means that you cannot add money to the same account as rates and terms change all the time. At the point of deposit you will be told the interest rate, whether it is fixed or not and any term. Next time you come along with cash to deposit each of these items may have changed - the rate, term and type of account so i would expect that you NOT be able to get the same terms a year on. However after Bank rate has been so low for so long I would expect that interest rates will actually start to rise from here and if this turns out to be true you may well find that you will be offered higher interest rates at future deposit points. Yes the interest typically cumulates as per your calculations on your account each year. In other words most such accounts do not pay out the interest earned at the end of each year - only the cumulated amount at the very end of the fixed term period. Bear in mind that capital deposits are protected up to £85,000 held with any single banking group but with inflation now running at 3.4% a basic rate taxpayer will currently need to earn 4.25% gross interest on a taxed deposit account (3.5% if ISA) if they are to maintain the real purchasing power of their cash by the end of a fixed rate period. Wherever possible therefore do keep any cash deposits you hold in Cash ISA accounts - instant access if you need access at short notice and then longer term fixed rates for any extra cash you feel it appropriate to hold.

Noted Andy. My earlier answer addresses each of these points here - you may find that you are offered better - or worse - interest rates at the time of any second deposit. However there are often deals around this time of year by banks and other deposit takers to capture more of your cash. They will sometimes say "give us the full £5,340 for this tax year's maximum cash ISA allowance AND up to a further £5,640 for the coming tax year's (increased) maximum cash ISA allowance" - so a total of up to £10,980 now and we will ensure that it is used to open two successive tax years cash ISAs at the same interest rate deal. They do this to capture more of your cash , keep you away from competitors and becasue they can be confident of maintaining the same interest rate and rough fixed rate term (every fixed rate anniversary will be different depending when you placed your first deposit - with a few exceptions) over a matter of a week or more covering the end of tax year on 5th April and start of the new tax year on 6th April.

Hi, Your age should not preclude you from obtaining a mortgage. The lenders will look at your income, the age you intend to retire, any pension income thereafter (assuming you want to borrow past your retirement date), how much you want to borrow, ad the value of your house, to name but a few of the criteria. Your current lender may not be able to help, but there are other lenders that I am sure would be happy to help. Please call me to discuss further - 03332 407040 Regards Paul Skinner

Hi There is no simple answer to your question will depend on: 1. The Properties valuation residential 2. The Properties valuation B&B / venue part 3. Your B&B / venue Business Plan 4. Your current experience of running a B&B 5. Your current Income 6. Your current liabilities 7. Your budget for this new mortgage 8. The Term of the mortgage you require 9. Your Credit History 10. Are the Properties split between 2 Land Registry Titles or just 1 If you want to discuss please contact me - 01273390951 or info@grangefinancial.co.uk Regards - Graham Cooper Grange Financial Services

what would you like the assumed rate to be for the last 8 years ?

Hi There is no simple answer to your question and if you can get a UK mortgage or not will depend on: 1. Your current Residential statues 2. Will you be moving back to the UK 3. The Proposed Purchase Price 4. Your current and expected Employment status 5. Your current earned Income 6. Your current liabilities 7. Your budget for this new mortgage 8. The Term of the mortgage you require 9. Your Credit History If you want to discuss please contact me - 01273390951 or info@grangefinancial.co.uk Regards - Graham Cooper Grange Financial Services