Even under the best of circumstances, getting your mortgage application approved can be difficult – there are often many issues (no matter how minor) that can combine together to create a big obstacle for success. One of the main obstacles is often the result of a negative report on the credit back-check; those with a bad credit rating often see their application flat-out denied. …
There are quality property surveyors out there and they will give you the kind of services you need. However, if you have not tried getting such services before, you might have no idea what exactly a quality surveyor offers. Here are the things to take note of before deciding which property surveyor to hire. …
Looking for a property that is up for sale is a lot easier these days considering the available options. In fact, you don’t need to wait for a long time before finally finding the type of property that you like most at a price you can afford. If you wish to start searching now, here are some options you should consider. …
Demand and supply of a product in a market essentially decide its price. It further construes that when the demand for a product is very high in the market, the price of it will invariably rise and the vice versa. The prevailing property price in London just after the 2016 BREXIT poll result bore the mark of it. Therefore, to sell your house fast, you have to do a bit of research such as the following. …
As the saying goes, “Everything is for sale, you just have to come up with the right amount to make the purchase” and if you think about it you’ll realise that this is actually true. I’m not just talking about those scenarios where sentiment and desire seem to defy economic logic and trump real market value here. I’m talking about sales which go on without the majority of us even knowing about them. Debt is a very big seller in the world right now, yet it all happens within the darker corners of what’s otherwise plain view as most people choose to turn a blind eye to it going on.
Debt is being sold all day, every day and its trade never stops for single second. For as long as the world is turning, debt is being bought and sold somewhere around the world if not everywhere, you just don’t know it’s going on.
The basic forms of debt are rather straight-forward in their makeup and can take the shape of something like getting financed by the bank to buy your car, for which you’d make weekly or monthly repayments with added interest of course, so something like your mortgage or bond you have on your house which will take a much longer period of up to 20-30 years to pay off.
More sophisticated forms of trading debt are where the real money is made due to one of the most powerful tools of the financial sector; leverage. If a company offering financial services has been given the green light by the Financial Conduct Authority to operate within many different sub-sectors of the financial sector, they in effect hold the true power of leverage and gearing in their hands to generate insane amount of money, mostly through the business of trading debt.
Why do you think an insurance company is seemingly never satisfied with just doing insurance? They’d much rather offer financial services which span the entire insurance sector and given half the chance they’d expand into other financial services such as housing a resident banking branch or even brokerage for services such as offering the public a CFDs and stocks trading platform. In the case of offering a trading platform, licensed brokers are themselves traders and make use of leverage to make huge profits while charging traders a service fee for each trade or perhaps levying a spread fee instead of a fixed per-trade fee.
What’s ultimately at play here is debt because financial services companies can list the credit they hold on their books as assets, assets which can then be repackaged and sold or used as collateral to fund expansion operations or further investments.
Nothing sells like debt and when you earn interest on the money you have in a savings account (although it must be said that this is very little interest you earn) you are indirectly participating in the trading of debt. The money which you keep in the bank is being loaned out to other clients and some of the interest they pay on that loan is filtered down to you, but you’re really just getting scraps because banks have the authority to use leverage to loan out more money than what they physically have in reserve.
Whenever some investors or businesspeople who’ve been active in other spheres of business finally head on over to the financial sector, they often wonder just why they didn’t make the transition earlier. Because of the way in which our financial sector is set up and operates, often making insane amounts of profits is as easy as getting the right finance leads, which are known to be of high quality since financial services have become a very important if not critical part of our everyday lives.
So, the message for you today is that you should perhaps take the time to think about what exactly you’re spending your money on. You can either buy or sell debt and if you do it cleverly, you can enjoy some big financial rewards.
If you are thinking about selling your house to raise money to offset your debts, it is important to keep in mind the cost of selling. In addition, you also need to explore several smart ways to save money on the major financial expenses. Otherwise, you will be surprised at how much you selling your home will be an expensive business.
With the many agencies and factors involved in the process of selling a house, it is more than just naming price and finding a buyer who is ready to buy. Even then, when you take time to research and prepare adequately, you will know the costs that are involved and how to cut down the amount. Here are the main expenses related to selling your house and ways of reducing them:
- Estate agency fees – This is a major cost when selling your house. Estate agency fees varies depending on the kind of agent that you are working with. A high street agent for example will charge you a commission of up to 3 percent of the selling price.
If for instance, your house is selling for £219,000 and your estate agent is charging you a 2 per cent fees, you might end up giving then about £4,380. Consequently, if your house is worth much more the agency fee will definitely rise.
However, you can save on this fee by opting for a fixed agency fees that you agree upon upfront before instructing them. This way, you are guaranteed of a good return from the sale. Alternatively, you could opt to use an online estate agent that will potentially save you money. It is also the simplest way of reducing the cost of moving.
- Removal costs – Although you may be keen on negotiating the estate agency fees, you also need to keep in mind the removal costs when calculating your budgets. In addition, depending on your furniture and the distance to your new home, the price could rise from a few hundreds to several thousands of pounds.
You need to take into account whether you want the packing services or not because this is likely to bump up the price. Thus, you will do well to reduce these costs by shopping around. You can also use comparison sites to see how much it will cost you. If you are not moving a lot of stuff and you are willing to do some legwork, then you will certainly pay less.
- Solicitor’s fees – While the buyer will foot the charges for the stamp duty, survey as well as searches, you need the services of a licensed conveyancer or a solicitor that will act on your behalf and handle all the legal issues associated with selling your property.
Although you cannot get around this, you should expect to pay between £500 and £1,500. However, this depends on how complicated the sale process will be. You could also reduce the solicitor’s fee by using a solicitor from outside the capital, compare quotes or using price comparison sites to ensure that you get the best deal possible.
Other unexpected costs
The cost of selling your house does not stop at the estate agency fees, removal costs and solicitors fees. Therefore, the law requires you to provide an energy performance certificate (EPG) and provide information about the energy efficiency of the property.
You will do well to use assessors who are accredited to do the required survey. While your estate agency can arrange for one, you are better off organizing it on your own.
If you have large appliances that you are willing to get rid of and you cannot take to the recycling centre on your own, you need to pay a small charge to your local council so that they collect and dispose them on your behalf.
I won’t get into detail about which languages they were, but when I was younger and we were in one of the additional language classes, speaking about our hobbies had the teacher drilling it into us that a hobby is something you do purely for the love of it and in addition to doing it in your spare time, you actually go out of your way to make some time for it. What a hobby isn’t according to the teacher is something which you do for money or professionally in any way.
Well, I guess we’re going to blur those lines a little and discuss just how you can turn your specialist hobby or craft into an income generation stream. I mean we’re always taught to follow our passions and then working on those passions in anticipation of the money to follow naturally, but in reality it requires a bit of initiative to be taken on your part. You’ll perhaps be driven by your passion for whatever it is you have a special interest in, so it’ll never get old, which means that you can really carve out a nice, consistent stream of income out of your continued perusal of it.
Create a Blog or Website
It really doesn’t take all that much to get a professional website up these days, in the same way that it’s very cheap and easy to get a blog up. Get a website or blog of your own up covering what will undoubtedly be a lot of topics which form part of your hobby or special interest. Don’t think about monetising it yet because then you might run the risk of having the passion sucked out of the content you’re generating. Never succumb to the pressure of feeling like you have to cover a certain topic because that’s how passion slowly dies. Also, it’ll make for the reason why you end up making no money with your blog or website when the time comes for you to monetise it. So don’t be swayed by the latest news doing the rounds or anything of that sort.
Topics covered should be those which you’d perhaps naturally discuss with other fellow hobbyists interested in the same topic.
Sell Products and Services Related to Your Hobby or Special Interest
One of the ways through which to sell products and services related to your hobby or special interest is through your blog or website. This proves to be very effective as a way through which to sell because what you’ll essentially be doing is referring so-called “hot leads” to the online sales platforms you’ll be linking to. If you won’t be selling directly as the retailer then you can sell as an affiliate. Link to products and services that solve a specific problem, like linking to a book, instructional DVD or other form of media which discusses exactly how to solve a specific problem. For example maybe a how-to guide detailing how to use a specific piece of machinery for a specific activity.
For the past six to seven years, mortgage rates have averaged less than 5%. Many argued there’s no better time to pay off your mortgage than now, especially in an economy that is unpredictable.
It is an appealing proposition as you’re able to shave off significant amounts on your balance if you pay earlier than scheduled. That would after all, seem the goal of lenders: to encourage borrowers to reduce their monthly payments with lower balance payments.
For example, using your mortgage calculator, if you’re on a £150,000 repayment mortgage at a consistent rate of 3.5% spread over 40 years, but choose to pay a reduced payment period of, say 25 years, it will cost you £225,300, instead of £279,000. That means you’ll save a hefty £170 on monthly payment!
Really, no one wants to be indebted longer than necessary and watch it accumulate with interests over the years. But even if you have some free money lying around or got some financial windfall, paying off your mortgage early isn’t always a smart decision. Besides, it could leave you financially drained or left with limited liquidity.
So, if you’re considering offsetting your mortgage balances early, here are reasons why you should review the plan.
Pay off Your More Expensive Debts First
Mortgages are called ‘good debt’ for a reason. They are properly spaced out for convenience and ease of payment, very much unlike credit cards, store cards or unsecured loans with significantly higher interest rates that cost you an arm and a leg.
You should focus on offsetting your more expensive debts that costs you a lot to pay over a long time.
Invest Any Free Money into Your Pension Scheme
Rather than pay off your mortgage from any extra saving or free cash you’re fortunate to get, why not put it in a scheme that rewards you better and helps you save more in the long run? For example, the pension scheme is tax-efficient because the government contributes to your savings while also offering you tax relief.
If you don’t have a pension plan and have some money to spare, you should think of opening one or let your company set up one for you and then invest the money there. Your employer is also obligated to contribute to your pension. This way, your pension savings will double and you could guarantee a more secured future.
Check to See if There are Better Options on Savings Rates
Investing your money into a pension scheme is great idea. However, take your time to review your existing pension plan to see if it’s the smarter option or if it’s better to explore other savings options. That is if the savings offers you a better deal than what you’re paying on your mortgage. This is the time to do your math and make comparison, after factoring in tax deductions on savings.
If the title of this article caught your eye, you’ve probably experienced payment problems. As a business owner, you know that payments, whether coming or going, do not always take place easily. Small payment problems can give you a headache while larger ones make your life downright miserable. As you and your company continue working on payment improvement, here are six simple solutions to consider.
More Payment Options
Imagine if your business only accepted cash from customers. You are hopefully chuckling at the thought. Credit and debit cards have been a mainstay for years now but even more options are becoming common. Beyond cards and cash, customers have mobile devices with payment options like Apple Pay and Google Wallet. No-touch mobile payments and direct mobile billing are becoming popular as well. The more payment options you can offer your customers, the more convenient their experience with your company will be. That will fundamentally result in more business.
As your business grows, invoicing becomes increasingly difficult. A growing customer base and varying levels of services provided can make manual invoicing a nightmare. That is where automatic invoicing comes in. This not only helps your business, but also your customers. They are not left guessing how much they owe, when their payment is due or when their invoice will arrive. This results in a better customer experience and increases the likelihood that you will be paid on time.
Handling Human Error
Mistakes happen. Challenges that you are all too familiar with include missing payment deadlines, paying too much or not paying enough. Human error issues cannot be completely avoided. But, there is a way to help your business handle this problem with more efficiency and less frustration. One software that businesses are benefiting from is automated Bacs payment software. Bacs allows payments to be made and received automatically. It also notifies you of potential issues ahead of time so that you are not left with any unwanted surprises.
As you gain more customers, it becomes harder to contact them when there are payment problems. You need a secure and efficient way of reaching your customers in this case. It is important to find a recurring billing system that can notice errors in customer transactions and relay a message to the users. Your customers enjoy being brought up to speed quicker too.
Better Payment Security
The security of transactions for your customers and business is more of a concern now than it has ever been. Every day, new stories surface of security breaches when it comes to customers’ private payment information. Understandably, you do not want to experience something like that. Always make sure that there is a secure connection between your company’s web browser and that of your customers. It is also of vital importance that your process is PCI-compliant so that the credit cards of your customers are not compromised.
More Currencies and Languages
As the world continues to get smaller, transactions between different countries are becoming more common. Eventually, you may have to consider accepting different currencies and assisting your customers in a variety of languages. If you fail to adequately do this, you could lose customers. If you allow customers to pay in their own currency, they will be less apprehensive about using your services. Finding a system that can handle different languages and currencies will help your business continue to expand.
The fact that you need more complex solutions to your company’s payment problems is a good sign. It means that you are experiencing the necessary growing pains in becoming more successful. You can have the confidence to know that, in time, you will find adequate solutions to your payment problems. Hopefully some of these solutions may help you work towards a more efficient payment system.