Things we don’t like to talk about:101 – An extra helping for the Overweight

Eat more, Drink more and Smoke: My advice for those looking to maximise their pension….

If you’re Overweight, Smoke, have high blood pressure or
other health issues, for once it’s a good thing, you might qualify for extra income from
your pension in retirement potentially up to 40% more!
According to the Association of British Insurers 1 in every
2 people who retire could qualify for an enhanced annuity. Which means they
could be losing out on extra income in their retirement by selecting a pension
from their existing supplier when they retire.

The Technical Bit


Usually* when we retire we have to buy a product called an
annuity, in simple terms this is where you give your pension savings to a
company and they promise to pay you an income for the remainder of your life.
We don’t like to talk about it, but this income is based on
statistics for life expectancy, and the healthier that you are the less money
you’ll get. The one time in your life that someone will say “Smoking is good for you” is when you
come to take your pension, the same is true of being overweight.
There are additional options that you can add such as an
income for your spouse if you die, or if you want your income to increase with
inflation each year. The starting income is based on the simple idea of a
guaranteed level income for the rest of your life and each option you choose
reduces the amount they will pay.  


Clearly you can suppose that different companies might want
to compete against each other to get your pension pot, by offering higher
incomes. In 1978 the government introduced the right to shop around for your
annuity, but unfortunately the statistics show that about 60% of people still
don’t shop around, a process referred to as using “Open Market Option” By
shopping around most people can typically get around 10 to 20% more income,
which rises to around 40% more if they qualify for enhancement.
Open Market Option is very simple, all you need do is
contact an Independent Financial Adviser, and they can check which options you
want and find out who will give you the most income. An independent financial
adviser can also see if you would qualify for enhanced annuities, statistically
almost 70% of retirees would have qualified. That’s a huge amount of money lost
each year, simply because of a lack of knowledge.
DALES Independent Financial Advisers, are independent financial
advisers in Newark and Nottingham and can offer Independent retirement advice
on taking your pension. Why not call DALES today to see how much more pension
income you could get, through Open Market Option?
T: 0333 772 9607, T: 0115 832 0265 (Nottingham) or T:01636
87 00 69 (Newark). E:
*Until 6th April 2011 everyone was forced to buy
an annuity by the age of 75, now there is an alternative, but it involves risk
and is not suitable for most people, for most people buying a “pension” when
they retire is still going to be in effectively mandatory as the alternatives
are unsuitable. Interestingly this is something that is in the news today, as
the Pension minister Steve Webb speaking at the party conference, admitted that
there are concerns that annuities may not be the right product for people in
retirement and said the government needed to tackle the issue.
Philip Dales Dip PFS Certs CII (MP & ER)
Philip Dales is principal at DALES Independent Financial
Advisers, based in Newark and Nottingham. He has been an adviser for over 16
years helping many clients with all aspects of financial planning, and
retirement. For more information on this or any other aspect of financial
advice contact t: 0333 772 9607.

Exclusive 5% Deposit Mortgage Deal (Including First Time Buyers)

Good News for the Property Market – the 95% LTV Mortgage Deal Rides Again!

Leeds Building Society has launched an exclusive 95% LTV
(loan to value) product. The core product is a 3 year fixed rate with free
valuation* for all purchase and remortgages and free legal service for remortgages,
and is only available through mortgage brokers.

Key Highlights:

–          4.89% Fixed until 30/11/2016
–          £199 Booking fee (non refundable)
–          No Arrangement fee
–          Free Valuation (Purchase & Remortgage)
–          Free Legal Service – Remortgages only
–          Available to First time buyers, Home Movers and
–         10% capital overpayments allowed each year
This comes as very welcome news to all First time buyers.
Luckily there are no postcode restrictions on who can apply so for those
looking to get on the property ladder in Newark, Nottingham or Lincoln can
access this product though Dales Mortgage Advisers t: 01636 870069 or 0115
832 0265 e: w:
All you need is 5% deposit, and where this differs from the
complex Home Buy scheme, which also facilitates buying with 5% deposit, this is
not restricted to New Homes, and clearly does not involve the equity loan of
the HomeBuy scheme.
Available to Remortgage and Home Purchase customers, whilst
its fabulous news for first time buyers the good news is not just restricted to
them, this product is available for all types of mortgages, not just first
timers. For remortgage clients there’s also the additional feature of a free
legal service for the conveyancing.
Add this to the existing “Welcome’ range of 0% interest rate mortgages for 3 to 6 months from
Leeds Intermediaries, and you have a very strong range of products, that really lend a hand to people trying to get on the housing ladder. 
“Higher LTV products fulfil a need for those that can afford
the repayments, but have found it difficult to save for a larger deposit during
the economic downturn” – Phil Coombes Leeds Building Society.
This is just the sort of product that the market needs to
help it get moving, first time buyers are the very start of the mortgage chain
and more and more argue that they simply can not afford to get on the housing
ladder, one of the main reasons for this is not lack of affordability, as often
the rents they are paying are as high as their mortgage would be, the biggest
single reason they can not get on the ladder is the deposit, this scheme offers
them a real & affordable opportunity.
Philip Dales Dip PFS Certs CII (MP & ER)
Advising Director
For more information on this or any other mortgage product or to see whether this mortgage product may be suitable for your circumstances advice please contact e: or call t:01636 870069. 
The mortgage highlighted here may not be suitable for your
circumstances and as such the above is not advice, and should not be treated as
such. Terms and conditions apply and more information can be obtained via
PNDALES Ltd is Authorised and Regulated by the Financial
Conduct Authority. A typical fee for mortgage advice is £300.