Advice & Meetings Covid-19 Update

Virtual Independent Financial Advice

Although the Government has announced that non essential retail shops can start to re-open in the coming weeks, there has been no mention of our type of service, traditionally as an industry we have always worked largely on a face to face basis. Clearly we are all now working from home and continue to offer advice to both new and existing customers. However, we can enhance that service by offering virtual meetings.

For new customers we want to offer you a way of getting access to the independent financial advice you need, while keeping staff and yourself safe.

Zoom, WhatsApp & FaceTime, 

Here at Dales we want to continue our great service and are more than happy to use the latest available technology to keep in touch. Whether it be Zoom, WhatsApp or FaceTime, please just let us know and we can arrange a virtual meeting at a convenient time for you.

We will offer virtual reviews for existing clients or virtual independent financial advice, by just removing the physical meeting.

Going forward this may become the new norm, as more and more of us have used such systems over the last 10 or so weeks, to keep in touch with our relatives and loved ones.

Most of the providers have moved increasingly to accepting electronic instructions, and the need for paper has reduced even further, since the lockdown came into force.  Long term this will be beneficial from both a transactional point of view and of course for the environment.

We also realise that for many of our clients they may be in strict shielding and again we reach out to them and offer to stay in touch, you are not forgotten and we are here and will facilitate reviews and on going services in a way that suits you.

or Tel: 01636 870 069


First Time Buyers & Stamp Duty Land Tax

More Innovation for First Time Buyers

Stamp Duty Paid Mortgages 

Would you like someone to pay your stamp duty, perhaps you’ve saved up just enough for that nice shiny new house, but now have to set aside even more than you’d bargained for, to pay the tax man. 
Currently the rate for Stamp Duty is 1% on Properties valued at £125,001 through to £250,000, it doesn’t end there if the purchase price is higher the percentage increases, but for now lets assume that your buying between £125,001 and £250,000 as a first time buyer. 
So need a hand with your Stamp Duty, well Halifax’s new products may just be for you!
On Tuesday the 30th April Halifax will launch an innovative product range, of Stamp Duty paid mortgages for First time Buyers. Halifax will pay 100% of the Stamp Duty Land Tax due on selected products for first time buyers that fall into the 1% bracket (Purchase price between £125,001 and £250,000). 
There is a choice of products available, across the core range, Affordable housing, Help to Buy/ First Buy, NewBuy and MI New Home products. 
In essence the Stamp Duty Land Tax will be paid via a cash back arrangement, where the cash back is equal to the stamp duty, this will be paid to the conveyancer on completion.

Halifax have a wide range of products to suit most client types, and generally their rates are well placed within the market, criteria is consistent with their main competitors, so this offers a real opportunity to first time buyers, particularly when you consider that this is available on their Affordable housing, Home Buy/ First Buy, New Buy and MI New Homes scheme and their core range.

Full details of the new products are not available until tomorrow, but in the mean time this looks like a very positive step forward for First time borrowers, maybe now is the time to start looking at buying your first house!

Philip Dales Dip PFS Certs CII (MP & ER)

For more information or advice on First Time Buyer Mortgages, Standard Purchases & Remortgages and other types of mortgages contact Philip Dales at DALES Independent Financial Advisers:, or go to our web site Nottingham office: 0115 832 0265 or Newark Office: 01636 87 00 69.

The information above is for information purposes only, it does not constitute advice, for advice suitable to your personal circumstances please contact us directly and we will be happy to help.

For mortgages, P N DALES Ltd do charge fees, a typical fee for mortgage advice and processing is £350. 

DALES Independent Financial Advisers, Nottingham (West Bridgford) & Newark. Authorised and regulated by the Financial Conduct Authority: 496107.

Market Leading Buy to Let Rates

101: Things we DO like to talk about. 

Buy to Lets. 

The Buy to let market can be a little intimidating, not many people know all that much about it, but in the currently depressed housing market a buy to let can be picked up quite cheaply.

With first time buyers finding it difficult to get on the mortgage ladder and buy their first home there is an ever increasing need for rented housing.

Locally in Newark and Nottingham there is very strong demand for rental properties in and around employment centres, with strong rents from incoming migrant workers unable to get on the mortgage ladder, with little or no deposit.

Buy to Let mortgages come in two basic flavours:

The first is the more difficult to get hold of, where the lender basis the loan not on the property but on the person borrowing. These are not the mainstream of buy to lets, but are often the best deals.

The much more common is the standard buy to let mortgage, where the mortgage is based on the properties ability to wash its own face, or rather that the rental is sufficient to pay the mortgage plus a small amount. Usually the calculation used by the lenders is 125%, in other words the rental assed by the valuer must be at least 125% of the mortgage payment based on a an interest only loan.

After this basic criteria there really is not much more to it, there are nuances for each lender, for example, some lenders will not accept any applications from first time landlords, whereas others have special deals for such. The Maximum number of properties available under one particular lender can vary widely with some lenders only allowing 3 properties to some allowing any number up to a total value of £3,000,000 or more.

There are a few other things to consider, usually buy to lets are not regulated buy the Financial Services Authority unless special conditions apply, such as the property will be let to a relative, and therefore some lenders will not consider this type of buy to let. However, in most circumstances this should not affect the manor of the advice you receive.

Currently the Market leading 2 year buy to let mortgage is 3.39% fixed until 31.08.2014 with a maximum Loan to Value of 60%. Which has been launched today, by one of the mainstream buy to let lenders.

Usually the maximum loan to value is 75%, meaning that the lenders usually expect you to be able to deposit at least 25%. However, there are executions to most rules and this is no different, some lenders do offer some schemes with an 80% Loan to value maximum.

Beware of the fees: Buy to lets tend to be slightly more expensive than standard mortgages, recently the interest rates for buy to lets have been running at what appear to be quite low interest rates but beware the fees on buy to lets can be high with some lenders charging percentage based fees.

Most lenders do not expect you to instruct an agent to run the property, just an Assured Short-hold Tenancy agreement with the tenant, which can be downloaded from the net or picked up from your local WHSmiths. This is a very standard landlord and tenant agreement protecting both of you.

There is also the possibility of Let to Buy, this is where you let out your existing property to enable you to purchase a new home as your main residence. Most buy to let lenders have special criteria and deals available for this type of buy to let. The big benefit of this type of arrangement is the ability to brake the chain and not have to sell off your property, given the current market this is a very viable option for most people to consider.

If you would like more information on Buy to Lets, Let to Buy’s, the 2 year deal mentioned above or other financial or mortgage advice, please contact us on 01636 870 069 for your free consultation.

Philip Dales Cert PFS Certs CII (MP & ER)

DALES Independent Financial Advisors, are a whole of market mortgage broker and independent financial advisors. Authorised and Regulated by the Financial Services Authority.  The Financial Services authority do not usually regulate Buy to Let mortgages.



every woman ought to know…..
men and women are created equal, but some have been more equal than others.
The gender directive is meant to address
this and it does!
However, do we all want what is fair and
what we may have campaigned for, what have we done?
In our pursuit of equality have we got more
than we bargained for?
Statistically women live longer than men, therefore life and protection premiums cost us less than men!
We want to be equal so after the 21st Dec 2012 we will be.
Obviously in the interests of fairness and the politically correct times that we live in, us ladies will have to pay
the same as our men, gone will be the reduction that women have previously
enjoyed their life insurance and protection premiums will be the same.
Life premiums for women could rise as much
as 15%, what does this matter, because 59% of WOMEN don’t even have any life
This is a bit silly of us, ladies, he deserves life insurance and income
protection why don’t we?
Society dictates that she can and should earn as
much as him, be the domestic goddess, nurture the children and strive to be as
successful as any man, in fact 40% of women are the main earner*, her life and
salary really is as important as his. 
Advising Director)
Sources: National Statistics Online, March 2012, HM Treasury, DEC 2011,  Opinium research for Bright Grey,
Jan 2011
For more information or advice on Life Cover, Life Insurance – Life assurance and income protection contact DALES Independent Financial Advisers: at, or go to our web site Telephone: Nottingham office: 0115 832 0265 or Newark Office: 01636 87 00 69

DALES Independent Financial Advisers, Nottingham & Newark. Authorised and regulated by the Financial Services Authority: 496107.

MORTGAGE BEST BUYS, 2 year deals

Mortgage Best Buys – 11th May 2011

Current 2 year best buys, based on a 65% Loan To Value.


TMW (The Mortgage Works) – 2.75% fixed until 31/07/13 – total fees of £1,036 (in valuation)

Woolwich – 3.08% with a 20 month Fixed rate – total fees of £948.93

L&G – Leeds Building Soc with a 4.69% fixed until 31/05/2013 – total fees of £559 (inc valuation)

Newcastle Building Soc with a 4.64% fixed until 30/06/2013, but the fees increase to £1,350 (inc valuation)


Coventry -2.29% – bank base +1.79% for 25 months – total fees of £1,012

Nationwide – 2.75% – Bank Base +2.25% for 5 years fees are very low at £124

These are just best buys, they are only shown as an example of the type of rates available, you should always seek advice when buying a mortgage. As Independent Financial Advisers, we are able to select and advise from the Whole of the Market.

The loans above are based on a 65% loan to value on a house costing £250,000.

You may not fit the criteria of the above lenders.

For Further information, or advice

phone: 01636 642 844 or 0115 832 0265.

PNDALES LTD are authorised and regulated by the Financial services authority. You home may be at risk if you fail to keep up payments on any loan secured against it. PNDALES Ltd a typical fee for mortgage advice is £350, the precise amount will depend upon your circumstances

Mortgage Update – New capped rate

Market leading Capped Rate Mortgage Launched

In these uncertain times, most people don’t seem to know which type of the mortgage deal is the best to select.
With Bank of England interest rate so low most people assume that interest rates will, sooner or later increase. However, the issue with a fixed rate product is that if the rate does not increase or only increases a little and then remains static. If you had chosen a fixed rate there is a possibility that you may be paying above what you need to. This has its advantages, the security of knowing what your payment will be may be worth the extra in payments.
With a Bank of England tracker mortgage your mortgage increases or decreases with the ups and downs of the Bank of England interest rate. Therefore, if as outlined above people feel that interest rates will increase, then the payment on this style of mortgage will increase. However, if you don’t feel that interest rates are going to increase straight-away or increase only a little and then stall, then this method would appeal. The only problem with this is that what if your wrong and interest rates just go up and up.
So both basic types of Fixed or Tracker rate products have their limitations:
The Third Way!
A Capped Rate:
This is a mixture of both products, it is a tracker mortgage, but it can not go above a specified rate – the cap. So you benefit while interest rates are low, and if they increase a little you are still generally speaking better off than a fixed rate (at the moment) but if the Bank Rate increases above the Cap you are in-effect on a fixed rate, during that period, because if the Bank rate falls you would also fall again. In my view this is the best of both worlds.
Limitations: Caps sometimes have collars, this is when the interest rate charged can not go below a specified interest rate, recently it has become more common for Cap mortgages to have collars, you should always check the Key Facts document for full details on any Collars.
New Deal Launched.
3.99% tracker (Bank of England + 2.49%) until 30.06.12 Capped at 3.99% until 30.06.12
Maximum Loan to Value – 65%
Incentives – One Free Valuation
Remortgage Transfer Service included
Early repayment charges – only during the benefit period (4% to 30/06/12)
This is only one Capped product, it does not suggest that it is the best product for your needs, DALES can review your circumstances and make a recommendation suited to your needs. For Mortgages DALES offer an advice and recommendation service, and recommend products from the Whole of the Market.
For more details of this or other mortgage products or to arrange a free consultation please contact tel: 01636 642 844 or email
Your Home is at risk if you fail to keep up payments on any mortgage or loan secured against it. P N Dales Ltd is Authorised and Regulated by the Financial Services Authority 496107.

2010 Budget Update

Stamp Duty

The finance bill 2010, will introduce a temporary relief from Stamp Duty for first time buyers up to the value of £250,000. To clarify: all parties to the purchase must be first time buyers, and it must be as a main residence. A first time buyer has also been defined as someone who has never purchased a property before anywhere in the world. The finance bill also introduces a new rate band of stamp duty on properties over £1 Million these will now have to pay 5%. New Anti-avoidance legislation will also be introduced to target those who currently exploit the partnership rules to artificially reduce the duty payable on land transactions.

  • First time buyers no stamp duty on purchase of main residence up to a value of £250,000
  • 5% Stamp duty on property over £1 Million

Income tax & National Insurance Confirmation of the incoming 1% increase in NI from April 2011. Also confirmed those earning over £150,000 will pay additional 10% from 6th April 2010, this increase will also apply to many trustees, personal allowances will be restricted for individuals earning over £100,000 from 6th April 2010.

  • Increase in higher rate tax to 42.5% for dividends and 50% for other income from 6th April 2010 for those earning more than £150,000 and certain trusts.
  • Those earning over £100,000 will lose part or all of there allowance in 2010/2011, a reduction of £1 for every £2 of income over the £100,000.
  • Lower limit on NI will increase by £570 in April 2011.
  • NI to increase by 1% from 2011/2012

Corporation Tax Rate remains 21% from 1st April 2010 to 31st March 2011; the increase for companies with chargeable profits below £300,000 has been deferred again!

Inheritance Tax

Frozen at £325,00 (each or £650,00 for married couples) for 2010/2011 and the next 4 years – overriding planned increase to £350,000 as in the budget in 2006.


  • Tax relief for those earning over £150,000 will have their tax relief restricted.
  • Those earning over £180,000 will be restricted to 20% tax relief
  • The relief will be based on 1% withdrawn for every £1,000 of gross income above £150,000
  • Life-time allowance of £1.8 Million and the annual allowance of £255,000 are frozen up to 2015/2016 tax years.

Life Assurance Policies

Deficiency relief. A complex system whereby if you have in effect overpaid tax on any gain made by a life assurance contract, you are entitled to relief.

  • New Anti-avoidance provision

Essentially, in certain circumstances you could over claim, this little loophole has been closed.


Venture Capital Trust Schemes and Enterprise Investment Schemes The geographical scope of the schemes will be expanded from UK to include shares listed on any EU regulated market. In addition, the minimum holding of “eligible shares” within the VCT will increase from 30% to 70%, however, the definition will be expanded to allow VCT’s to include shares with preferential rights to dividends.

  • May now comprise shares listed within the EEA
  • Minimum Eligible shares up to 70%, and definition widened
  • Qualifying trade relaxed to company must simply have a permanent establishment in UK


  • Annual Allowance will increase with RPI from 6th April 2011 (based on RPI for the September before the start of the tax year) the limit will be rounded to the nearest £120.
  • The Cash allowance will remain at half the value of the Equity ISA limit after indexation.