Tag Archives: Louise Eccles

“You will probably die in debt!” says pensioner-focused finance company

One in seven over-70s still haven’t paid off their mortgages: Thousands being forced to use pensions to pay off remaining debt rather than enjoying retirement

Millions of pensioners are still paying off their mortgages well into retirement, a study found.

One in seven over 70s and a third of over 50s are still paying off a home loan – eating into their pension savings.

Britons older than 70 with an outstanding mortgage typically still owe £40,000, rising to £50,000 among the over 50s.

Source: Daily Mail, 16th September 2015

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Times are tough right now, and they don’t get less tough as you get older, according to this report. It seems a staggering number of septuagenarians are still paying off their pensions. If only they’d had help from a good financial planner, such as the one who paid for this PR:

Saga, which surveyed 1,500 older homeowners, said many were forced to ‘use their weekly pension to pay off what’s owed, instead of using it to enjoy their retirement’.

Saga indeed – in fact, the financial wing of Saga, who market themselves toward the older end of the market. Little surprise, then, to see them stoking up fears of fiscal instability… fears their own specialists can relieve:

Alex Edmans, at Saga Personal Finance, said: ‘Millions of older homeowners have found themselves abandoned by mortgage lenders and stuck in uncompetitive deals because of the unfair age restrictions that many lenders have in place.

‘If these people had access to a better deal they wouldn’t have to pay as much back each month which would leave them with more money to enjoy their retirement.’

‘For those in retirement struggling to meet their monthly mortgage costs it may be worth considering a lifetime mortgage to help ease the burden of the monthly repayments’, he said.

‘This may not be suitable for all, so it is well worth speaking with a specialist adviser.’

And that’s where the specialist advisers at Saga Personal Finance presumably come in, naturally.

“Your partner is hiding their debts from you!” says credit rating company

Do YOU know much your spouse earns? Half of married couples don’t know – and less than two-thirds discuss finances

Married couples may have agreed to share their lives – but it seems they are a bit more reluctant to share their bank statements.

A survey has found that almost half of married people do not know what their spouse earns.

And a secretive further third only divulge details of their finances to their partner on a ‘need to know’ basis.

Source: Daily Mail, 3rd September 2015

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Debt news now, and the ‘finding’ that we have no clue about our partners’ finances is a story that got plenty of play – not just in the Daily Mail, but also in the Metro and in two separate stories in the Telegraph: “How well do you really know your partner?” (3rd September 2015) and “How long should you wait before asking a date’s salary?” (3rd September 2015).

Clearly it’s a story that tapped into a nerve – which will no doubt please the company with the vested interest in making you suspicious about what debts your partner might have, who just happened to create this finding:

The study, by credit rating agency Noddle, also asked about finances at the beginning of a relationship, finding that more than a quarter of single men and women said that they would break up with a new partner if they found out they were in a lot of debt.

Noddle are the kind of company that can tell you if your partner has any debts, so it’s hardly going against their commercial interests to plant into the minds of readers that debt would be a good reason to end a relationship – despite, it’s worth pointing out, the overwhelming majority of people (75%) disagreeing with that particular hook line. As ever, with Bad PR surveys, the numbers do not matter, they’re simply the delivery mechanism for the message. As is the obligatory spokesperson quote:

Jacqueline Dewey, of Noddle, said: ‘Our research shows that as a nation we still shy away from talking about money, even with our spouse or partner.

‘Whilst it may seem tempting to keep this information to yourself, it can have a detrimental impact on your financial decisions and, ultimately, your relationship.

‘Knowing about your financial health – and that of anyone you are financially involved with – is crucial whether you’re applying for a credit card, getting a mortgage or looking for the best deals on utilities or mobile phones.

‘That’s why we’re calling for consumers to have full financial disclosure with their other halves.’

Yes, Jacqueline, you want people to understand their finances for the good of their relationship – not, say, because it will result in more business for Noddle.

“Houses are really quite expensive, you’ll need some savings!” says mortgage lender

Desperate parents are paying an extra £32k for homes near to top schools

DESPERATE parents are paying an average of £32,127 extra to live in the catchment areas of top-performing schools.

A survey concludes 1.8m households have paid over the odds for their property just to secure a good place.

And 31 per cent of the 4,570 people questioned have gone so far as to change jobs to give their children a helping hand.

Source: Express, 1st September, 2015

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Number of parents moving to their desired school catchment area is increasing, according to Santander research

The extent to which parents are resorting to to live within their desired school catchment area has been revealed in new research from Santander Mortgages as competition for places at the UK’s best schools continues to increase.

The bank surveyed just over 4,500 people to find families are prepared to spend over £32,000 to be near their most sought after school – significantly more than the average full-time UK salary of £27,195.

Source: Independent, 2nd September 2015

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School places desperation revealed: Millions of parents relocate their families at a cost of £32,000 and even change jobs to secure their child a better education

Millions of parents have moved house and even changed jobs to be within their desired school catchment area, research shows.

One in four parents has relocated their family so their children qualify for a place at a good school.

But a survey found almost half of all families who move to be within a catchment area will leave as soon as they have secured places for all of their children.

Less than a quarter said they planned to live in the area they had moved to for their children long-term.

Source: Daily Mail, 2nd September 2015

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Having kids is hugely expensive (I’m told), and buying a house is hugely expensive (I know) – so it stands to reason that buying a house as a parent comes with particularly expensive demands. Still, an extra £32,000 on average? That’s no small amount. What civic-minded institution can we thank for paying for this ‘research’ to appear in the media?

The study by lender Santander says a quarter were forced to downsize to a less attractive home while 31 per cent moved to an area they did not like.

The angle is clear: convince parents that they ought to be aiming high to keep up with the Jones’, and then be the ones to hold their hand when they over-stretch on the mortgage. Fortunately, that’s the kind of dependable and risk-free system sound economic models are based on, with no history of ever having gone wrong in the past…

Santander’s Miguel Sard said: “Being within a certain school catchment area can often come at a cost.

It’s important that parents don’t stretch themselves beyond their means.”

Wise words, Mr Sard, but we’d be more inclined to take them at face value in something other than a glorified advert for your services.