Nearly half (48%) of grandparents have stepped in to shore up their financially struggling grandchildren during the pandemic*. This help has come in the form of cash (32%), childcare (8%) and assistance with rent and mortgage payments (6%).

FCA Announces New Mortgage Support

Borrowers struggling to make their mortgage repayments due to the pandemic should be offered ‘tailored support’ from their lenders, according to new guidelines from the Financial Conduct Authority (FCA)**. Borrowers are currently supported by the mortgage payment holiday scheme, although as at mid-September 2020 this was due to end on 31 October 2020 and has recently been extended until March 2021.

The new guidelines propose a range of short and long-term options that reflect each customer’s circumstances, including extending the mortgage term or reducing payments for a fixed period. Borrowers who can resume their repayments are strongly encouraged to do so, with the FCA reminding consumers that interest will continue to accrue while payments are reduced or stopped.

Eco-Friendliness Can Pay

According to new research by solar panel installers Effective Home, ‘going solar’ can boost the value of your property by an average £32,4597!*** London homeowners see the biggest benefit, with solar-panelled properties worth £90,000 more on average. Hot on the capital’s heels are Bristol (adding £45,142) and Edinburgh (adding £40,095). Homeowners who install solar panels stand to save £27,500 on their bills over a 30-year period.

*Killik & Co, 2020
**FCA, 2020
***EffectiveHome, 2020

Get in touch

If you would like expert advice on your pensions, investments or mortgages during the pandemic or after, we are here to help. Clifford Osborne are highly experienced independent financial advisers working across East Sussex and Kent. We offer all new clients an initial financial review free of charge. We’re based in Eastbourne, East Sussex, and can either carry out meetings online, or visit your home or workplace in Uckfield, Lewes, Brighton, Tunbridge Wells, Hastings, Bexhill, Newhaven, Seaford, Crowborough and further afield.

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The value of investments can go down as well as up and you may not get back the full amount you invested. The past is not a guide to future performance and past performance may not necessarily be repeated.

It is important to take professional advice before making any decision relating to your personal finances. Information within this blog is based on our current understanding of taxation and can be subject to change in future.

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The value of investments can go down as well as up and you may not get back the full amount you invested. The past is not a guide to future performance and past performance may not necessarily be repeated.

If you withdraw from an investment in the early years, you may not get back the full amount you invested. Changes in the rates of exchange may have an adverse effect on the value or price of an investment in sterling terms if it is denominated in a foreign currency. Taxation depends on individual circumstances as well as tax law and HMRC practice which can change.

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