Saga equity release offers way out to divorcees by Finance News Bulletin
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Published: 11/09/07
Many big people are using equity release as a way of funding their divorce, according to SagaThe over-50s expert claimed that 12 per cent of people who decide the service do so to fund a divorce settlementHowever, house improvements are the main reason why people aged over-50 choose to let go equity from their house, with 18 per cent of respondents to Saga's poll claiming they use it for this causeThe second most popular driver was way of life improvement (13 per cent), followed by divorces and mortgage clearance (12 per cent)
new research by Direct row Home Insurance revealed that people aged over 50 in the UK have spent £25 billion on 'option
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What's A Guarantee Worth? - Published:18/10/07
The Bank of England's base rate is at its uppermost height since April 2001 and currently stands at 575% a year also, the global credit squeeze has pushed up the price of borrowing and improved returns to savers Hence, British savers are nowadays enjoying some of the highest interest rates since the turn of the centuryAlas, picking the right investments account remains far from simple, as there are least four thousand dissimilar accounts from which to choose What's more, as competition for savers' cash has intensified, providers are becoming more and more cunning at beating away terms and conditions in the small printTherefore, when shopping around for a top investments account, be certain to look beyond the juicy headline rate to learn what lies under For example, you may find that your explanation comes with strings attached, such as:1) An introductory bonus which last for, say, six to twelve months Once this preliminary offer ends, your interest rate can go from table-topping to ordinary during the night2) Notice or access restrictions which limit the figure of withdrawals you can make in a day3) Interest penalties One clever deception is to pay no interest on your entire balance in any month during which you make any withdrawals In other language, taking out £5 could cost you a month's interest on your whole pot Yuk4) A rate guarantee which promises to keep your savings speed above a certain level for a specific periodToday, I'd like to review the last of these conditions: the interest-rate assurance A rate assurance of any form may come into view comforting, but some of these promises aren't worth very much at allAccording to Fool partner Moneyfacts, over ninety investments accounts have speed guarantees, and some provide extended guarantees over long periods of time However, each guarantee is delicately different, so you need to take the time to figure them out For example, here are five financial records which offer rate guarantees to savers:Issue 2650fundamental rate equal to base rate until 30/06/10Age 60+ No notice Rate includes 075% extra for 12 months Only one bough withdrawal per monthIssue 6645At least 03% above bottom rate to 01/09/08, then at least 015% above bottom rate to 01/09/0960-day notice Up to 3 withdrawals per year; additional withdrawals on defeat of 90 days' interest2nd Issue640At least 025% above bottom rate until 15/10/08, then at least base rate until 15/10/09Early right of entry on loss of 80 days' interest until 15/10/08, then 40 days' interest misplaced 15/10/09 Notice- and penalty-free withdrawals thereafterfollower Online631No lower than 050% below base rate until further noticeNo notice Rate includes 106% extra for a dayOnline Savings625055% above base rate for 6 months, then 045% above base speed for next 6 months, then equal to base rate in day 2 and 025% below base rate in day 3No notice Age 50+So, what do these guarantees come to, assuming the base speed remains at its present level of 575%Coventry BS: your yearly interest rate won't fall below 650% in the first day and then won't drop below 575% until 30 June 2010Nottingham BS: At least 605% until 1 September 2008 and then at least 590% until 1 September 2009Saga: At least 63% for six months and 62% for the next six months, then 575% for a day and 55% in day threeAlthough all five of these accounts currently pay at least 625% a day before tax, these rates all eventually fall back below 6% a day -- and even as low as 525% Thus, you can see that there is very little guarantee with many rate promises These guarantees certainly put on't pledge to keep your account at the top table in the long sprint Indeed, all you get is a minimum ‘collar' to which the speed can fallFinally, if you fancy a savings account which pays a far above the ground rate of interest and includes a rate guarantee, then here are two favourites among trick readers:More: Find ace financial records in our savings centre | Parents: Make 10% A Year | easy Savings, Great Rates© Copyright 1998-2007, The Motley Fool Limited All human rights reserved This material is for personal use onlyPlace of Reg: England & Wales corporation Reg No: 3736872 VAT Reg No: 735 7818 01 Registered Office:.
Read More: What's A Guarantee Worth? >>Saga Home Insurance: Over 50s are least likely to lie - Published:03/09/07
People old over 50 are the least likely to lie when advertising their home, Saga Home Insurance has claimedIn a novel study, the insurer found that almost three-quarters (74 per cent) of over-50s would not tell lies about their house when putting it on the market, compared to 60 per cent of those erad 49 or youngerThe least honest era group are those aged 18 to 24, with the majority (55 per cent) of youthful sellers admitting that they would be inexpensive with the truth in order to convince a buyerAnother finding of the survey was that more than half (55 per cent) of populace aged over 50s are against the foreword of home information packs and are in favour of the present system of selling homesLast week, Saga Personal Finance claimed that equity let go should not be viewed as.
Read More: Saga Home Insurance: Over 50S Are Least Likely To Lie >>Warning issued over medical insurance costs - Published:28/04/07
Medical cover provider Saga Personal Finance has urged people to think carefully about the price of health insurance by pointing out that it can work out more expensive than fees for a top confidential school In a new study from the financing specialists, it was exposed that 25 per cent of over-50s were unaware that it at present costs more to pay for a year in a treatment home in the UK than it does to send a youngster to EtonFurthermore, it has been revealed that 33 per cent of respondents incorrectly believe the NHS will not add towards the cost of supporting relations in long-term careHowever, Owain Wright, head of mind funding services for elderly financial services company Saga, pointed out that the health service may present between £2,080 and £6,916 per year"It's vital that people seek independent, expert financial advice before they do anything else, as this could mean the difference between having to dip into those well-deserved savings or send-off them intact," he saidIn addition to medical insurance, Saga also offers a range of other financial armed forces in the protection division, including home insurance, car insurance, travel insurance and pet cover Payment protection cover selling practices improving, industry.
Read More: Warning Issued Over Medical Insurance Costs >>