We will help look after what is important to you

No one can predict what the future holds and it is important to consider all eventualities should things not go as expected. We will consider what is important to you and will ensure that you have the protection which best suits your needs. In order to establish whether any protection is required and the type of protection that best suits you, it is important to look at the whole picture. We will look at any savings, debts and protection you currently may have. No individual or family is the same and the type of protection you need will depend on your personal circumstances.

Pension & Retirement Planning

Retirement age is no longer set in stone. In the past, people worked until a set retirement date was enforced or agreed by their employer or the State. But you can now work for as long as you want, and you do not have to retire all in one go. If you are considering taking your pension early you should understand and make sure you have sufficient retirement income 

You might choose to retire gradually or to carry on working for longer perhaps moving to part-time work before you stop completely.

When you give up work, you are likely to lose your main source of income. So, you need to make sure you will have enough income from other sources before you retire. It is difficult to calculate how much income you will need. But there are several things you can consider which can help you decide when you can afford to retire. 

Savings and Investment

The UK government defines saving as putting money aside without risk, and usually with the chance to earn interest.

Investing on the other hand involves committing money into an investment plan in the hopes of making a financial gain.

Investing is different from saving because it involves a greater level of risk and there is no guarantee that you will get your money back.

You can make regular payments from as little as £25 a month into investment products, such as a Stocks and Shares ISA or Unit Trust Investment Funds. Investment products are for the longer term and are generally suitable if you already have enough cash savings to keep you going for 3-6 months if you encounter an unforeseen emergency.

Investments generally outperform cash savings over the longer term, but their value can rise and fall, so you must be prepared to take on some risk. They might be suitable for people who do not require easy access to their money and are prepared to take on some risk.

The value of an investment and the income from it could decrease as well as increase. The return at the end of the investment period is not guaranteed and you may get back less then you originally invested.

Family Protection

Saving for a rainy day, special event or even large purchases and holidays is always encouraged, if possible. It is also important to have enough funds in place should you lose your job or are unable to work. The general rule is to have enough money saved up to cover essential outgoings for at least three months, which should keep you afloat in the short-term if such an event occurs. Saving three month’s essential money, can take time to build up and be used up very quickly. Whilst having emergency funds is a good idea, combining your savings with a form of protection insurance may be an option for you to consider.

It is important to plan for the unexpected. We can help you protect your loved ones in the event of an accident, illness or death that would result in loss of earnings.

Estate Planning

We understand that managing your personal finances can be challenging. We can work closely with your accountant and solicitor to help achieve your goals.

Estate Planning is the process of arranging for how you would like your estate distributed upon your death and making plans, during your lifetime, that may help to ensure your assets are passed on as tax efficiently as possible. Estate Planning typically attempts to eliminate uncertainties over the administration of probate by writing a Will, and maximize the net value of the estate by reducing taxes where possible. 

Estate Planning is not just for retired people, although people do tend to think about it more as they get older. Unfortunately, we cannot successfully predict how long we will live, and illness and accidents happen to people of all ages.

Estate Planning is not just for the wealthy either, although people who have built some wealth do often think more about how to preserve it. Good Estate Planning often means more to families with modest assets, because they can afford to lose the least.

Individuals put off estate planning because they think they do not own enough, they are not old enough, they are busy, think they have plenty of time, they are confused and do not know who can help them, or they just do not want to think about it. Then, when something happens to them, their families must pick up the pieces

Derwen Financial Planning Limited does not offer a Will writing service.

Borrowing 

We can help with mortgage advice and help you: –

  • Work out your overall buying and moving costs, provide first time buyer advice, and tips and tools to help you work out what you can afford;
  • The cost of buying a house and moving; 
  • How much can you afford to borrow for a mortgage? 
  • Explain the home-buying process – steps to buying a new house or flat; 
  • Stamp Duty fees – everything you need to know about stamp duty fees;
  • Government schemes for first-time home buyers and existing homeowners; 
  • Leasehold vs freehold: What’s the difference? 
  • Help to Buy scheme: everything you need to know; 
  • Why mortgage applications are declined and what to do next; 
  • Homebuyer surveys and costs; 
  • Contract exchange and completion when buying a home; 
  • Saving money for a mortgage deposit; 
  • Land and Buildings Transaction Tax – everything you need to know ;
  • Shared ownership housing schemes explained;
  • Things to look out for when buying property overseas;

Learn about different kinds of mortgages, from repayment and interest-only to shared equity and buy-to-let.

  • What is an Offset Mortgage? 
  • Buy-to-let mortgages explained; 
  • Shared equity or Partnership Mortgages; 
  • What is equity release? 
  • Home reversion; 
  • Lifetime mortgage; 
  • Sharia-law-compliant home purchase plans (by referral only); 
  • Retirement interest-only mortgages  

Equity release, lifetime mortgages and home reversion plans will reduce the value of your estate and can affect your eligibility for means tested benefits.