Owning a second home

Owning a second home is increasingly common. For some people it’s by choice and for others by circumstance. But whether you choose to buy a holiday home or rental property, or simply inherit, owning two or more properties requires special attention.

What is a second home?

This is any property you own in addition to your main home.

How you might become a second-home owner

There are many reasons why you might become a second-home owner. These include:

  • Owning your own home and then buying with a partner.
  • Buying a holiday home.
  • Investing in buy-to-let property.
  • Buying property with or for a young relative.
  • Buying a property near your work but keeping your existing home.
  • Inheriting property which you decide to keep as an investment.

[Continue Reading…]

Types of workplace and company pension schemes

An occupational scheme (often called a company pension scheme or superannuation scheme) is usually the best way to save for retirement, because your employer adds to your savings.

Pension schemes through your work

If the firm you work for has five or more employees, it must offer some kind of pension scheme that you can join. This could be:

  • An occupational scheme (company pension scheme or superannuation scheme). This is run by your employer who must pay into the scheme on your behalf. You usually have to pay in too. When you leave the employer, all the contributions stop, but you keep the pension you have built up so far. This will generally be a final salary scheme, career average scheme or money purchase scheme.
  • A group personal pension (GPP). This is run by an insurance company or other provider. Usually your employer pays in 3 per cent of your pay on your behalf. You choose how much extra you want to contribute. When you leave your job, your employer’s contributions stop, but the scheme stays with you and you can carry on paying into it. All GPPs are money purchase schemes.
  • A stakeholder pension scheme. This is usually run by an insurance company. Your employer does not have to pay in anything on your behalf. You choose how much you want to contribute. When you leave your job, the scheme stays with you and you can carry on paying into it. A stakeholder pension scheme is always a money purchase scheme.

In future, even small employers will have to enrol most of their employees into a workplace pension scheme under new automatic-enrolment rules. These rules took effect between 2012 and 2016, depending on the size of your employer’s workforce, with larger employers coming on board first.[Continue Reading…]

Smoking & life insurance

This is a guest post from UK life insurance broker, Reassured. The rise of the e-cigarette In recent years, while there has been a reduction in the number of UK smokers, the nicotine replacement market has exploded. Whether it be chewing … [Continue reading]

What is the 2% rule and why is it important?

One of the most important lessons every trader should observe is risk management. This is the difference between keeping and making more money, or losing money and going broke. It may sound like an easy, straightforward principle, yet it is still one … [Continue reading]

Why is US dollar traded most in Forex?

Many people think why our dollar is traded most in the Forex market. There are lots of other currency in the world and you will be surprised to see that one currency is dominating the world. When there are major and minor currencies in Forex, there … [Continue reading]

Why the expert consider trading as their business

Why do we have to think like the businessman? Why can't we think of someone else? Well, the main reason why the traders in the United Kingdom are succeeding because they trade like a businessman. They consider trading as running a business. Most of … [Continue reading]

What are joint funeral plans?

Prepaid funeral plans have gained considerable popularity as funeral costs have rocketed year on year. At a time when the cost of the average funeral in the UK has risen as much as 70% in the past decade – a rate far greater than increases in wages … [Continue reading]

The lowdown on robo-investment

There is a lot of hype about robo-investing; that is to say, handing control of your savings over to a robo-advisor, who will then invest it on your behalf. On the surface, it does sound a little crazy. Why would you relinquish control of your cash … [Continue reading]

Some common misconceptions among the new traders

forex trading

People are amazing in nature. Once they decide that they will do something it’s really hard to change their decision. Similarly, when it comes to trading this very human nature causes huge loss to the traders. Some even consider trading as one of the … [Continue reading]