Additional Property and Financial Services
We Connect You with the Right Experts
There are areas related to property and finances which The Mortgage Bay don’t personally undertake. However, we can recommend and put you in touch with the right people.
If any of the following areas are of interest, please contact us and we shall introduce you to the most suitable companies.
We only work with those firms we would trust (or have trusted) to assist ourselves and our own family/loved ones.
Wills
As with personal financial protection, Wills are often overlooked, deemed unnecessary or thought of as being for someone ‘old’.
A Will ensures your assets (known as your ‘Estate’) are distributed to the person/people you want them to go to after your death. Rules of intestacy apply if you don’t have a Will, which means your assets may not end up with the people you would choose.
Having a Will also means your assets are passed over as swiftly as possible. Without a Will, this can take a very long time. Most people want their Estate allocated as quickly as possible following their death.
The FCA does not regulate Wills, and we act as introducers for Wills.
Also, if you have young children (or pets!) and want a say in who becomes their guardian in the event of your passing, this should be set out in a Will.
If you own a home and/or have children, a Will is a must – so they are prudent, if not essential, for most adults.
Not only is it important to have a Will, but it’s also imperative it is kept up-to-date. Also keep in mind that when you marry, a Will becomes void…. but if you divorce it remains valid – so don’t get caught out there!!
Lasting Powers of Attorney
Lasting Powers of Attorney (LPA) are set up and used whilst you’re still alive. You must have mental capacity to give the ‘powers’ to someone you trust.
LPAs are official documents which provide someone you trust the legal ability to make certain decisions on your behalf if you are no longer able to make them yourself (or don’t wish to). These decisions could relate to your finances, property and/or healthcare.
If you don’t have an LPA in place and lose mental capacity, nobody can make these decisions for you, which can cause many issues – especially financially, and when holding any finances jointly.
Without an LPA, your loved ones would need to apply to the Court of Protection to request approval to manage your affairs on your behalf. This is an expensive route and can be a lengthy process.
There are two types of LPAs, one being Health and Welfare and the other Property and Financial.
Lasting Powers of Attorney must be set up before losing mental capacity. Please do not leave this too late – the worst can happen at any time and at any age.
The FCA does not regulate Powers of Attorney, and we act as introducers for Powers of Attorney.
Equity Release
If over the age of 55 and wishing to release monies from your home, it may be worth considering Equity Release. It's extremely important to weigh up the advantages and disadvantages carefully before committing.
The pros include access to a lump sum which can provide some financial freedom without the need to sell your property. You may wish to provide a property deposit for children or family, cover the cost of adaptions or renovations to your home or to simply see you through the cost of living.
The cons of Equity Release may be reduced monies being left for your family following your passing, interest which may be added to the borrowing and the possibility of affecting means-tested benefits.
Equity Release refers to Home Reversion Plans and Lifetime Mortgages. To understand the features and risks, ask for a personalised Illustration.
We act as introducers for Equity Release.