Protecting Your Family's Finances

After spending years working hard to earn a living, getting married, starting a family, and providing for your children, it would be fair to say that you’ve invested a fair amount of time in protecting your family and making sure they have a good standard of living. However, in the precarious economy in which we find ourselves, it’s in our best interests to ensure that future is protected, especially if something were to happen to you. There are a number of ‘tried and tested’ methods e.g. stuffing cash under the mattress or burying a jar of money in the back garden, but there are also more secure ways we can provide a future for our families...

Read more about Protecting Your Family.

One in Ten Campaign to Reduce Diabetes and Stroke Risk

During a two week campaign Wales is offering free walk-in assessments in pharmacies across the country to predict those who may be most at risk of diabetes or stroke.

It is thought that as much as 10% of the people in Wales could have increased risk or either of these two debilitating conditions and hopes to find them in their One in Ten Project.

An estimated 350,000 people in the country could have an elevated risk of developing type two diabetes and every year 11,000 people suffer strokes. Diabetes is a chronic illness that takes continuous monitoring and treatment and could lead to further complications. Stroke, depending on its severity, can lead to paralysis or even death.

As pharmacies can be found in most cities, towns and even villages they are an ample place to carry out such assessments. During June 2011 a similar campaign was carried out that checked people for risk of diabetes and of the 17,500 people assessed, 8.4% had a high risk and 24% had an increased risk of developing the disease.

The assessment is designed to spot factors that put people at greater risk of the two diseases, including diet, being overweight and being a smoker. If the person is considered to be at risk, a referral will be passed on to their GP for further treatment or advice.

By spotting those who may be risk, it means that for most all that is needed is lifestyle changes, which will in turn decrease their chances. As well as tackling this, it can spur people to improve their general health and fitness, something that is important for things such as having the stamina for hobbies and sports, day-to-day activities and also your mental wellbeing. It can also influence things you may not have considered, such as your ability to take out health or travel insurance policies – companies are likely to increase premiums for those with bad health.

With hundreds of thousands of people potentially being at risk from these two major illnesses, rolling out such a widespread campaign will hopefully bring awareness to as many of them as possible. As with many illnesses, being able to detect them early and start taken the right steps as soon as possible will bring better results and hopefully even save lives.

What Every First Time Home Buyer Should Know About Mortgages

Buying a house for the first time can be a very confusing and daunting process. Not only do you have to take the time to hunt around for a home that meets your needs, but you will also need to understand the complexities of choosing and applying for the right mortgage.

Your mortgage is likely to be the biggest purchase that you will make in your lifetime and will affect you for the next five to thirty years. It worth doing a bit of research now to make sure that you are set up with a great mortgage rate that will save yourself money in interest over the lifetime of the loan.

Here are some important things that you should think about before taking out your first mortgage:

What Do You Qualify For?

The first thing to know is what sort of mortgage you actually qualify for, that is how much will a lender be willing to give you to purchase your home? The lender will use many factors including your other debt, your monthly income, how long you have been at your job and more to determine what they think you can afford.

However, keep in mind that just because the bank has said that you can afford a certain amount doesn’t mean that you have to pay that full amount. Sometimes the bank will give you a loan for much more than you really should be spending, because when you add in the other expenses of owning the house such as renovations, closing costs, property taxes and insurance, you will be over your budget.

Be realistic and don’t try to borrow more than you can afford to pay back.

How Much Down Payment Can You Afford?

If you are planning to buy a home, it’s time to start saving like crazy to cover the down payment. Most financial experts recommend that you should pay a down payment of at least 20% of the cost of the home. The bigger your down payment can be the better because it will reduce the principle of the loan and result in you paying a lot less interest over time.

That said; if you are currently in credit card debt your focus needs to be on paying off your debt before saving up a down payment. This is because the interest on credit card debt is so expensive and it limits your ability to save. Your credit card debt will also limit how much mortgage you can take out because lenders take it into consideration when determining how much they will lend.

What Type of Loan is Best for You?

There are so many different types of mortgages out there, so take the time to find the one that works best for your situation.

Compare all of the different options that are available to you on the market and factor in their interest rates, minimum down payments and the length of the loan. One type of mortgage will eventually jump out as the best option for your particular financial needs.

 
Getting a mortgage can be confusing for the first time home buyer, but with a little bit of research you will find the option which works best for you.