Coronavirus - Update 20 April 2020
Listed Under: Blog
As we enter another phase of lockdown and wait for more guidance from the government, we thought we’d share another update.
Clearly the Pandemic will have a global effect on economies - how long this will last, how quickly economies recover and the effect it has on people will vary from country to country.
There is some strong economic data coming from China. At this stage it is too early to see this as a trend and there are warnings from the Chancellor that there are still some tough times ahead - but there will be a recovery eventually.
This enforced lockdown has given many people the opportunity to focus on what is really important to them. For some this will have an effect on relationships, both business and personal, whilst for others it may result in a total change in direction leading to them doing something very different when some kind of normality returns. I’m sure that in years to come we will look back and realise that a lot was learned from this time, both positive and negative.
On a financial note, we should also remember in these blurring of days that we have entered a new tax year with a new set of allowances. If anybody would like to take advantage of these at this time please get in touch with your Adviser.
We have a lot of experience within Glenrose, not only within the financial arena but also in more generic business matters.
Please remember we are still open and if anyone would like to arrange an impromptu review meeting or discuss other ideas for the future then please get in touch with us.
Stay safe, keep healthy and look after each other!
The team at Glenrose have all adjusted to working electronically from home with one or two technical hitches along the way! We are holding weekly team meetings via video conferencing and have organised and taken part in an online quiz together!
As we are all experiencing the fall-out from the CoVid-19 outbreak, the Government have been swift to act with a number of measures to help during these uncertain times.
The Bank of England has slashed their Interest rate to 0.1% - the lowest base rate in UK history. This has resulted in lenders repricing their current mortgage deals, offering some of the cheapest mortgage rates we have ever seen. If you’re approaching the end of your current mortgage deal, it is definitely worth talking to us – we can work with your existing lender to check on any loyalty deals on offer and can also compare these with mortgage rates offered in the wider market to match you with the best deal possible.
Homeowners with existing mortgages are able to apply to their respective lenders for a mortgage payment holiday of up to three months to help them through this difficult period. To qualify for this is, you must be experiencing, or expect to experience financial difficulties during the Covid-19 lockdown.
Even those with Buy-To-Let mortgages can apply for a payment holiday, particularly where your tenant is experiencing or likely to experience financial difficulties. However, the expectation is that you pass on any short-term relief to your tenant.
Payment holidays do not pause the interest on your mortgage – this will keep accruing on your overall debt for the duration of the holiday. There will also be an expectation that you eventually catch up the payments affected by the payment holiday.
Further information can be found by contacting your respective lenders by telephone or via their website.
If you have any concerns, please don't hesitate to give your adviser a call
Simpsons Solicitors Corona Virus Offer
The last few weeks have seen some inspirational acts of community spirit and kindness. Now we would like to do something too.
If you are over 70 and self-isolating we can help you.
We are providing FREE ordinary powers of attorney (OPA) to anyone aged over 70 until the end of April 2020.
How does this help?
An OPA gives someone you trust the power to deal with day to day tasks that you may be unable to do yourself if you cannot leave your home such as...
Running bank accounts
Dealing with utility providers
We can get this in place for you quickly, easily and over the telephone, and it can be cancelled when you no longer need it.
In addition to the free Ordinary Power of Attorney to over 70s, for every Will instruction Simpsons takes in the month of April, they will donate a Will to an NHS worker as a sign of gratitude for their dedication and resilience. Thank you NHS!
If you would like to safeguard yourself or a family member then please email firstname.lastname@example.org or call 01332 321574 and we will take care of the rest.