What You Should Be Considering When Buying A Property Abroad

by Magical Penny on March 16, 2020

Even though things are not stable at the moment, buying a property abroad isn’t really any riskier than buying one int the UK. One of the main factors that you need to consider is that each country will have it’s own rules, regulations and legal requirements, alongside different processes. 

No matter what country you are looking at properties, there is some common factors that you need to think about. Before signing any agreements or paying any money you should have a look at the considerations below. 

Get The Right Legal Advice 

Just like you would with any house purchase you make in the UK, it’s imperative that you consult and listen to the advice of a lawyer. You need to make sure that they speak English, and also are qualified to practice law in the country you are considering buying your property. The lawyer will conduct searches regarding the property you are looking at, as well as the land it is built on, this allows them to identify any hidden dangers such as whether the land is in a greenbelt or at risk of natural disasters like flooding. They will also be able to clarify whether to property has been built using the right permits, which will ensure you aren’t at risk of your new property being demolished. 

Add It To Your Will 

Whether you have a will in place or not, you need to ensure that your property is included correctly in your will. This way if anything was to happen to you or your partner, then the right information on how to deal with the property is clear and available. This might not be one of the first things you think about but it should definitely be something that you sort with haste once you have purchased. 

Make Sure You Research Your Location 

If you move locally in your home location, chances are you are going to know a little bit more about the potential local issues. For example, if you buy a property in the UK you’re not likely to have to deal with many natural disasters such as volcanic activity or hurricanes. If there have been any floods in the area, you’re likely to hear about this on the news and be well aware of the locations that are at risk. However, when buying property abroad, you need to do your research into the area. You’re also more likely to encounter natural events that could be potentially disastrous for your new investment. You should make sure that you research the local neighbourhood, see if there is a neighbourhood watch, your distance to the local amenities and find out the crime rates. If you want to stay away from things like nightlife then it’s a good idea to familiarise yourself with how to spot them in different countries. Signage can be very different from what you use to identify things in the UK. So, if you’re looking for Bargain Spanish Homes, make sure you do your research on all the local areas. 

Research The Construction Company And Look At Local Advice 

If you’re buying a new build property. Whether it’s an apartment, villa or house, you should think about looking at the reviews about the construction company. You may be aware of several construction companies both with good and bad reviews in the Uk but there is different one operating in other parts of the world. This means that you should try and find out if any companies are known for shabby work, cutting corners or have a fantastic reputation. Understanding the construction companies that have built the property that you are buying could save you from making a huge mistake and investing in a low-quality build which will mean you have to spend a lot of money in the future, keeping up with improvements. 

You should also seek advice about the land that the property is built on. This will ensure that the foundations aren’t going to lead to major problems in the future such as sinkholes or subsidence. 

Understand And Know What Your Are Signing

In the majority of countries, contracts that are created are created in the local language and if you don’t speak it fluent this can pose a problem when buying a property. You may also find it difficult to understand the legal terminology. It’s essential for you to find a good translation service to fully translate any fo your documents. If you don’t understand your contract, you won’t be protected or may not realise what you’re signing. Make sure you know everything that is included in a contract and if you have any questions the make sure you get the answers before you sign. Never sign anything until you are in full understanding. 

Managing Rental Properties

It is becoming more and more popular for foreign investors to buy properties abroad with the intention of renting them out either as long-term lets or short-term holiday lets. If you are thinking of purchasing a property with the intention of making an income you need to think about how you are going to managing the property. If you are going to be living locally you could manage it yourself however that would mean that you need to be able to manage contracts. 

If you’re not going to be in the local area then it might be more suitable to utilise a management company to help you manage the lettings. You will need to pay between ten and fifteen per cent of the rental income to the company, if you don’t want the stress of managing the property yourself it’s often very worth the investment. You will also need to think about how often you want to check and visit the property yourself. This way you can ensure that it is up to standard and that the management company is looking after your property properly. 

Get Advice On Tax 

If you already own a property, buying a second one can mean that you are liable for paying certain taxes. Getting advice on the tax situation is strongly advised. In the country, you are looking to buy and the country of residence as you may be responsible for both. Many countries have double tax treaties which help to prevent people from being taxed twice on the same income. However, you should still use a qualified tax consultant to help understand and file the right taxes. This is even more true if you have bought the property as an investment opportunity. Capital gain and income tax are going to apply in multiple jurisdictions. 

How Are You Funding The Property? 

You need to think about how you are going to pay for the property. Do you have savings that enable you to buy outright? Are you releasing money from your current property? Or are you looking for a mortgage? Just like in the UK, there are different types of mortgages available in different countries, however, the rules and regulations surrounding them will differ from country to country. Also bear in mind that mortgage suppliers may also be reluctant to deal with foreign nationals. You should always get independent mortgage advice if you need to find the funds for your property purchase. 

Make sure that your personal finances are in good standing before you sign any contracts. Local laws will always side with the seller if the deal fails so if the finance that you have chosen gets rejected you may end up been committed to paying a large sum of money if the sale collapses. 

Consider The Currency 

Once you have made the decision about how you are going to pay for your property, you are likely to have the need to convert and transfer a significant amount of money for the deposit and final sale. This is something that is commonly overlooked and you might find that some banks are reluctant to transfer large sums overseas. You will also need to think about how cost-effective it will be to convert the sum of money, consider opening an account with a foreign exchange company, you are more likely to get a competitive rate. 

If you think about when you convert smaller amounts of cash into another currency at times you can be left with a smaller percentage and the value of your deposit can massively vary in your location. Try to get expert advice about the right time to convert your funds which could help to minimise the loss meaning that your money could go further. 

Think About The Future

Although you’re only just thinking about buying your property, you also need to think about the future. You need to think about an event or if you needed to sell your overseas property. Have a look at the current markets, if there seems to be a surplus of houses for sale then chance are you might come across problems if you were to sell in this location in the future. 

This short guide should help you make the right considerations when buying a property abroad. Do you have any other advice that should be followed? Please share it in the comments below. 

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6 Amazing Online Resources To Help You Save Money

by Magical Penny on March 15, 2020

If you want to save money and secure your financial future, there are so many great resources out there to help you. But a lot of people don’t take advantage of these resources and they make life a lot harder for themselves. If you are struggling to get on top of your finances, these are some of the best online resources to help you out. 

Budgeting Apps 

Budgeting is simple in principle, but it can be difficult in practice. People often find that they think that they’re sticking to their budget but before they know it, they are overspending. This usually happens because a lot of small purchases go unnoticed or important things, like subscriptions, get missed out of the budget. But there are some great budgeting apps out there to help you get the hang of it. You can link them up to your bank and then track every single penny that you spend. That way, you can see exactly where your money is going and work out why you are failing to stick to your budget properly. Then, you can start cutting back on the waste and get your budget in order. 

Coupon and Discount Sites 

Whenever you buy anything, you should always check for coupons and discounts, and that goes for big purchases like holidays as well as the small things. There are some great sites like Sign Up Offers that list loads of great discount offers and coupons to help you save money. You can also get browser extensions that will check automatically for you, but they do sometimes miss deals, so it’s best to check yourself as well. 

Freecycle Websites 

The best way to save money is to not spend it at all, which is why freecycle sites are so great. There are thousands of listings of things that people are trying to get rid of, and they don’t want any money for it as long as it goes to a good home. You can get all sorts of great things on there like furniture, clothes, things for the home, and anything else you can think of. If you need something, you should always check these sites before you buy it because you could get it completely free. 

Tradesmen Listing Sites 

When you need work done on your home, it is important that you find somebody who is reliable and charges a fair price. One of the best ways to find reliable tradesmen is to use tradesmen listing sites like MyBuilder. You can post a job and then different contractors will bid on it so you get a good price. All of the people listed on the site are reviewed by previous customers, which means that you can always be sure that you are going to get good quality work for a fair price. 

Travel Comparison Sites 

Travel is a huge expense so any way that you can find to save money is always a big bonus. Before you book any trip, you should always use travel comparison sites to find the best deals. You can use a flight comparison site to track the prices on flights from a lot of different companies, so you can strike while the iron is hot and get a cheap deal. There are also some great sites that you can use to compare hotels and package deals as well. 

If you are willing to be flexible with your travel plans, you should check out last minute travel sites. When hotels and airlines have empty spots to fill, they will sell them off cheap at the last minute, so you can make some big savings. You do have to be flexible with your destinations and flight times, but it can actually be quite exciting booking a last minute trip. 

IncentiveCheap Recipe Websites 

Most people spend way more than they need to on food shopping because they don’t know how to cook cheap, healthy meals. A lot of people make the mistake of thinking that delicious food has to be expensive, but that isn’t true at all. There are plenty of great sites online that are filled with cheap recipe ideas, so you can cut back on your food spending in a big way and still eat well. 

There are also sites where you can put in all of the ingredients that you have left and it will bring up possible recipes that you could make. This is a great way to make your food go further and cut back on waste so you can save money. 

If you take full advantage of all of these great money saving resources online, you will find it a lot easier to keep on top of your finances.  

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Could Real Estate Be a Good Source of Profit for You?

by Magical Penny on March 11, 2020

stamp duty change 2016We’re all looking to make wise financial investments. Real estate is one of the best options out there if you’re looking to make money easily! Depending on the approach you take, it can provide you with a long term income or a one-off windfall. Either way, it’s quids in if you get involved and play things the right way. Here are just some of the basics to getting involved!

Buy-to-Sell Basics

Your first option when getting involved in real estate is buying to sell. This is simple and straightforward. Basically all you have to do is buy a property at a low price and then sell it for a higher price. The difference between these two prices will be your profit.

Buy-to-Let Basics

An alternative option is buying to let. This is when you buy a property, then rent it out to tenants. The money that the tenants pay in rent will either go towards paying off the mortgage on your behalf, or, if you bought the property outright, will be your profit.

Refurbishing

Of course, encouraging people to buy a property for more than you paid for it can be a little difficult. This is why many people operating in real estate will refurbish or renovate the properties they’re planning on selling or letting. Often, when properties are built, all of the ones built at the same time will be pretty similar. When you bring in Residential Architects, you improve your property or add more desirable features, helping it to stand out from the others in the local marketplace and encouraging buyers to pay a little more for the benefits they’ll get with the higher quality property. If you’re unsure what renovations you might want to carry out, you can always consult a local estate agent. They’ll be able to let you know what viewers have been asking for in the area and you can make sure that your property ticks all of their boxes. Some popular renovations that often add value to a property include loft conversions or extensions, newly fitted kitchens and bathrooms, and garages or conservatories added onto the property. 

Maintenance

Remember, if you’re going to let your property out, you don’t simply move the tenants in and leave them to it. You’re going to have to take on the responsibility of being a good landlord, ensuring that everything is working and rectifying any problems with the property quickly. This will take time, effort and investment. But it’s the least you can do for good tenants who are generating you a profit.

Of course, the journey of buying properties and then selling them on for more or letting them out is going to be pretty complex. You’ll need to invest money, time and effort into the process. But all in all, once you’ve got things going, this is a really simple and effective way of making money!

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Minimum capital required to start Forex day trading

by Magical Penny on March 10, 2020

One benefit of the Forex market over the stock market is that traders do not require huge amount of capital to trade the forex market.

Because of leverage and day trading, traders who have average amount of capital to risk can effectively trade forex. However, whether the trader succeeds or not depends on a number of factors. Trading capital is one of such factors. In forex trading like in any other form of speculation or investment, you need to have sufficient capital. Trading capital help traders to have sufficient money to allocate for their open positions and as well have sufficient capital to deposit as margin for the positions they open.

The amount of capital needed to trade Forex depends on a number of factors, like the potential rate of return, your risk profile, and the trading strategy you are using. Sure, you can trade Forex with 100,000 USD, and you can as well trade forex with a lower amount like 1,000 USD. However, what is the right amount required to trade?

This article, explores various ways you can decide what amount of capital is appropriate for you to start trading forex effectively. However, the final amount depends on your peculiar situation. It is subjective and can vary from one trader to the other.

What do the Forex brokers offer?

Majorities of US forex brokers offer a very low minimal opening capital requirement, like 100 USD in starting capital.

In a number of instances, in the USA Forex brokers as well let you open a micro or a cent account which lets you trade with only 1 USD. Nevertheless, it is unrealistic or you to desire that you can grow such capital.

What is the recommended amount of money to start Forex trading?

There is no one single answer to the question. Nevertheless, you should concentrate on the amount of return you hope to make.  A good starting point is to examine the risk-free rate of return.

The risk-free rate of return is the interest rate that one makes on an investment when there is no financial risk or loss involved during that time period.

Basically, bonds are example of this particularly those that does not come with risk. Obviously, the disadvantage to risk free investment is that the rate of return is very minimal. In the financial markets, the simple concept is that the more risk you take, the more rewards you can get. Nevertheless, traders ought not to follow the principle blindly; they should follow it with subjectivity in mind.

To be able to establish the right amount of money to start trading forex, your first step is to determine the amount of money required to begin trading Forex, the first step is to evaluate the anticipated rate of return on your investment. The average furies roughly 2% to 5% but 5% is the optimistic estimate on the returns.

However, you must remember, that it ought to be an amount that you can truly risk. A lot of traders make the mistake of trading with their credit cards funds or other money. Doing this would lead to huge financial loss in the end.

The next thing you need to do is to know which leverage is the ideal for you. This is essential because just as leverage can magnify your positions and boost your profits; it can equally result to huge loss.

Concentrating on the lot size can equally be helpful. Basically, the broker will give you the margin requirements when you are trading on leverage. Therefore, you must make sure that you have sufficient amount of money to cover the account margin requirement and as well have extra fund in your account to trade the market.

For instance, if your broker needs 1% of your capital as the margin, this implies that you need to add that 1 % towards the capital requirements, and as well have extra funds to cover the risks of the trade.

Capital situations for Forex day trading

Traders can as well create a lot of situations depending on their capital. For instance, you can follow this simple rule specified in the table below.

Following the rule in the above table you can be able to make a projection of the amount of trades you can make, while as well accounting for the margin requirements for opening and managing a position.

The margin requirements are very vital requirement that you need to put into consideration to help you estimate the real amount of money you require to trade forex. Margin is basically a good faith deposit. The margin is held by the broker as deposit when your trade position is open.

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The Basics of Investing In Cryptocurrency

by Magical Penny on February 29, 2020

If you have never heard of Cryptocurrency, it may be because you have not switched on the news over the last three years. Cryptocurrency is massive, and it promises to get bigger. The most famous type of cryptocurrency is BitCoin. When BitCoin has launched around a decade ago, one BitCoin was worth a very tiny fraction of one cent. By 2017, this had skyrocketed to over $19,000. Suddenly early adopters of the currency who had clung onto their initial investments were very rich.

A cryptocurrency is a digital currency that is completely decentralized. This means that it is completely free from any political systems like currencies usually are. All transactions carried out using crypto will be tracked using a ledger system called a Blockchain. Although cryptos are actual currencies that can be used in exchange for goods and services, the trading of cryptocurrencies is very big business and is carried out in a similar way to stocks. 

There are nearly 3000 different types of cryptocurrency available, and this number is rising. If you are considering making investments in crypto, there is a lot to consider.  The major players are BitCoin, Ethereum, and XRP, however, there are plenty of others emerging. Knowing where, how, and when to invest your money is crucial. Here are some tips to get you started. 

Which Exchange To Use

If you have decided that you would like to start trading in cryptocurrency, you will need to find an exchange that you can use. 

In much the same way as stocks and shares are sold on the stock exchange, cryptocurrency is also sold on their own specialist exchanges. 

Here, you will be able to buy or sell all types of crypto including XPR ripple bitcoin currency. You will also have access to a large number of other currencies. 

Do some reading up into the various options that interest you. 

Once you have decided on where you will buy your cryptocurrency, you will then need a wallet.

Choosing A Wallet

The wallet that you will use for your cryptocurrency is not quite the same as the type you would put your loose change in. Instead of your cryptocurrency is stored in your wallet, you will have digital cryptography keys stored in there. There will be one which is public, that is private. 

Again, there are a variety of different wallet options online, so read some reviews before you sign-up for one. 

You might also want to consider using a wallet or account which offers other benefits. For instance, you can these days quite easily find accounts which will allow you to accrue interest over time, like with traditional savings accounts. With ethereum interest accounts, for instance, you will gain money for all of the ethereum coins you hold there each year. That is worth looking into.

Doing Your Research

Choosing the right currency to buy takes research. You really do need to understand what you are putting your money into. Find the currencies that are on the rise. You need to get them early on in their rise, while their price is still low, but when they have the potential for a large rise. 

Know when to divest. Peaks do not last forever. Anyone who held onto their BitCoin after the 2017 peak would have been disappointed when the value started sliding back down to less than half within a couple of years, 

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Yes, You Can Save Money While Shopping Online!

by Magical Penny on February 26, 2020

As our lives become more and more integrated online, we’re starting to do pretty much everything via our phones or laptops. While retail outlets and storefronts still thrive and probably always will, the world of online shopping has grown by leaps and bounds in recent years, with many people doing the bulk of their shopping online, through companies like Amazon and others. Even retail stores have online aspects, with apps to download, services like online delivery or pickup, and more. It’s almost impossible to conduct business without the internet influencing in one way or the other.

For the frugal person, how do you navigate that intersection and still save money? Many people think that shopping online is more expensive than just driving to the store to make a purchase, but that’s actually not true anymore, at least for a large section of retail stores. 

There are many ways to get a great deal while online shopping these days, and in truth, there are plenty of sites and apps that can actually save you money while you complete your online shopping. In many cases it’s as simple as downloading an app or plugging in a code. We’ve outlined a few ways to save money while you shop online below. 

Rewards Programs and Apps

Apps like Fetch Rewards and others actually allow you to scan or type in your receipt for various stores; items you purchase collect various amounts of points, when are then redeemed for gift cards to stores like Amazon. As you collect more and more points, you can save some serious money on future purchases! 

Discount and Voucher Sites

There are an abundance of discount sites on the web for various stores, like LatestDeals.co.uk, and many others, that offer deep discounts and vouchers for the items you buy every day. Whether you’re purchasing a pair of shoes, bedding, a cell phone or getting some printing done, you can find discount codes for every purchase, sometimes saving as much as 50% off or scoring freebies with your purchases. 

Newsletters

Nobody wants a ton of spam in their inbox, but subscribing to the newsletter from a store you frequent is a great idea. Often these companies will notify you of sales ahead of time, send coupons and discounts to your inbox, and even give you free or discounted items on your birthday! Plus, often “subscribers” get additional discounts every time they shop, as a thank you. 

Cash Back Programs

There are both sites, like Rakuten and others, and apps that offer “cash back” every time you shop. If you’re someone who shops online a lot, these can pay off pretty well over time. It’s an easy way to get a chunk of change back for items you were planning to purchase anyway, so why not? 

Store apps

Seems like every company these days has its own app, but for the ones you frequent, it can pay off. Get customized coupons based on what you buy, rewards points, discount and sale items, and more. 

These are just a few ways you can save money while you shop online. Shopping doesn’t have to break the bank. With just a few simple tricks you’ll be saving more than you ever thought possible. 

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Important Things To Consider Before Buying An Apartment

by Magical Penny on February 21, 2020

When the time comes in your life to start looking for a house or an apartment, it can be a mixture of excitement and stress simultaneously. If you are considering getting yourself on the property ladder this year and working towards an independent life, we are here to help you out. 

Today we are going to take a look at the choice of buying an apartment. To live in an apartment you don’t have to be a renter, and there are many apartment sales that are ideal for many of us and our lifestyles. Today we want to talk you through some of the main things to think about before you buy an apartment this year. 

Understand freehold and leasehold

When it comes to buying a property it is important to understand some of the terms. If you are looking at a freehold and leasehold property, there are key differences. A freehold property describes when you own the house as well as the land. A leasehold property is where you buy the right to live there. As you may guess, an apartment is usually classed as a leasehold property. 

What are the charges? 

When applying to buy a home or an apartment you need to think about the different charges involved that you may not realise at first. For example, you usually have to pay what’s called stamp duty on a home, and you may also need to pay solicitors fees and other admin fees. When budgeting for a new living space make sure you consider all of these extra costs and make sure that you can afford them before you make any decisions. 

Do you want to renovate? 

Often the difference in the decision to rent or buy a property is the renovations or changes you could make to the property. If you are someone who wants to be able to move things around and put your own stamp on your home it might not be a good idea to rent because you won’t get this freedom. However, if you are not planning to live here for very long or you simply don’t want to spend the money making changes, renting is a good option. Be sure you know what you want to do before you buy. 

Repair responsibility 

One of the biggest questions you will have to ask yourself before committing to buying a house or apartment is how much money and time you want to put aside for repairs. Now again things such as appliances and fittings will break, do you want the responsibility to fix them? Make sure you consider how much money you have to perform your own repairs on your apartment, and if you don’t have much consider renting instead. When you rent an apartment, the landlord is responsible for all repairs on the house. 

Freedom 

As a renter you will likely be bound by a lot of different rules and regulations. It is important for you to consider for your own lifestyle whether these restrictions and rules impact you. If for example you want to bring a cat or a dog to the apartment, a landlord may not allow this and therefore buying will become a better option for you. Be sure that you consider every rule and decide whether or not you can handle living with rules to follow. It might be better for you to buy because then at least you have a sense of freedom to live the way you want. 

preparing the roadExplore the area

One of the most important things to consider when moving somewhere new, whether it be a house or an apartment is the surrounding area. Take the time to explore the surrounding area and look into things such as the transport links, school system, and crime rate. If you are thinking of moving to your own area this won’t be much of an issue, but for somewhere new it is crucial to do some digging so you know where you will be moving and who you will live with. 

Do you need a garden? 

If you are lucky, you might be able to purchase a ground floor apartment that has a garden for your use. However most apartments and flats don’t have this feature and this can be a problem for you if you need a garden for a pet or for your children. Before choosing somewhere to live think about the features you absolutely need in the property and don’t settle for anywhere that doesn’t have these essentials. It is always important when making a big investment like this to make it right.  

 

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What to Consider When Hiring an Attorney or Legal Professional

by Magical Penny on February 21, 2020

If the time has come for you to hire an attorney, barrister, or solicitor, for whatever reason, you need to think about the most important things to look for and take into account. By choosing carefully, you’ll ensure the services you end up receiving do everything you need them to and cover you in all of the right ways. Read on to find out more about this and what you should really look for from a legal professional.

Your Budget and Their Cost

First of all, you should think about how much money you have to spend on an attorney or solicitor. Look at how much they charge and how much you can expect to spend on your case. It’s something that can’t be overlooked with hiring a lawyer.

Their Specialisation

Each and every attorney has their own legal area of specialisation. If you’re going to get the legal counsel you need, it’s vital that you understand this and choose a lawyer who understands the area of law relevant to your situation.

Local Familiarity

They should also be familiar with the situation in your local area. Laws change from state to state and country to country and it’s vital that they know what they’re going into with your case in your local area (Scottish Vs English Law for example). If they don’t confusion can quickly take over.

Their Level of Experience

It’s always preferable if the person you hire has a level of experience that makes you confident that they can help you out and achieve the outcomes that you’re searching for. If they can’t do that, you’re going to run into big problems by the end of the whole process.

Trust and Comfort

Trust and comfort with your lawyer really matter as well. You’re going to be following their advice so you need to trust them to make the right calls and act in your best interests. It’s always a good idea to find someone who you’re comfortable working alongside as well.

Hiring a good attorney or legal professional is essential in a wide range of situations and scenarios. Sometimes, you need that expertise at your disposal and not having it can severely impact your ability to defend yourself in all kinds of situations. Why put yourself in that position when you really don’t need to?

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Three Signs You’re Being Underpaid

by Magical Penny on February 21, 2020

No one wants to believe that their employer would actually not pay them what they’re worth. After all, a quick Google search and you could discover what others in your position are making across the country, right? 

Unfortunately, companies still somehow manage to underpay employees all the time. There are sneaky ways of doing it, of course, which is why lawyers offering legal assistance for wage theft cases are becoming increasingly in-demand. 

But, how can you tell if you’re being underpaid for your work? Let’s look at a few resources you can use. If you’re not making what you deserve, it could be time to try something new with your job. 

  1. You’ve Done the Research

As stated above, it’s not hard to learn what the average salary of almost any position is with a quick search online. Job sites like Glassdoor have also created tools that allow you to know what you should be getting paid. The Know Your Worth tool tracks your value within your local market and actually keeps you updated regularly when your value goes up. If your salary isn’t matching up with your value, you know there’s a problem. 

  1. You’ve Been There for More Than Five Years With No Raise

While longevity doesn’t always equal more money, if you’ve been with a business for more than five years and the idea of a raise has never been brought up, it should be a red flag. 

It can be especially fishy if your employer doesn’t offer regular performance reviews or any kind of feedback. It could be that they’re trying to keep you in the “dark” about how much you really should be making. 

Studies have shown that some employers provide the biggest financial incentives to new hires in order to get them on board. As a result, they don’t often give raises to employees that have been there for a long time, assuming your loyalty will be there no matter what. 

  1. investingNew Job – Same Salary

Making the switch to a new company can be exciting. But, if your new employer knows how much you made at your old job and they’re offering you the same amount, it’s another red flag. It’s a good sign they’re trying to take advantage of you instead of paying you what you’re actually worth. 

So, if you want to take on a new job, even if you’re going to be working in the same position, don’t be afraid to negotiate a higher salary. 

Of course, you have options if you’re being underpaid. Asking for a raise should be at the top of your priority list. If you’re turned down and you know you’re not making what you should, it could be time to start looking for an employer who sees your value and is willing to pay for it.

While it’s a sad reality that employers would underpay the people working for them, it happens far too often. Don’t let your skills and dedication be taken for granted. Do your research, know your worth, and make sure you’re getting what you deserve. 

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Handy Tips For Choosing A Mortgage

by Magical Penny on February 19, 2020

For many of us, a mortgage can be a scary and complex thing. Taking out a mortgage is the biggest investment you’ll likely have in your life and getting it right the first time is a challenge. 

Today we want to take a look at mortgages in a little more detail and help you to choose the right one for you. There are so many brokers and lenders out there that will try to offer you something you cannot avoid and this can result in you needing a lawyer like Tully Rinckey to claim back. But with our helpful tips you should be able to make the best decision for you and your family this year with no hassle. 

Estimate that you can borrow 

Before you start searching for a new mortgage you need to know how much you can borrow. You can do this by visiting a bank or building society website and filling out a few details about you. This is called a mortgage in principle and you will need this later on when you go to a lender. Never look for a house above your budget because this can be a big risk for you. 

Think about your age

If you are under 50, getting a mortgage will be straightforward. But if you are approaching an older age, think about the term of the mortgage and how old you’ll be when you pay it off. If you are 50 and you take out a 25 year mortgage, and then retire at 65- that’s 10 years you need to pay a mortgage using your retirement fund. This is not the best idea for financial stability. 

Interest only?

There is a difference between a repayment mortgage and an interest only mortgage and you need to be aware of it. A repayment mortgage is the standard service of paying back a small chunk of the mortgage along with interest each month, at the end of the term you’ll be done paying. Interest only allows you to pay only interest until the end of the term where you have to pay for the house. This is good in the short term but always consider the long term impact. 

Fixed or variable rate?

A fixed interest rate stays at the level it was when you took out the mortgage allowing you to always pay the same amount for a term of 2,3, or 5 years. A variable term changes monthly with the live market and can dip and rise. The decision of which one to go with is up to you, but you need to consider the housing market and the likely trend in interest over the period. 

Broker or no broker? 

A broker will search for a mortgage for you and come back to you with a recommendation. However, a broker can sometimes be paid secret commission by the lender to bring in customers, so you might not be given the best deal. Be aware of this and consider cutting out the middleman and going straight to the lender such as a bank. 

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