Forward planning:

Unless you already have some money put away, you will need to start saving for your first home. Most first time buyers will need a deposit of at least 10% of the total cost of the property. The more money you can save, the less you will need to borrow. Some lenders now offer special savings accounts for this purpose, which pay higher rates of interest, offer flexibility as to how much you can save each month and offer “extras” if you take out your mortgage with them.

How much can you borrow?

This is a key question. It is important to establish some borrowing limits before you start looking for your dream home. A mortgage advisor will talk you through the whole process and give you an initial indication of what you can expect to borrow. This will depend on a number of factors including how much you earn, what your out-goings are, and how much you can put down as a deposit. An early meeting with a mortgage advisor will be of real help.

Different types of mortgages:

There are a lot of different choices. Repayment or interest-only? Fixed, discounted, cashback, tracker, offset? It is so easy to get confused. Too much choice often makes the decision harder! Again, this is the point where a good mortgage advisor comes in. They are able to talk you through all of the various choices, explaining them to you in a straightforward way, and recommending what would be best for you given your particular circumstances.

A helping hand:

Sometimes you may find that you need to borrow slightly more than your current income and outgoings will allow. This is not necessarily the end of your dream, providing that someone is willing to help out.

A friend may be willing to buy jointly with you to help spread the cost. Two incomes are likely to prove better than one. If this is a possible option for you, then both you and your friend should obtain legal advice before you begin your search for a property.

A parent or close family friend may also be able to help. They might be willing to guarantee your payments enabling you to borrow the amount you require or give you a contribution towards your deposit. Perhaps they may have savings that they can put down as additional security for a mortgage which may help you to borrow a higher percentage of the value of the property, while still allowing them to continue earning interest on their savings.

So if this year is going to be the year that you take the plunge into the property market, then do make sure that you get some good advice at an early stage.

Britain officially emerged from recession in the last quarter of 2009 although the economy remains in something of a fragile state.

Planning for the future is one of those things a lot of people put off until tomorrow, or the next day. Nobody really wants to spend their hard-earned income on something that might not happen, or something that will hopefully not happen for a good while yet.

Buying a run-down property to renovate is an attractive option for home buyers who are motivated by the prospect of achieving a profit from the increase in its value after the improvement works are completed. This incentive is most attractive during an adverse property market when house prices are falling.

One of the earliest decisions you need to make when starting a small business is which bank account to opt for. The easiest thing may simply be to open a business account with your existing bank, but by doing so, over the long term you could be depriving your business and therefore yourself of a significant amount of money – you may well feel more comfortable with a bank you already know personally but they may not offer the best deal for your business.

To many people not involved in the property industry the thought of building your own house is daunting. However, with detailed research, careful planning and the engagement of sound advisors and tradesmen it can be a hugely rewarding experience and may allow you to create your dream home at a significantly lower cost than its value on completion.

Some months ago in an earlier article, I touched on the subject of Business Risk Assessment - “Business Risk” being the threat that an event or action could adversely affect a business’ ability to achieve its ongoing objectives. Such an assessment would likely include the need to address among other things, the potential adverse impact of natural hazards on a business. Hazards might include fire, flood, or storm damage, all of which have unfortunately become perhaps too familiar in our area recently. The affect of any one of these on a business can be enormous, and may involve not only the fabric of its premises and loss of stock, but also the long term futures of both the owners and the personnel who run and are employed in the business. Any disruption to the business, particularly if longer term, has a further knock-on effect on its ability to continue trading, to re-establish itself, and perhaps more importantly, to meet its financial obligations and to continue to provide an income to both owners and employees.

Many businesses go to great lengths to find the best business banking provider for their business but fail to then manage their business banking to maximise the benefits available to them.