Independent Financial Life Planners Bishop's Stortford: What will you be if you are mortgage-free?

Monday, 16 March 2015

What will you be if you are mortgage-free?

As more people are owning their homes outright, Enable’s IFAs in Bishops Stortford wonder if you are mortgage free how are you intending to use that freedom in your later years.

If we continue along the same home ownership path that was indicated in the 2011 census, even more of us will own our homes outright than have mortgages. Currently about eight million people own their homes without a mortgage, which represents £2,000 billion worth of property and 38% of the total value of the housing market. The top three regions with the highest proportion of owners aged 60 and above, who are also most likely to have paid off their mortgage, according to the Office for National Statistics, are East Dorset, East Devon and North Norfolk. The three areas with the lowest rate of outright owners are all in London - Hackney, Tower Hamlets and Southwark.

Many of those mortgage-free homeowners will be people who took out loans on their properties in the 1970s and 1980s and are now reaping the big financial rewards of decades of house price growth. They have been dubbed some interesting names ; MIKIs (made it, keep it) are "terribly sensible people who have done well but are determined to pass it down"; the GUTS (gear up to spend) are those who make the most of 'cheap' money to buy holiday homes and boats; the WIFS (wealth is for spending) tend to be the downsizers who intend to enjoy their retirement; and their like minded SKI-ers (spending the kids' inheritance) also like to spend lavishly too. If you are mortgage free but want to make some plans as to how best use that freedom Enable’s IFA’s in Bishop’s Stortford can talk you through your options.

Issued by: Enable Independent Financial Life Planners
25c North Street, Bishops Stortford, Herts CM23 2LD
Telephone: 01279 755950 - Fax: 01279 657339
Enable Independent Financial Life Planners is a trading style of Enable Independent Limited is authorised and regulated by the Financial Conduct Authority.
It is important always to seek independent financial advice before making any decision regarding your finances. If you would like any assistance, please contact us.
NOTHING CONTAINED IN THE ARTICLES SHOULD BE CONSIDERED AS GIVING INDIVIDUAL FINANCIAL ADVICE

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IFA Bishop's Stortford

At Enable Independent we know that our clients trust us and rely on our advice to help them to plan a better, more secure financial future. This is a responsibility that we take very seriously especially because we know that many clients have chosen us on the recommendation of friends and family. Each one of our advisers has deep expertise in their area of specialist knowledge and, as a team, we hold some of the highest qualifications available in the financial advice industry.

Our job satisfaction comes from using our skills to find workable, affordable and flexible solutions to meet our clients needs. Whether we are planning for known future funding requirements such as house purchase, school fees or income in retirement - or for the unforeseen such as job loss, long-term illness or early death, our independence from any product provider enables us to view the marketplace impartially. Our training permits us to look beyond a product's marketing hype and select on the basis of its fitness for purpose.