Godfrey Wealth Management

Information

Godfrey Wealth Management

For anyone interested in Honest, Friendly Financial Advice - that they can trust.

 

Website: http://www.godfreywealthmanagement.co.uk
Location: Saddleworth & The Holme Valley
Members: 22
Latest Activity: Aug 3, 2011

GWM specialise in a wide range of financial planning areas.  From mortgages, personal protection and general insurance, to pensions, investments and inheritance tax planning.

 

 

Ben Godfrey DipPFS

Director

(....and Head of Security - Bailey!)

Discussion Forum

Weekly Market Bulletin 5 Replies

A bulletin designed to summarise financial events from the previous week. Making sense of the stories from the news, that didn't always make sense the first time round!  …Continue

Tags: financial, economy, bulletin

Started by Ben Godfrey. Last reply by Ben Godfrey Apr 13, 2011.

Financial Planning- Open Forum 1 Reply

Post your questions here for me to answer!  No matter how wierd or wonderful - I am keen to help members of OBN.  It'll cost ya nowt!  Is my pension on track to give me an exciting retirement? Could…Continue

Tags: Critical Illness, Mortgage, Life cover, Investment, Pension

Started by Ben Godfrey. Last reply by Ben Godfrey Mar 2, 2011.

Comment Wall

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Comment by Ben Godfrey on August 3, 2011 at 9:32am

Headline Mortgage Rates

 

Does anyone ever think the press try to scare us, just for kicks?

 

Well their quest to have us think that rates are high, deals are rare, agreements are like the holy grail.....is terminated for the people reading this!

 

Godfrey WM are currently working on more new mortgage cases than at any other point in the last three years.  Furthermore we are seeing more happy clients, with excellent deals go away with a new mortgage, and some money in their pocket each month.

 

Here are some of the current deals available for remortgages:

 

With 25% equity in your property:

2 year Tracker 1.99%

2 year Fixed 2.59%

 

With 15% equity in your property:

2 year Tracker 2.79%

2 year Fixed 3.79%

 

For a free assessment of whether you could save money on your current mortgage - please contact me for a swift appraisal.

 

Office: 01484 852448

Mobile: 07834 762054

Email: ben.godfrey@sjpp.co.uk

 

......or just drop me a message on OBN!

Comment by Ben Godfrey on March 24, 2011 at 10:40am

ISA Summary

 

They are a fantastic way to save, and there are advantages to using a Stocks and Shares ISA vs a simple Cash ISA if you don't require access to your money for the longer term.

 

Don't miss this years allowance if possible - and consider regular savings each month from the new tax year - lots of my clients do this and consider it like a bill.  It can become a nice nest egg for the future.

 

OBN MEMBERS - Feel free to contact me for details or a meeting on 07834 762054

Comment by Ben Godfrey on March 24, 2011 at 10:36am

Hi Tom,

 

The 'deadline' is the tax year end, 5th April. 

 

Everyone is allowed to put up to £10,200 into their ISA in the current tax year (£5,100 into a 'Cash' ISA). 

 

So for example if you had put £4,500 into a Cash ISA at this point, you have until 5th April to put the remaining £600 in.

 

It's a case of 'Use It, or Lose It!'

 

If you don't make it by 5th April, the new tax year starts and you receive a new 'allowance'.  The maximum from next tax year (6th April) is £10,680, or £5,340 in your Cash ISA.

 

However, the interest in your account still accrues, and the deadline has no bearing on that at all.  Just consider it as you would any other savings pot.

 

To answer your tax question - yes your wage has been taxed, but any interest you earn in a bank account will also be taxed.  This is not the case in an ISA.  So basically over the years, any interest or growth on the money will be tax free*

 

*Technical point - in a Stocks & Shares ISA, dividends are paid net of a 10% tax credit, which cannot be reclaimed.

Comment by Thomas Yates (OBN Co-Founder) on March 24, 2011 at 10:20am

Ben,

 

I have a question about ISAs, I have one and I am saving as much (not alot) as I can and trying to get money in before the 6th of April. However, doesnt the interest accmulate over time and not just on one particular date?

 

So will I benefit greatly in any way by getting the money into the ISA before April 6th? I know the 'taz free' label, but what does this mean in reality... as I get taxed in my wage so it isnt really tax free... or am I missing something here?

 

Comment by Ben Godfrey on February 22, 2011 at 9:10am
Cash point
The UK's largest lenders have three quarters of the share of the mortgage market, yet they only provide 29% of so-called best-buy deals.
Just six of the top 50 two-year fixed mortgages for those with a 15% deposit are offered by the big firms - that's 12%.
A great reason to seek honest, independent advice to make sure you get the best deal!
Comment by Ben Godfrey on February 9, 2011 at 6:39pm

Banks called to account

A probe by the FSA has found that the insurance that comes with packaged accounts offered by banks can be full of small print that prevents customers claiming and the better cover can often be bought more cheaply

Daily Mail

Comment by Ben Godfrey on February 8, 2011 at 6:55pm

In response to Bradley's question:

 

Financial Stability at Retirement age

The first thing I would ask of any client is "What do you want in retirement?"

How many holidays do you want to enjoy, and where?

Which house do you want spend the rest of your days in?

What car do you want to drive?

 

Coupled with the cost of general living, you can arrive an income figure close to what you will need. Not just to survive, but to ENJOY retirement.  Then we work back to determine how the income will be generated.

 

Back to the specific question though....there are several ways to generate an income in retirement, here are a few:

 

Pensions (being by far the most common)

Income from property (Residential/commercial/holiday lettings)

Returns from other lump sum investments (ISAs/bonds/dare I say Cash?)

 

There is nothing wrong with diversifying your overall portfolio, in fact it's one of the basic principles of investing! 

 

Pensions are brilliant.  You get tax relief from the government, the growth is almost completely free of tax, and you can have 25% of your 'pot' free of tax when you retire.  The remaining fund then (typically) purchases an annuity.  An annuity is your income for life.

 

But whilst a pension, for most people should provide a majority of your income in retirement, having property income and other investments is fine too.  For this reason I have seen an increased interest in the purchase of Buy To Let properties, and also more clients than ever pay a monthly saving into ISAs for the long term advantage.

 

On the topic of risk -

 

Pensions, like any other investment usually include a range of assets.  These include Cash, fixed interest assets like Corporate Bonds and Government Gilts, Property, UK Equities and Overseas Equities.

 

The balance of these assets determines the overall investment risk.  So an investment comprised of predominantly equities (Shares) is more liable to fluctuate in value on a day to day basis than an investment comprised of fixed interest bonds and cash.

 

Everyone is different when it comes to risk.  Some want to take none, others play with fire, and everything in between.  The trick is to regularly review your investment, to make sure that the level of risk is appropriate for you personally.  A good financial adviser will help with this as a matter of course.  Factors like the term until retirement will be considered at this point too.

 

Godfrey Wealth Management are happy to help in all of the above.  I would be happy to provide a free consultation for OBN members.

Comment by Bradley Wilkinson on February 8, 2011 at 5:09pm
Hi Ben, I was wondering if you could shed any light on paths to financial stability at Retirement age. Is it all about getting a good pension (I can't imagine there will even be a state pension by the time I retire) or are there other products, that net a better return / less risky etc.
Comment by Ben Godfrey on February 8, 2011 at 11:24am
Mortgage madness
Almost half of all home owners haven't reviewed their mortgage since the base rate dropped to 0.5% almost two years ago.
Karen Barrett, of unbiased.co.uk which aims to match home owners with professional, unbiased advisers, said: "With the base rate remaining at 0.5% for so long it's easy to see why home owners have become less vigilant."
Godfrey Wealth Management is one such unbiased adviser listed on unbiased.co.uk
Comment by Ben Godfrey on February 2, 2011 at 3:09pm

David - yes Dovestone is great for a good run too (nice and flat - don't like hills!)

 

James - pleasure helping out, anytime.

 

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Discussion Forum

Weekly Market Bulletin 5 Replies

Started by Ben Godfrey. Last reply by Ben Godfrey Apr 13, 2011.

Financial Planning- Open Forum 1 Reply

Started by Ben Godfrey. Last reply by Ben Godfrey Mar 2, 2011.

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