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Professional financial planning is the process which aims to help you realise your ambitions - whatever they may be. As professional financial advisers we can help you make informed decisions about your financial future, in the short, medium and long term.

You will almost certainly have goals of one kind or another - buying a home, starting a family, living abroad, perhaps retiring, but these have financial implications and leaving it to chance isn't an option. Careful planning helps to turn your goals into reality and the sooner you start your financial planning the greater...Read More
Often, people save for a specific reason and it's usually the safest way to build up a pot of money. It’s less risky than investing, but it offers limited growth. The most you'll earn on the money you save is the interest added. Saving is perfect for people who don’t want to take any risks with their money, and most savings accounts have easy access or are for a fixed term.

There are many different ways to save, but whichever way you choose, the general idea is the same: to build up some money - savings - that can be used, for example, to make a large purchase such as a new fridge, go on holiday...Read More
Every business needs to protect itself. For most businesses the most valuable asset it has is its people. Without them, a company’s survival could be at serious risk. With that in mind we can help you take the right steps to protect your people and your business.

After all, you already protect many of the important things that keep your business running smoothly, like property, fleets and stock... Read More
There are events we can all face that have the potential to wreck lives and families. It’s a difficult issue to think about, but imagine the impact on you and your family should the main earner in your household die or become seriously ill. It may not happen to you – we hope it doesn’t – but it might.

While there is no insurance that can prevent these things from happening, you can protect yourself and your family financially...Read More
Mortgages are loans which are intended to help buyers purchase residential property. When you take out a loan, the lender charges interest: the same is true of a mortgage. A mortgage is a ‘secured’ loan, which means that the loan is secured against the property being purchased until the mortgage is paid off.

Sources of residential mortgages include high street banks, building societies and other types of less well known financial institutions...Read More
If you're over the age of 55, equity release offers you a way to use the value of your home to raise money. It is advised that you seek Independent Legal advice before entering into a legally binding equity release contract. Why do people consider Equity Release?

You probably have other ideas - there is no restriction on how you use the funds. However, since equity release can be an expensive way to raise money when...Read More
Wealth, just like your health, must be carefully preserved. Your assets need to be protected against the potential threats of erosion by taxation, the effects of inflation and investment risks. Whatever your level of wealth, there is nothing wrong in making the decision to prepare a risk aversion strategy.

Risk aversion is a reasonable and prudent strategy for anyone who is sure that they already have ample assets to provide for themselves and their family into the future...Read More
When you retire you still need food and shelter as an absolute minimum, but of course you will want to maintain the lifestyle to which you have become accustomed, so unless you can guarantee a large inheritance or windfall, then you need to provide yourself with a secure income for the rest of your life.

A well prepared pension plan which is regularly reviewed should go some way to providing you with a reasonable level of income in your retirement. A pension plan requires action as soon as possible, so start now...Read More
Most of us face being taxed on our income, our capital gains, and in some circumstances the value of our estate when we die. Taxation can be very complicated and the rules, reliefs and allowances often change, so it is worth obtaining a clear grasp of how these taxes work by discussing with a professional adviser the most efficient way to arrange your finances.

An expert will be able to help you plan your taxes in advance, and come up with effective strategies that will use the lawful reliefs...Read More
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Drawdown Lifetime Mortgage

EQUITY RELEASE WILL REDUCE THE VALUE OF YOUR ESTATE AND CAN AFFECT YOUR ELIGIBILITY FOR MEANS TESTED BENEFITS.

How does it work?

Similar advantages and disadvantages as a regular lifetime mortgage, with additional issues that are unique to this kind of equity release scheme. The main difference is that you don't request the full sum of money available to you immediately. Instead, you decide on a maximum amount of equity you want to release, and 'drawdown' the cash in stages as and when required.

ADVANTAGES

You are in control of your money as you can release cash when it suits you , or you may be able to request a monthly income with no monthly payments to make
You retain full ownership of your home
You only pay interest on the amount of equity released from your home, so interest could accumulate more slowly than with a regular lifetime mortgage
Drawdown Lifetime Mortgage plans may be available to younger people (aged 55+)
Some Drawdown Lifetime Mortgage plans let you guarantee an inheritance for your family

DISADVANTAGES

Interest rates are usually higher than on a standard lifetime mortgage
Reduced amount available to leave as an inheritance
Interest grows quickly as it is compounded
If you want to increase the amount of equity released beyond the original amount agreed, you would normally have to apply for a further advance, which is not guaranteed
If you repay the lifetime mortgage loan early, you may have to pay an early repayment charge
Your tax position and certain state benefits may be affected

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Haworths Financial Services
Suite 7
The Globe Centre
St James Square
Accrington
Lancashire
BB5 0RE
T: 01254 945945
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Haworths Financial Services is an Appointed Representative of Quilter Financial Services Limited and Quilter Mortgage Planning Limited, which is authorised and regulated by the Financial Conduct Authority. FCA No: 494163.

Haworths Financial Services Ltd. Registered office: Second Floor, The Old Tannery, Eastgate, Accrington, Lancashire, BB5 6PW. Registered in England and Wales, company number 5062508.

Tel: 01254 945945 Email: enquiries@haworthsfs.co.uk

The guidance and/or advice contained within this website is subject to the UK regulatory regime, and is therefore targeted at consumers based in the UK.