The pension plans of the average medical professional can be challenging to navigate. Not only is there the NHS pension scheme, with its various options, to consider but many doctors will want to set up private pensions as well to provide a full income in retirement.
Are you (and possibly your spouse) making the most of all opportunities to save for the future? Are you sure you won’t breach the lifetime and annual allowances for pension savings?
Most people think about investing in order to generate a good income or to build an adequate nest egg for the future. But which investments will create the best return over the long-term and are they suitable for you?
There are many factors to consider before deciding on your investment plan. You will want to think about your future objectives and the type of lifestyle you would like to achieve. Will you need money for a specific purpose, such as paying off a mortgage or funding retirement? Can your investments help to fulfil those ambitions?
Deciding that you would like to invest is often the easy part. Knowing what route to take can seem like approaching a minefield. Medical Family Finance aims to simplify the process with evidence-based financial planning that works.
ISAs are an excellent way for medical professionals to shield more of their income from tax and the annual ISA limit is currently £20,000.
There are four types of ISAs for adults – cash / stocks and shares / lifetime / innovative finance – so the field is becoming as complex as pensions.
ISAs differ in their performance abilities and whether you can withdraw or replace funds. You cannot carry any unused allowance over to a new tax year – the allowance resets on 6th April every year.
Perhaps you need a helping hand to ensure you are making the most of your tax-free savings opportunities?
The mortgage market changes all the time, not just in terms of deals and regulation but also in the way lenders assess loan applications.
Some of the changes have been in the way mortgage lenders assess the suitability of all clients for the different types of loan on offer. They base this decision on a variety of factors, primarily:
1 The property – type, condition, access and location
2 Employment status – amount and frequency of income (and time in your current role)
3 Financial commitments – current and future (and your history of managing credit).
There is now more focus on affordability and expenditure. This is very different to the traditional approach of simply multiplying your annual personal (or rental) income by a pre-set multiple to obtain a maximum lending amount.
We pride ourselves on being up to date with regulation, legislation and the economic market.
We understand your needs, match that to the requirements of lenders, and protect you and your dependants once you have bought your property. This way, we help you save time and money in the new world of mortgage advice.
The value of investments can fall as well as rise. You may get back less than you invested.
Tax treatment varies according to individual circumstances and is subject to change.
Your home may be repossessed if you do not keep up repayments on a mortgage or any other debt secured on it.