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4 weeks agoNews TopicsComments Off on I fell £20k in debt after devastating scam & faced high interest rates – a lesser known product helped me pay it off
WHEN Richard Jones found himself in £20,000 of debt, he thought he’d be stuck paying high interest rates for the foreseeable future.
The 61-year-old, who lives in Manchester, found himself struggling to keep his head above water after falling for an online cryptocurrency investment scam.
Richard Jones ended up in £20,000 debt after falling for an investment scam
Cryptocurrency is a digital asset that can be traded or exchanged online to buy from people or companies who accept this form of payment.
Richard said that after the first few days, “everything looked okay” and he was £731 in profit, but unfortunately, things quickly deteriorated and he ended up £20,000 down.
In an attempt to get on top of his debt, Richard decided to use a mixture of personal savings and credit cards to pay off the amount.
One of the credit cards he took out had an “eye-wateringly high” interest rate of 34% because of his poor credit score.
Your credit score is used by lenders to help them decide whether to loan money to you.
A low credit score can mean banks deem you too risky to lend to, which can stop you getting a mortgage.
Or, if they will lend to you, you’re typically locked out of the best deals, meaning you have to pay significantly higher interest rates.
Richard, who is the manager of the Warrington Deaf Society, said it was “particularly painful” seeing the £300 card card interest bill leave his account each month.
Despite renting a home in Manchester, Richard also owns a property in Swansea, which he inherited from his parents.
He rents the house out and considered releasing some equity in order to pay off the debt.
Equity release allows you to turn the value tied up in your home into tax-free cash.
But before going down that route, he came across advisory service Saga Mortgages who told him about Retirement Interest Only (RIO) mortgages.
A RIO mortgage is an interest-only mortgage with no set term.
It’s a later life product that comes with monthly interest payments and is only repaid when the property sold, upon your death or if you enter long term care.
Different types of mortgages
We break down all you need to know about mortgages and what categories they fall into.
A fixed rate mortgage provides an interest rate that remains the same for an agreed period such as two, five or even 10 years.
Your monthly repayments would remain the same for the whole deal period.
There are a few different types of variable mortgages and, as the name suggests, the rates can change.
A tracker mortgage sets your rate a certain percentage above or below an external benchmark.
This is usually the Bank of England base rate or a bank may have its figure.
If the base rate rises, so will your mortgage but if it drops then your monthly repayments will be reduced.
A standard variable rate (SVR) is a default rate offered by banks. You usually revert to this at the end of a fixed deal term, unless you get a new one.
SVRs are generally higher than other types of mortgage, so if you’re on one then you’re likely to be paying more than you need to.
Variable rate mortgages often don’t have exit fees while a fixed rate could do.
You’ll only be eligible for a RIO mortgage if you’re over 50 and can afford the monthly interest payments.
It comes as figures from UK Finance revealed that 32,990 new loans were given to borrowers over 55 between April and June this year – an 8.34% increase from last year.
There were 326 retirement interest only mortgages in the same period, up 23% year on year.
By switching his buy-to-let mortgage to an RIO, Richard was able to pay off the remaining £20,000 credit card debt – and significantly reduce his monthly outgoings.
He said: “I was finally able to get out of the credit card trap.
“It’s a relief to no longer have the stress of seeing the £300 interest payments each month.”
Nicholas Mendes, mortgage technical manager, at broker John Charcol, said: “RIOs can be a flexible and cost-effective way for retirees to manage finances, allowing them to stay in their homes while accessing equity.
“However, they come with ongoing financial commitments and can affect inheritance.
“It’s essential to consider these factors carefully and consult with a financial adviser to determine if a RIO mortgage aligns with your long-term goals.”
What are the pros and cons of a retirement interest only mortgage?
Pros
There are several pros of RIO mortgages, according to Nick from John Charcol.
He said: “Since you’re only paying interest, monthly payments are lower than those of a repayment mortgage.”
“As there’s no fixed term, there’s also no pressure to repay the loan by a certain date.”
This makes them cheaper than repayment mortgages and eliminates the need for a repayment plan.
Plus, since interest is paid monthly, the loan amount doesn’t increase much, preserving more of the property’s value for inheritance.
You can also choose from fixed or variable interest rates, with terms ranging from two years to a lifetime.
A fixed-rate mortgage means your monthly payments will stay the same for the length of the agreed term.
Meanwhile, a standard variable rate (SVR) is a default rate offered by banks. You usually revert to this at the end of a fixed deal term.
If you need a little boost to your retirement fund, you can still access the equity in your home without selling it.
Of course, there are lots of things to consider when it comes to equity release, as we explain here.
Cons
There are strict requirements with an RIO, including a minimum age, property value and income assesment.
These will vary from lender to lender and may limit some people’s access to these mortgages.
Like with any mortgage, taking on an RIO is an ongoing financial commitment.
This means that anyone who takes one out must keep up with their monthly interest payments for life, or risk losing their home.
There is also a chance that taking out an RIO will lead to an inheritance reduction for anyone set to benefit from your estate after you die.
This is because the loan amount will still need to be repaid.
Lenders often offer lower loan-to-value (LTV) ratios on RIO mortgages, meaning you could borrow less compared to a standard mortgage.
The LTV is the percentage that your bank or building society is lending you to buy your home.
How to get the best deal on your mortgage
IF you're looking for a traditional type of mortgage, getting the best rates depends entirely on what's available at any given time.
If you’re remortgaging and your loan-to-value ratio (LTV) has changed, you’ll get access to better rates than before.
Your LTV will go down if your outstanding mortgage is lower and/or your home’s value is higher.
A change to your credit score or a better salary could also help you access better rates.
And if you’re nearing the end of a fixed deal soon it’s worth looking for new deals now.
You can lock in current deals sometimes up to six months before your current deal ends.
Leaving a fixed deal early will usually come with an early exit fee, so you want to avoid this extra cost.
But depending on the cost and how much you could save by switching versus sticking, it could be worth paying to leave the deal – but compare the costs first.
You can also go to a mortgage broker who can compare a much larger range of deals for you.
Some will charge an extra fee but there are plenty who give advice for free and get paid only on commission from the lender.
You’ll also need to factor in fees for the mortgage, though some have no fees at all.
You can add the fee – sometimes more than £1,000 – to the cost of the mortgage, but be aware that means you’ll pay interest on it and so will cost more in the long term.
4 weeks agoNews TopicsComments Off on I’m a mum and I’m proud to show off my body in swimsuits – people assume it’s to impress men but that’s nonsense
PLENTY of us women like to wear a bikini if we’re by the pool or sea.
But one mum has hit back at those who think it’s for attention from men.
instagram/challengeAnneliese revealed she loved showing off her mum bod[/caption]
instagram/challengeBut she was adamant it wasn’t to show off in front of men[/caption]
Anneliese King, a content creator on body positivity and parenting has amassed over 403,000 followers on Instagram.
She regularly shares her thoughts on motherhood – from parenting tactics, misconceptions and body image.
In a recent post, she emphasised the importance of mums embracing their changing bodies.
As a mum herself, Anneliese has experienced many changes over the years, and she’s more than proud to show how her body has evolved over time.
Slipping into a slinky black swimsuit she made the point of saying how she she loves her body and all it’s been through.
She outlined her favourite parts of the female body, adding these were the reasons she was happy to show it off, and not for the attention of men.
Writing on Instagram, Anneliese said: “My favourite part about having a female body is how it can birth and grow babies, make actual food to feed them, bleed 25% of the time, walk around with actual wire tightly clipped around it, have the brain capacity to be able to find key.
“And still have its purpose believed to be ‘solely for the male gaze’.”
The mum said they don’t wear tight and revealing clothes or bikinis just to get “attention” or to look ‘sl***y’.
Instead, she said they’re just desperately trying to find outfits that fit their body shapes.
She added: “We’re just here, having a hard time finding clothes that fit, but don’t make us look larger than we are and that minimise boob sweat.”
Anneliese added: “It’s so hard to hate your body. To see something in the mirror, and then see something different in a photo.
“To see thin fit people and wonder why you just can’t look that way. I just am over it. Here I am. Like if you love me.”
How to find a flattering bikini for any body type
According to Boux Avenue the best swimwear for pears shapes is a high-cut style to add length to your legs or a bold high-leg swimsuit
For those with a straight body type, the underwear brand suggests a ruched swimwear option to create shape, and emphasise your legs.
For hourglass curves, the brand suggests a strappy swimwear style, or triangle bikini.
For apple body shapes an underwired bikini is best to work with your natural volume and a crinkle high waist bikini brief.
For round body shapes supportive cups are a must and a high-cut leg will add poise to your swimwear body pose.
Since she shared the post, it’s been liked over 8,000 times, and people were quick to comment too. People thought she looked amazing in the slinky swimsuit.
One person wrote: “You are absolutely beautiful. And raising kids is a job in itself.”
Another commented: “I’m sorry I know this defeats the purpose off the post but you in that swimsuit is fire.”
“This. Your body is magnificent for all it has done, is doing and will do. You’re a hot mama,” penned a third.
Meanwhile a fourth said: “We are magical!”
“Amen to all of this,” claimed a fifth.
Someone else added: “Yes girl!”
Fabulous will pay for your exclusive stories. Just email: fabulousdigital@the-sun.co.uk and pop EXCLUSIVE in the subject line.
4 weeks agoNews TopicsComments Off on Liverpool have managed to shave £41MILLION off Federico Chiesa’s transfer fee after Jurgen Klopp started ball rolling
LIVERPOOL have managed to shave £41million off Federico Chiesa’s transfer fee.
GettyLiverpool have managed to shave £41m off Federico Chiesa’s transfer fee[/caption]
PAFormer Liverpool boss Jurgen Klopp was keen to sign the star for £51m last summer[/caption]
Last summer Liverpool was keen to sign the Italian star from Serie A.
And Juve’s asking for Chisea back then was a figure around £51m.
However, their interest in the 26-year-old did not start there as the Reds were credited with strong interest in the Italian three summers ago in the wake of his starring performances at the European Championships.
During this time he was rated in the £100m range.
But he since suffered a torrid time with injuries which as a result over time has lowered his price tag.
And for Liverpool, the wait for the ex-Fiorentina star has paid off as the Reds secured the star this week for £41m cheaper than last summer’s asking price.
The Reds have now agreed to sign the Italy international for an initial fee of £10million plus £2.5m in add-ons.
Chiesa said: “I’m very happy, I can’t wait to become new Liverpool player. Me and my family, we’re so happy really.
“Let me say thanks to Juventus and the fans, they have been always special with me.
“Now it’s time for Liverpool. I’m so happy. I can’t wait!”
Chiesa, scored nine times across 33 appearances in Serie A last season.
He was widely regarded as one of the most exciting wingers in Europe before his injury in 2022 and he starred as Italy won Euro 2021 – he was named in the team of the tournament.
In January 2022, Chiesa suffered an anterior cruciate ligament injury, ruling him out for seven months.
That has limited him to just six Serie A starts across the past 18 months.
SUNSPORT'S TRANSFER NEWS LIVE
TRANSFER Deadline Day is here - with clubs against the clock to finalise their summer business.
Chelsea reportedly remain in talks to sign Victor Osimhen from Napoli, with time running out for the Blues to complete a deal.
Meanwhile, Ivan Toney is expected to join Saudi Pro League club Al-Ahli, according to reports.
Elsewhere, Newcastle are set to walk away from their long-running pursuit of Crystal Palace centre-back Marc Guehi.
In other news, Chelsea and Juventus remain in discussions over a deal for Manchester United winger Jadon Sancho ahead of the 11pm deadline.
4 weeks agoNews TopicsComments Off on Everyone can see the grass & murky water but you have X-ray vision if you can spot the hidden turtle in under 14 seconds
A TRICKY seek-and-find puzzle will make you think twice about what could be lurking in lakes before going for a swim.
Can you spot the turtle hiding beneath the water?
RedditA Reddit user shared a photograph of a turtle hiding in murky water[/caption]
Fish are the first animal that comes to mind when thinking about the creatures making a splash in any natural pool.
But, a post on Reddit’s Find The Sniper forum is a reminder that sealife can be very unpredictable.
“Find the turtle,” a user said, writing under the handle Butterkush93.
“Bonus points if you can ID that bird for me.”
They shared a photo of a murky lake with rocks and grass easily visible, while the turtle was hidden in plain sight.
You’ll need X-ray vision to spot the animal in 14 seconds or less.
Thousands of people upvoted the post as they challenged themselves to find the turtle.
Several puzzlers confessed they were stumped and made jokes about being distracted by the bird.
“Is it a turtle dressed as a bird?” one person said.
“I’m busy looking at little idiot bird,” another chimed in.
“Found the turtle. ID’d the bird. He had a driver’s license. His name is Birdy McBirdface,” a third added.
Have you found the turtle yet?
A Redditor shared a clue saying “it’s always dead center.”
However, the hint still takes blocking out distractions to spot the turtle among the moss and rocks.
If you’re struggling to find the animal look at the water directly below where the bird is perched.
Once you’re ready to find out where the turtle was hiding scroll down to the solution below.
RedditA turtle can be spotted beneath the water toward the center of the photograph[/caption]
The turtle almost seamlessly blends in with its surroundings as it lurks in the water toward the center of the photo.
MORE BRAINTEASERS
Puzzlers were previously left scratching their heads by a challenge shared on the Reddit forum by the user TheMilkStore.
At first glance, the photo appears to show nothing but a gray carpet.
Can you spot the dropped ring?
Reddit/ TheMilkStoreA Reddit user shared a photo of a difficult to spot ring dropped on gray carpet[/caption]
The Redditor who shared the brainteaser confessed it took them a “few days” to find the ring once it fell on the carpet.
Only people with 20/20 vision can solve the challenge in 30 seconds or less.
One person revealed they got a headache from searching, while another said they found the ring by focusing on looking for the shape rather than the color.
If you’re ready to give up looking scroll down to the solution below to find out where the ring was hidden.
Reddit/ TheMilkStoreA gold ring can be found on the gray carpet when you zoom into the middle of the photo[/caption]
A dainty gold ring can be spotted on the gray carpet towards the middle of the photo.
Thousands of Redditors were baffled by a post on the forum by the user LaLaJaJa2016.
Can you find the sneaky animal lurking in the tree bark?
You’ll have to be quick to beat the 20-second record.
Reddit/ FindTheSniperA Reddit user shared a photo of an animal camouflaged in tree bark[/caption]
A Redditor said it took them a “good little amount of time” to spot the animal after failing to be the quickest to solve the challenge.
Another described the animal as “well camouflaged” as they tried to convince other puzzlers the brainteaser wasn’t impossible.
Here’s a hint: The creature is near the middle of the photo.
Once you’re ready to check your answer scroll down to the solution below.
Benefits of brainteasers and optical illusions
Researchers have developed many tests to show how various brain regions react to brainteasers and optical illusions. There are many benefits.
They are not only entertaining, but they also shed light on how our brains interpret visual data.
By giving your brain a little workout regularly, you enhance your ability to focus and observe details.
Studies have shown people who regularly challenge themselves with optical illusions and puzzles see big improvements in their problem-solving skills, concentration, and attention.
Improved concentration and attention span can help prevent cognitive decline in old age.
Optical illusions can improve eyesight by allowing you to see small print.
Reddit/ FindTheSniperA frog can be found in the tree bark toward the middle of the photograph[/caption]
