Women who wait until December will pay up to 20% more for their life cover.

For a long time the cost of insurance has been going down, but with the gender directive coming into force at the end of this year, the cost of insurance for women will be going up. Industry experts have speculated that life premiums could rise by as much as 20%.¹

The changes will take effect in December, so if you want to take advantage of cheaper life insurance, the message is clear: now is the best time to buy!

It's not just working mums who need life insurance. Despite the fact that many women bring home the bacon, there are still as many who are at home cooking it. The value of the work a mum does around the home could be as much as £30,000 a year.² This includes the cost of household chores such as cooking, cleaning, ironing, and shopping, as well as the cost of bringing up the children. The day-to-day costs of looking after the little ones have gone up 8% over the last 2 years, from £132 a week to £143.

Even those mums who have part-time jobs don't hugely reduce the amount of time dedicated to parenting - the value of part-time working mums comes to £28,664 and.it is important to plan for a future where mum might not be there.

At the moment, over 50% of mums don't have life insurance. With the government's austerity measures hitting families hardest, and the cost of living continuing to rise, a chance to protect mums while the cost is low could be some good news in these difficult times?

Sources:

¹ ABI research paper, 'The use of gender in insurance pricing', 2010.

² And all other figures, www.legalandgeneralgroup.com, March 2011.

Nationwide Building Society 95% mortgages through Newbuy scheme

From Tuesday 13 March 2012, Nationwide has started to accept applications under the Government's NewBuy scheme. The scheme could help you buy a new build house or flat with a mortgage up to 95% Loan to Value (you only need a 5% deposit).

Initially, Nationwide will only accept NewBuy cases from customers who have applied through an intermediary (Mortgage Broker). 

The property must be your main residence and cannot be used for a holiday or second home, or a Buy to Let and must be owner occupied.
Applicants who are non-EEA nationals must have indefinite leave to remain.
Applications are subject to standard affordability and underwriting policy.
NewBuy applications are only accepted on a capital and repayment basis

A minimum deposit of 5% is required on all NewBuy cases which can only come from: The applicants own resources, a gift from family/friends (the gift must not be repayable under any circumstance and have no conditions attached) or a combination of both.

Builder cash backs/deposits and other financial incentives such a payment towards legal fees, stamp duty, mortgage subsidies or part-exchange of your clients existing property will not be permitted in conjunction with a NewBuy application. Non-financial incentives such as soft furnishings, white goods, carpets etc are allowed. 

The only acceptable builders are : Barratts, Bellway, Bovis, Persimmon, Redrow and Taylor Wimpy.