Money talks! New series sees celebrity property expert Tayo Oguntonade help one family plan for the future (and their forever home)
Ad Feature by Skipton Building Society
If you’re juggling a busy family and work life, it can be hard enough to get through all the things you need to do day-to-day, let alone think about the future.
That’s especially true when it comes to personal finance, where gaps in your knowledge and confusing industry jargon can make the prospect of tackling the subject seem all the more daunting.
It may also require you to make some tricky choices, particularly if you’re thinking about buying a home where you could spend the rest of your life.
One couple facing a big financial decision are Sarah and Andy who star in new Channel 4 YouTube series Make Your Move, hosted by property guru Tayo Oguntonade.
Property guru and television presenter Tayo Oguntonade quizzes Sarah and Andy about their finances
The couple arriving at the property Tayo has found for them in the north of Leicester
Tayo's top 3 tips for future-planning
Property guru Tayo Oguntonade
1 - Consider additional borrowing - This can be a great way to access funds for a renovation. It could mean you don't have to save up any cash because you use the equity that already exists in your home. However, you will be taking on more debt and paying more interest in the long term. Always make sure you speak to a mortgage expert. Lending is subject to criteria including affordability and conduct of your account.
2 - Think about opening up a Junior ISA - These are a great way to save for your children's future. You can put away up to £9,000 each tax year for a child, and it's also free of capital gains tax, dividend tax and income tax.
3 - Consider your time horizon when it comes to saving - With younger kids you tend to have a bit more time, so you can consider smaller contributions and even think about locking away your funds for some time. However, with older kids your goal is typically sooner, so you want to think about accessibility.
The married couple - who live with their three children and two dogs in Aylestone, Leicester - both agree they need more space, but are unsure whether to extend their current home or move somewhere bigger.
Working alongside the friendly experts at Skipton Building Society, Tayo reveals how they could make their forever home a reality – while also helping them with other aspects of personal finance, like building up savings pots for their children.
Sarah believes her and Andy’s work situation has made their need for more space especially pressing.
‘We are both working from home, so we’d like our own office or separate workspace,’ she says.
In the episode, we see Tayo scrutinising the couple’s finances to see how much money they could potentially borrow to take that next step up the property ladder.
He then surprises them by revealing he’s found a house that meets all their requirements and which would be in budget if it were on the market.
Not only that - instead of just going to see it, they will actually be able to stay there for a whole 24 hours…
Safe to say, it went down a treat!
‘We thought about what it would be like to have so much space and the difference it could make to our home life,’ Sarah says of the eight-bedroom house to the north of Leicester.
‘The kids were impressed with the size – and the garden.’
While having more living space is a key priority for Sarah and Andy they have other financial goals too – like saving for their children.
Sarah and Andy sit on a terrace overlooking the large garden
The couple chat with Andy Messenger, a savings specialist at Skipton Building Society
Tayo books them an appointment with Andy Messenger, a savings specialist at Skipton Building Society, to run through their options.
Sarah says she found the experience ‘helpful’, adding: ‘We are making saving a priority to enable the children to do things like go to university.
‘It was useful to know more about the options open to us.’
It’s obvious that getting expert advice from Tayo and Skipton Building Society hugely helped the couple, but that leaves one crucial question unanswered - what did they decide to do when the 24 hours were up?
And are they any closer to buying their forever home?
Watch episode three of Make Your Move now at skipton.co.uk/make-your-move/moving-up to find out!
Revealed: Three options to help build your future wealth
Andy Messenger, a savings specialist for Skipton Building Society, explains the products that could make your money work harder
Andy Messenger, a savings specialist for Skipton Building Society, is dedicated to helping people work out the best ways to achieve their financial goals.
Here, he explains the Skipton Building Society products and services you could use to make your money work harder.
1. ISAs
Skipton Building Society offers a wide range of cash ISAs, from easy access cash ISAs to fixed cash ISAs – where funds are locked away for a period. And if you're thinking even longer term, you could also think of a Stocks & Shares ISA if you're willing to take some risk.
You can save or invest up to £20,000 in ISAs each tax year without paying tax on any interest, dividends or capital gains. Adults can also put aside up to £9,000 annually into a Junior ISA, on behalf of a child.
‘ISAs allow you to build up your savings without paying tax,’ says Andy. ‘Junior ISAs can be held in the name of the child if they're 16 or over, or someone with parental responsibility, and at 18 the child automatically has access to the money.’
2. Pension Planning
Retirement can be an incredible opportunity to do more of the things you love. But how you prepare and build up your pensions can have a big impact on what kind of lifestyle you're able to lead.
Taking advantage of Skipton Building Society’s Pension Planning service could help you feel more confident about retirement and make more of your pension tax benefits.
‘Your financial adviser may look at how much risk you're comfortable taking, fees and your existing plan’s performance,’ Andy says. ‘If it's suitable to do so, then our adviser can help by moving the pensions to our preferred provider. But if it’s best keeping them where they are we’ll let you know.'
With Skipton, you can invest from £20,000 as a lump sum or £500 per month. For advice on existing pensions and investments, the minimum amount is £50,000.
3. My Money Review
Skipton Building Society provides a free service called My Money Review, where a savings specialist asks about your money goals and provides recommendations for achieving them.
‘The aim is to understand what the customers’ savings goals are, what they have done towards these goals already, and how we can help them get there,’ says Andy.
‘Once the savings specialist has spent the time to really get to know you, they make tailored recommendations which you can take away to consider, all of which is covered by our no pressure promise.
'This means we'll speak to you about the things that matter most to you, and provide information about products and services, then let you make an informed decision in your own time.'
Find out more at skipton.co.uk/make-your-move/moving-up
Stock market based investments are not like Building Society savings accounts. The value of your investments and any income can go down or up and you may get back less than you invested. The way your pension/investment is taxed depends on personal circumstances. Tax rules may change in the future.
