July 2023

Welcome to our Summer Newsletter!

With the end of the second quarter of 2023, mortgages may be on your mind after another base rate rise. Interest rates have recently reached 5% as an attempt to try and bring inflation rates down to ease the severity of the cost of living crisis. Read below for further information.

June has also been a month of environmental awareness and protection with World Environment day on the 5th and World Ocean Day on the 8th. Click the button below to visit Omnis's Sustainable Investing page to find out how Omnis is sustainably managing funds and their approach to Environmental, Social and Governance factors.

As the devastation of the war in Ukraine continues to rage on, please see the button located at the bottom of this update that link to The Openwork Foundation's charity appeal if you would like to donate to Ukraine.

We hope you enjoy the read and welcome any feedback or suggestions of content you would like to learn or read about.

Are you renting and feel you are stuck in the “rent cycle” unable to save a deposit for your first home?

A UK lender has started offering a 100% mortgage for first-time buyers, where no deposit is required, if you:

• have proof of having paid at least 12 months' rent in a row, during the last 18 months.
• have experience of paying all household bills (e.g utility bills, council tax etc) for at least 12 months in a row.

If you are looking to take your first steps on the property ladder get in touch for a chat.

YOUR HOME MAY BE REPOSSESSED IF YOU DO NOT KEEP UP REPAYMENTS ON YOUR MORTGAGE.

There are other conditions that must be met in order to be eligible for this product which we can discuss with you.

Approved by The Openwork Partnership on 12/05/2023.

Inflation is a measure of how prices of goods and services are changing in the UK and it can have a big impact on household finances.

Use this Inflation Calculator to work out your personal inflation rate.

You may be able to turn £800 into £5,500 in your state pension.

You now have until 5 April 2025 to pay voluntary national insurance (NI) contributions on gaps in your NI record between 2006 and 2016.

This is the second deadline extension – it was previously changed from 5 April to 31 July 2023 – and follows reports that Government helplines have been completely overwhelmed in recent months, preventing callers from being able to get the necessary advice.

In addition to extending the deadline, the cost of paying voluntary NI contributions will remain frozen until 5 April 2025.

So if you're years away from state pension age, you've more time to decide if paying to plug gaps in your NI record is right for you – just don't put it off too long.

Click here for more information.

You may wonder how long you should stay invested for, the recommended minimum investment horizon to invest in our funds is 5 years.

The video below provides an easy explanation from Rohit Vaswani, the Client Portfolio Manager at Omnis, on the importance of having a long term horizon, to allow your money to grow and achieve your financial objective.

And for those who like to get into the nitty gritty of their portfolio, click the button below to read the Omnis Bond Investment Perspective for more detail.

You may already have you Will in place, but have you ever considered setting up a Lasting Power of Attorney?

A Lasting Power of Attorney ensures that your financial affairs are taken care of should you lose the capacity to do so yourself. You can also set up an LPA to look after your health and welfare.

If you should lose capacity without an LPA in place, your relatives will have to go to the Court of Protection to apply for a Deputyship – a costly process.

While the Court will make every effort to act in your best interests, you cannot assume that they will make the decision you would wish for and choose who you would want to act as your Deputy.

And regarding your health and welfare, likelihood is that decisions about how you are looked after may be taken by the Court without knowledge of your wishes.

Strategy Financial Limited is an appointed representative of The Openwork Partnership, a trading style of Openwork Limited, which is authorised and regulated by the Financial Conduct Authority.

Openwork Limited, Omnis Investments Limited and Openwork Wealth Services Limited are separate companies within the Openwork Group.

Openwork Limited is authorised and regulated by the Financial Conduct Authority. Registered in England and Wales under registered number 04399725. Registered office: Washington House, Lydiard Fields, Swindon, SN5 8UB.

Omnis Investments Limited is authorised and regulated by the Financial Conduct Authority. Registered in England and Wales under registered number 06582314. Registered office: Washington House, Lydiard Fields, Swindon, SN5 8UB.

Openwork Wealth Services Limited is authorised and regulated by the Financial Conduct Authority. Registered in England and Wales under registered number 10266077. Registered office: Washington House, Lydiard Fields, Swindon, SN5 8UB.