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DEAR TRICIA.

Byline: Edited by TRICIA PHILLIPS

Need some practical financial advice? YOUR MONEY Editor Tricia Phillips and her team can help QI have just inherited a property and it needs work doing before I either move in or sell it on. How long do I have to wait before I can apply for a mortgage on it to pay for the work needed? A Usually, if you are gifted an unencumbered property you have to wait six months. This is to reduce the potential risk of money laundering. However, if it can be proved that you inherited this in a will there are mortgage lenders that will consider an application immediately.

QI am retiring in a few months. I have a private pension pot and need to access some, but not all the tax-free cash or income from it. Do I have to take it all? A No, you can crystallise a proportion should you wish. You will receive 25% of it as your tax-free pension commencement lump sum and the remainder can be used to buy an income. Your attitude to risk and retirement objectives will determine whether you purchase an annuity or drawdown income. Please talk to a pensions professional before making a decision.

QI am self-employed, single and expecting my first child. My parents are going to help out but I am worried I won't be able to afford to live. I think I will earn around PS15,000 working part-time. Will I be entitled to any benefits? A You will get child benefit which is currently PS20.50 per week (PS1,066 annually) and possibly child tax credit. Child Tax Credit is a payment to support families with children. You can claim it if you are responsible for at least one child, or have a qualifying young person who usually lives with you. You may be able to claim up to PS3,330 a year on your expected income level.

Q We have an interest-only mortgage and our endowment won't pay it all off. Therefore it is likely we will have to re-mortgage into retirement. Do mortgage lenders lend into retirement and what incomes do they accept? A Yes, most lend up to age 70 or 75, although recent stricter lender rules mean it is more difficult to get mortgages later in life. They will accept state pensions, company pension payments, annuities or fixed-term annuities, or any earned income from employment.

Q This is the first year I have invested into an ISA. I won't have used all my allowance by the end of the tax year. Can I roll it over to next year? A No. It's a use it or lose it allowance. If you do have surplus money to invest it would make sense to invest or deposit before April 5 and this would leave your whole allowance for next year available.

Thanks to our independent financial advisers - The Money Map (0800 848 8250) and PMI's John Stewart (0800 018 3751). For independent advice send an SAE to Your Money Independent Advice Bureau, Daily Mirror, One Canada Square, Canary Wharf, London, E14 5AP. Please give your age, income, family circumstances and details of financial products you want advice on, along with your phone number.

Or email money@mirror.co.uk marked "advice"

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Title Annotation:Features
Publication:The Mirror (London, England)
Date:Mar 11, 2015
Words:548
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