Financial Overview: Income & Expenditure Totals, Mortgage & Protection budgets
We've listened to recent feedback on the Financial Overview and have released several new features:
Mortgage Budget
We recently made a change to allow advisers to capture a Protection budget. You can now add a Mortgage budget too.
Income & Expenditure Changes
We've added a caption to the bottom of the Financial Overview explaining the field names included in the totals.
What does that mean for inputting income and expenditure?
Income
The Other Monthly Income inputs must be recorded as Net to calculate correctly in the Financial Overview, Net Monthly Income.
Retirement/Pension Income - In the Employment section, there is a field for Annual Gross Retirement Income field. Please include Retirement Income (Net) under 'Other Monthly Income' - 'Pension Income' for it to be included in the Expenditure Monthly Total.
Existing Property Rent – This field must also be recorded as Net to calculate correctly in the Financial Overview, Net Monthly Income.
Expenditure
Mortgage vs Existing Property - If a Mortgage is in progress, enter the mortgage payment figure once under Mortgage. Once the mortgage status hits completed this figure will move to the Existing Properties section. You are not required to provide this twice. If the Tenure = Leasehold, the Ground Rent and Service Charge figures are also only required to be entered once.
We have removed the field Credit Commitments from the Outgoings section. If you provided a figure in this field, please enter it in the Credit Commitments section instead to be included in the Expenditure total.
If a Credit commitment or Mortgage payment (Remortgage or Product transfer) is to be added to the mortgage, this will be included in the Expenditure Monthly total on the Financial Overview.
What's Coming Next?
If a Mortgage, Existing Property or Credit commitment will be paid before completion of the new Mortgage, it is currently being captured in the Expenditure calculations. We are making changes to this so it will not be included in the Expenditure calculations. We will provide an update once this change has been made.
If you have any questions, please refer to the caption at the bottom of the Financial Overview section or reach out to your CS rep.