Financial Advisor Ver 3.0 by Gary Perlmutter MLIA (dip) - (c) 1996

This program could save you pounds!!!!!

At the present time in the UK there are hundreds of mortgage deals being offered by the various Buliding Societies and Banks.

This program will help you work out the monthly savings you can make by remortgageing to a new lender, and so help you decide whether a move is worthwhile.

If you are borrowing more than usually 75% of the value of your property, then there may be a 'mortgage indemnity premium' to pay. I have included a module which calculates this fee.

As an extra facility, if you make contributions to a pension plan, the Pension option will work out the contributions net of tax relief, at both 24 and 40% tax breaks.

Installation
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The zip file contains 3 files:

advisor.opa - should be in your app directory on any drive
fin.pic - should be in your opd directory on same drive
readme.txt - the file you are now reading

Once copied to your Psion, install via the system screen using the menu or psion-I.

Program Intstructions
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Once running, press the 'menu' key to display the following options.

Mortgage Payment Module
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Firstly enter the monthly interest rate, then use the down arrow key to enter the amount of your mortgage.

On the unregistered version, the MIRAS ( mortgage interest tax relief at source) is fixed at £30,000 and 15% tax relief, which is the maximum allowable. However this can be changed on the registered version.

Finally press enter, and the monthly interest payment is calculated. This is the payment you will make to the lender, but does not include any additional endowment or life policy premium you may be paying, as these are not affected by the interest rate.

Pressing Esc takes you back one page at a time to the main menu.

Please note, this module does not calculate repayment (capital and interest) mortgages at present. However this may appear in a later update if there are sufficient requests.

Mortgage Indemnity Module
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This is the policy that most lenders make a cost to you, if you borrow over usually 75% of the value of your property. You should take this fee into account if you are considering a remortgage.

To use firstly enter your property value, followed by the amount you are borrowing and finally the percentage that the lender will charge on the extra over the 75% loan to value. The lender will tell you this figure. 

The result will be the premium, which will need to be paid on completion, although some lenders allow you to add this to the loan.

The non-registered version assumes that this fee comes into play at 75%, but the registered version allows this figure to be changed.

Pension Module
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Here you can enter any one of the following, and the computer calculates the other two options.

PRAS Contribution - If you are an employee than you probably make this payment to your pension, where the 24% tax relief is deducted at source.

Gross Contribution - If you are self-employed or have a pre 1988 pension contract, then you pay you contributions gross and receive your tax relief back via the tax man.

Net Contribution - If you are a 40% tax payer, then you will receive tax relief at this level on your gross contributions. Make sure you notify the tax man to receive this extra allowance.

Use the arrow keys to move about the screen, press enter to display the answer and press esc to move back to the main menu.

The non-registered version assumes tax relief at 24% and 40%, but these rates can be changed on the registered version.


Registering
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To obtain the registered version, you can use Compuserves registration service, simply GO SWREG, and quote 10346. The sum of $10 (£7 approx) will be charged to your normal payment method, and I will download the registered version to you.

Alternatively, simply send £7.00 cash or cheque payable to Gary Perlmutter, at 114 Feltham Hill Road, Ashford, Middlesex, TW15 2BX.

In return I will send you a 3.5" floppy disk with the full version, or if you you let me have your E-mail address, on receipt of your payment, I will upload the file to you.

Should you have comments, please e-mail me at 100304.2006@compuserve.com