# migrations

dir: sysdb
filename: 00001-collections.sqlite.sql
hash: 38352d725ad1c16074fac420b22b4633
sql:
CREATE TABLE collections (
    id TEXT PRIMARY KEY,
    name TEXT NOT NULL,
    topic TEXT NOT NULL,
    UNIQUE (name)
);

CREATE TABLE collection_metadata (
    collection_id TEXT REFERENCES collections(id) ON DELETE CASCADE,
    key TEXT NOT NULL,
    str_value TEXT,
    int_value INTEGER,
    float_value REAL,
    PRIMARY KEY (collection_id, key)
);


dir: sysdb
filename: 00002-segments.sqlite.sql
hash: 2913cb6a503055a95f625448037e8912
sql:
CREATE TABLE segments (
    id TEXT PRIMARY KEY,
    type TEXT NOT NULL,
    scope TEXT NOT NULL,
    topic TEXT,
    collection TEXT REFERENCES collection(id)
);

CREATE TABLE segment_metadata (
    segment_id TEXT  REFERENCES segments(id) ON DELETE CASCADE,
    key TEXT NOT NULL,
    str_value TEXT,
    int_value INTEGER,
    float_value REAL,
    PRIMARY KEY (segment_id, key)
);


dir: sysdb
filename: 00004-tenants-databases.sqlite.sql
hash: 048867ce8fcdefe4023c7110e4433591
sql:
CREATE TABLE IF NOT EXISTS tenants (
    id TEXT PRIMARY KEY,
    UNIQUE (id)
);

CREATE TABLE IF NOT EXISTS databases (
    id TEXT PRIMARY KEY, -- unique globally
    name TEXT NOT NULL, -- unique per tenant
    tenant_id TEXT NOT NULL REFERENCES tenants(id) ON DELETE CASCADE,
    UNIQUE (tenant_id, name) -- Ensure that a tenant has only one database with a given name
);

CREATE TABLE IF NOT EXISTS collections_tmp (
    id TEXT PRIMARY KEY, -- unique globally
    name TEXT NOT NULL, -- unique per database
    topic TEXT NOT NULL,
    dimension INTEGER,
    database_id TEXT NOT NULL REFERENCES databases(id) ON DELETE CASCADE,
    UNIQUE (name, database_id)
);

-- Create default tenant and database
INSERT OR REPLACE INTO tenants (id) VALUES ('default_tenant'); -- The default tenant id is 'default_tenant' others are UUIDs
INSERT OR REPLACE INTO databases (id, name, tenant_id) VALUES ('00000000-0000-0000-0000-000000000000', 'default_database', 'default_tenant');

INSERT OR REPLACE INTO collections_tmp (id, name, topic, dimension, database_id)
    SELECT id, name, topic, dimension, '00000000-0000-0000-0000-000000000000' FROM collections;
DROP TABLE collections;
ALTER TABLE collections_tmp RENAME TO collections;


dir: sysdb
filename: 00005-remove-topic.sqlite.sql
hash: b1367c826b8fba5f96f27befdc1d42d2
sql:
-- Remove the topic column from the Collections and Segments tables

ALTER TABLE collections DROP COLUMN topic;
ALTER TABLE segments DROP COLUMN topic;


dir: sysdb
filename: 00006-collection-segment-metadata.sqlite.sql
hash: 4eea7468935bf25d4604a0fed2366116
sql:
-- SQLite does not support adding check with alter table, as a result, adding a check
-- involve creating a new table and copying the data over. It is over kill with adding
-- a boolean type column. The application write to the table needs to ensure the data
-- integrity.
ALTER TABLE collection_metadata ADD COLUMN bool_value INTEGER;
ALTER TABLE segment_metadata ADD COLUMN bool_value INTEGER;


dir: sysdb
filename: 00007-collection-config.sqlite.sql
hash: 1c7e63bba346a42a18b6ab7f1c989bed
sql:
-- Stores collection configuration dictionaries.
ALTER TABLE collections ADD COLUMN config_json_str TEXT;


dir: sysdb
filename: 00008-maintenance-log.sqlite.sql
hash: 0a0e7e93111a01789addf64961c6127c
sql:
-- Records when database maintenance operations are performed.
-- At time of creation, this table is only used to record vacuum operations.
CREATE TABLE maintenance_log (
  id INT PRIMARY KEY,
  timestamp INT NOT NULL,
  operation TEXT NOT NULL
);


dir: sysdb
filename: 00009-segment-collection-not-null.sqlite.sql
hash: 054355aef9e63702bf54ea29e61563f1
sql:
-- This makes segments.collection non-nullable.
CREATE TABLE segments_temp (
    id TEXT PRIMARY KEY,
    type TEXT NOT NULL,
    scope TEXT NOT NULL,
    collection TEXT REFERENCES collection(id) NOT NULL
);

INSERT INTO segments_temp SELECT * FROM segments;
DROP TABLE segments;
ALTER TABLE segments_temp RENAME TO segments;


dir: metadb
filename: 00001-embedding-metadata.sqlite.sql
hash: 2b4cf52c4bb2676e21d6860a4409f856
sql:
CREATE TABLE embeddings (
    id INTEGER PRIMARY KEY,
    segment_id TEXT NOT NULL,
    embedding_id TEXT NOT NULL,
    seq_id BLOB NOT NULL,
    created_at TIMESTAMP NOT NULL DEFAULT CURRENT_TIMESTAMP,
    UNIQUE (segment_id, embedding_id)
);

CREATE TABLE embedding_metadata (
    id INTEGER REFERENCES embeddings(id),
    key TEXT NOT NULL,
    string_value TEXT,
    int_value INTEGER,
    float_value REAL,
    PRIMARY KEY (id, key)
);

CREATE TABLE max_seq_id (
    segment_id TEXT PRIMARY KEY,
    seq_id BLOB NOT NULL
);

CREATE VIRTUAL TABLE embedding_fulltext USING fts5(id, string_value);


dir: metadb
filename: 00002-embedding-metadata.sqlite.sql
hash: 12a570f7121b3a8ce750a2a7c36da20f
sql:
-- SQLite does not support adding check with alter table, as a result, adding a check
-- involve creating a new table and copying the data over. It is over kill with adding
-- a boolean type column. The application write to the table needs to ensure the data
-- integrity.
ALTER TABLE embedding_metadata ADD COLUMN bool_value INTEGER


dir: metadb
filename: 00003-full-text-tokenize.sqlite.sql
hash: f97ad6334aeaa8f419f01110b648b97a
sql:
CREATE VIRTUAL TABLE embedding_fulltext_search USING fts5(string_value, tokenize='trigram');
INSERT INTO embedding_fulltext_search (rowid, string_value) SELECT rowid, string_value FROM embedding_metadata;
DROP TABLE embedding_fulltext;


dir: metadb
filename: 00004-metadata-indices.sqlite.sql
hash: fb36603a45ee2cd0254cef3ef86585e8
sql:
CREATE INDEX IF NOT EXISTS embedding_metadata_int_value ON embedding_metadata (key, int_value) WHERE int_value IS NOT NULL;
CREATE INDEX IF NOT EXISTS embedding_metadata_float_value ON embedding_metadata (key, float_value) WHERE float_value IS NOT NULL;
CREATE INDEX IF NOT EXISTS embedding_metadata_string_value ON embedding_metadata (key, string_value) WHERE string_value IS NOT NULL;


dir: metadb
filename: 00005-max-seq-id-int.sqlite.sql
hash: 0e9de46758761b373ce682925edcc326
sql:
ALTER TABLE max_seq_id ADD COLUMN int_seq_id INTEGER;

-- Convert 8 byte wide big-endian integer as blob to native 64 bit integer.
-- Adapted from https://stackoverflow.com/a/70296198.
UPDATE max_seq_id SET int_seq_id = (
  SELECT (
       (instr('123456789ABCDEF', substr(hex(seq_id), -1 , 1)) <<  0)
     | (instr('123456789ABCDEF', substr(hex(seq_id), -2 , 1)) <<  4)
     | (instr('123456789ABCDEF', substr(hex(seq_id), -3 , 1)) <<  8)
     | (instr('123456789ABCDEF', substr(hex(seq_id), -4 , 1)) << 12)
     | (instr('123456789ABCDEF', substr(hex(seq_id), -5 , 1)) << 16)
     | (instr('123456789ABCDEF', substr(hex(seq_id), -6 , 1)) << 20)
     | (instr('123456789ABCDEF', substr(hex(seq_id), -7 , 1)) << 24)
     | (instr('123456789ABCDEF', substr(hex(seq_id), -8 , 1)) << 28)
     | (instr('123456789ABCDEF', substr(hex(seq_id), -9 , 1)) << 32)
     | (instr('123456789ABCDEF', substr(hex(seq_id), -10, 1)) << 36)
     | (instr('123456789ABCDEF', substr(hex(seq_id), -11, 1)) << 40)
     | (instr('123456789ABCDEF', substr(hex(seq_id), -12, 1)) << 44)
     | (instr('123456789ABCDEF', substr(hex(seq_id), -13, 1)) << 48)
     | (instr('123456789ABCDEF', substr(hex(seq_id), -14, 1)) << 52)
     | (instr('123456789ABCDEF', substr(hex(seq_id), -15, 1)) << 56)
     | (instr('123456789ABCDEF', substr(hex(seq_id), -16, 1)) << 60)
    )
);

ALTER TABLE max_seq_id DROP COLUMN seq_id;
ALTER TABLE max_seq_id RENAME COLUMN int_seq_id TO seq_id;


dir: embeddings_queue
filename: 00001-embeddings.sqlite.sql
hash: d3755dfd232be8e8301f4d7fcfb3a486
sql:
CREATE TABLE embeddings_queue (
    seq_id INTEGER PRIMARY KEY,
    created_at TIMESTAMP NOT NULL DEFAULT CURRENT_TIMESTAMP,
    operation INTEGER NOT NULL,
    topic TEXT NOT NULL,
    id TEXT NOT NULL,
    vector BLOB,
    encoding TEXT,
    metadata TEXT
);


# collections

id: f4fe31d9-8001-495e-8165-cc7dc6f2990b
name: langchain
database_id: 00000000-0000-0000-0000-000000000000
config_json_str:
{"vector_index":{"hnsw":{"space":"l2","ef_construction":100,"ef_search":100,"max_neighbors":16,"resize_factor":1.2,"sync_threshold":1000}},"embedding_function":null}


# embedding_metadata

key: chroma:document
string_value:
What is a mortgage?
A mortgage is a loan used to purchase a home or other real estate. The property itself serves as collateral for the loan.

How can I save for a house deposit?
Start by setting a savings goal, creating a budget, and regularly setting aside money in a high-interest savings account or an ISA.

What is an ISA?
An Individual Savings Account (ISA) is a tax-free savings or investment account available to residents of the UK.

How do I improve my credit score?
Pay your bills on time, reduce outstanding debt, avoid applying for too much credit at once, and check your credit report for errors.

What are the benefits of financial planning?
Financial planning helps you set goals, manage your money, prepare for emergencies, and achieve long-term financial security.


key: chroma:document
string_value:
Mortgage Info for Finedica 
 
1. Types of Mortgages Available in the UK 
a)  Fixed-Rate Mortgage  
○  The interest rate stays the same for a set period (for example, 2, 5, or 10 
years).  
○  Monthly payments stay the same during this time.  
○  Often starts with a slightly higher rate compared to variable options.  
b)  Variable-Rate Mortgage  
○  The interest rate can go up or down depending on changes by the lender.  
○  Monthly payments can increase or decrease.  
○  Usually based on the lender’s own standard interest rate.  
c)  Tracker Mortgage  
○  The interest rate follows the Bank of England base rate, plus a set 
percentage.  
○  If the base rate goes up or down, your interest rate and payments will change 
in line with it.  
○  Clear to understand, but there is a risk of rising payments.  
d)  Discounted Variable-Rate Mortgage  
○  Offers a discount off the lender’s standard interest rate for a set period.  
○  Starts with lower payments.  
○  Payments can still change if the lender’s standard rate changes.  
e)  Offset Mortgage  
○  Links your savings account to your mortgage balance.  
○  You only pay interest on the difference between your mortgage and your 
savings.  
○  Flexible option, but your savings will not earn separate interest.  
f)  Guarantor Mortgage  
○  A family member (often a parent) guarantees the mortgage.  
○  Useful if you have a small deposit or a lower income.  
○  The guarantor’s savings or property may be at risk if you cannot keep up with 
repayments.  
g)  Shared Ownership Mortgage  
○  Allows you to buy a share of a property (for example, 25%–75%) and pay rent 
on the remaining share.  
○  Mortgage needed only for the part you own.  
○  Makes buying a home more affordable but rent can increase over time.  
h)  Help to Buy Equity Loan (ended March 2023)  
○  The government provided a loan of up to 20% of the property value (up to 
40% in London) for new-build homes.  
○  Buyers needed only a 5% deposit.  
○  You must repay the loan, with interest added after five years.  
○  Note: The national scheme has ended, but local or regional schemes may 
still exist.  
i)  Joint Borrower, Sole Proprietor Mortgage  
○  Allows you to use the income of family members to help you borrow more 
without giving them ownership of the property.  
○  Helps you increase your borrowing amount without extra property taxes for 
second homes.  
 
2. Key Points First-Time Buyers Should Consider 
a)  Deposit Size  
○  Minimum deposit is usually 5% of the property price.  
○  A deposit of 10% or more gives access to better interest rates.  
○  A 20% to 25% deposit usually gets the best deals.  
b)  Mortgage Term (Length of the Loan)  
○  A longer term, such as 30 or 40 years, reduces monthly payments but means 
you pay more interest overall.  
○  A shorter term has higher monthly payments but costs less in total interest.  
c)  Affordability  
○  Lenders check your income, debts, and living costs to decide how much you 
can borrow.  
○  Always be realistic about what monthly payments you can afford, especially if 
interest rates rise.  
d)  Interest Rates  
○  Fixed-rate mortgages give certainty about payments.  
○  Variable-rate mortgages could save you money if rates fall but can become 
more expensive if rates rise.  
e)  Fees  
○  Expect to pay for arrangement fees, valuation fees, and legal fees.  
○  Fees can add up to between £1,000 and £2,000 or more.  
○  Sometimes it is better to choose a mortgage with no fees, even if the interest 
rate is slightly higher.  
f)  Credit Score  
○  A strong credit score helps you get better mortgage deals.  
○  Check your credit report and improve it before applying if needed.  
g)  Government Schemes  
○  Check if you are eligible for schemes like Shared Ownership or First Homes.  
○  These can make buying more affordable.  
h)  Overpayment Options  
○  Some mortgages allow you to pay more than your required monthly payment 
without penalties.  
○  Overpaying can reduce your mortgage term and the total interest you pay.  
i)  Insurance  
○  Buildings insurance is required to protect the property.  
○  Life insurance and income protection insurance are worth considering to 
protect your home if your circumstances change.  
j)  Early Repayment Charges  
○  Some fixed-rate and tracker mortgages charge a penalty if you repay early or 
move before the deal ends.  
○  Check these charges if you think you might move house or repay the loan 
early.  
k)  Future Plans  
○  Think about how long you plan to stay in the property.  
○  A mortgage deal with heavy penalties for early exit could be costly if you 
move sooner than expected.


3. Simple Mortgage Terminology List (For Beginners) 
●  Mortgage: A loan to help you buy a property. You repay it over time with interest.  
●  Deposit: The money you put down yourself when buying a home. It’s a percentage 
of the property’s price.  
●  Interest Rate: The extra cost you pay on top of the loan, expressed as a percentage.  
●  Fixed-Rate Mortgage: A mortgage where the interest rate stays the same for a set 
number of years.  
●  Variable-Rate Mortgage: A mortgage where the interest rate can change, making 
your monthly payments go up or down.  
●  Tracker Mortgage: A type of variable mortgage that moves up or down with the 
Bank of England's base rate.  
●  Standard Variable Rate: The normal interest rate a lender charges after your initial 
mortgage deal ends. It can change at any time.  
●  Arrangement Fee: A fee charged by the lender for setting up your mortgage.  
●  Valuation Fee: A fee to check how much the property is worth.  
●  Mortgage Term: How long you agree to repay the mortgage over (e.g., 25 years, 30 
years).  
●  Loan to Value (LTV): The percentage of the property's value you are borrowing 
compared to your deposit. A higher deposit = lower loan to value = better deals.  
●  Overpayment: Paying more than your regular monthly mortgage payment to reduce 
your debt faster.  
●  Early Repayment Charge: A penalty fee for paying off your mortgage early or 
moving to another lender too soon.  
●  Offset Mortgage: A mortgage that uses your savings to reduce the interest you pay.  
●  Guarantor: Someone (often a parent) who promises to cover your mortgage if you 
cannot pay.  
●  Shared Ownership: A scheme where you buy part of a property and pay rent on the 
rest.  
●  Buildings Insurance: Insurance that covers the structure of your home (required 
when you have a mortgage).  
●  Remortgaging: Switching to a new mortgage deal, either with the same lender or a 
new one, often after your initial deal ends.

4. Mortgage First Steps Checklist for Beginners 
a). Check Your Credit Score 
●  Look at your credit report (use Experian, Equifax, or TransUnion).  
●  Fix any mistakes.  
●  Pay off small debts if possible to improve your score.  
b). Start Saving for a Deposit 
●  Aim for at least 5% of the property price.  
●  10%-20% is better to unlock cheaper mortgage rates.  
●  Set up a dedicated savings account (for example, a Lifetime ISA if eligible).  
c). Work Out How Much You Can Afford 
●  List your monthly income and expenses.  
●  Use a mortgage calculator to estimate what repayments you can comfortably 
manage.  
●  Remember to leave room for emergencies and future interest rate rises.  
d). Understand Extra Costs 
●  Budget for legal fees, valuation fees, mortgage arrangement fees, moving costs, and 
stamp duty (if applicable).  
●  Costs can easily add £2,000–£5,000+ on top of the deposit.  
e). Research Mortgage Types 
●  Learn the basics of fixed-rate, tracker, variable-rate, and offset mortgages (see earlier 
list).  
●  Think about whether you want stable payments or are happy with some risk.  
f). Explore Government Schemes 
●  Check if you qualify for Shared Ownership, First Homes, or local support programs.  
●  Some schemes help with lower deposits or discounted properties.  
g). Get an Agreement in Principle (Optional) 
●  This is a statement from a lender showing how much they might lend you.  
●  Helps show estate agents and sellers that you are serious.  
h). Choose a Good Mortgage Adviser or Broker (Optional but helpful) 
●  They can help you find the best deal and navigate the paperwork.  
●  Some charge a fee; others get paid by the lender.  
i). Start Viewing Properties 
●  Stay within your budget.  
●  Remember: the cheapest monthly payment isn’t always the best overall deal.  
j). Apply for a Full Mortgage Offer 
●  Once you have an offer accepted on a property, complete a full mortgage application.  
●  The lender will carry out a full credit check, valuation, and affordability assessment. 

A)Sources Used 
1.  MoneyHelper (UK Government-backed service)  
○  Guidance on types of mortgages, first-time buyer steps, and mortgage fees.  
○  MoneyHelper Mortgages Guide  
2.  GOV.UK – Home Ownership Schemes  
○  Information about Shared Ownership, Help to Buy, and other first-time buyer 
schemes.  
○  GOV.UK Affordable Home Ownership Schemes  
3.  Which? – UK Mortgage Types Explained  
○  Detailed independent guidance comparing fixed, variable, tracker, discounted, 
and offset mortgages.  
○  Which? Mortgages Explained  
4.  Citizens Advice – Mortgage Advice  
○  Clear breakdown of mortgage terms for beginners, including what affects 
borrowing and affordability.  
○  Citizens Advice Mortgages Guide  
5.  UK Finance (Industry Body for Mortgage Lenders)  
○  Industry definitions for standard variable rates, tracker mortgages, and 
lending criteria.  
6.  Personal Finance Training (Open University & StepChange Foundation 
Courses)  
○  Background  
 


key: chroma:document
string_value:
Your guide to saving for a mortgage deposit 
Let’s get you ready to start saving for your deposit. 
Buying a house is expensive, especially if you’re a first-time buyer. 60% say the cost of 
raising a deposit is one of the biggest barriers to home ownership, second only to the cost of 
repayments.  
First-time buyers are being squeezed by creeping house prices, the rising cost-of-living and 
historically high mortgage rates. Saving for a deposit is a significant challenge, especially 
when you factor in the other costs associated with buying a home.  
We’ll cover the basics to help you understand how much you need for a deposit and give 
you some essential tips for maximising your savings. 
How much do you need to save for a mortgage deposit? 
In 2024, the average home in England was worth £290,000. The minimum deposit accepted 
by most lenders is 5% of a property’s value so, for the average English home, that comes to 
£14,500. 
But a 5% deposit is likely to limit your options, and you probably won’t be eligible for any 
good deals. A 10% deposit is better (£29,000 for our average home), whilst a 25% deposit of 
£72,500 will help you secure some of the best deals.  
In general, the bigger your deposit, the better the mortgage deals available to you because 
you present less of a risk to lenders. They’ll be more comfortable offering you lower interest 
rates and more flexible terms. 
How can you start saving for a mortgage deposit? 
The first thing to do is set a savings goal which you can break down into smaller, more 
manageable amounts. You could research the average house price in the area you want to 
buy and work out the amount you’d need for a deposit.  
Let’s say you aim to save up £29,000 for a 10% deposit on our average English home over 
the next five years. You’d need to save £5,800 a year, or £483 every month, to meet that 
goal. £483 might be a lot to save on a monthly basis, but it’s an easier number to think about 
than £29,000.  
The next important thing to consider is where to put your savings to maximise their growth. A 
great option for many people is a lifetime ISA (LISA). If you’re a first-time buyer under the 
age of 40, you get a 25% bonus from the government if you use the money as a mortgage 
deposit. You can save up to £4,000 a year, and any interest you earn is tax-free, but you 
must use the money to buy a residential UK property worth £450,000 or less. You can find 
out more on the government website.  
Let’s go back to our £29,000 deposit over the next five years and say you’re saving into a 
LISA with an annual interest rate of 3%. If you saved £333 every month, you’d reach the 
maximum annual contribution of £4,000 and receive the maximum government bonus of 
£5,000. You’d also earn 3% interest on this amount, which brings your total savings to 
£5,150.  
Next year, let’s say you save another £4,000, receive another £1,000 bonus and earn 3% 
interest. Except this time, you’re getting 3% on £10,150 (two years of maximising your 
saving allowance, plus the government bonus plus 3% interest from the first year), so you 
earn an extra £304. If you continued this pattern, saving the maximum £4,000 every year, 
receiving the maximum annual bonus of £1,000 and earning 3% interest, you’d have 
£27,342 after five years. That puts you just over £1,600 away from your savings goal, but 
remember you’d have five whole years to scrape that together from gifts, work bonuses, side 
hustles or other forms of income. 
This example shows how the right savings account can make a huge difference to the 
affordability of saving for a deposit. How exactly you get to your savings goal depends on 
how much you need to save, how long you have to save it and how much you can afford to 
set aside. Our advisers can help you draw up a budget, maximise your savings and set 
realistic goals that give you a clear path towards saving for a deposit.  
Quick fire tips to help you build your savings: 
●  Pick the right savings account. Look at easy access, fixed rates and especially 
lifetime ISAs. Make sure you shop around for the best rates and keep an eye on exit 
fees.  
●  Create (and stick to) a budget. Make it realistic so it’s easier to keep to, and consider 
setting up standing orders so that money is automatically allocated to savings before 
you have a chance to spend it.  
●  Adjust your spending habits. Can you afford to cut back on that daily flat white? 
Maybe you’re paying for a streaming service you haven’t used in months. Identify 
unnecessary spending and reallocate it towards savings.  
●  Look for better deals on your essential outgoings. Review your utility providers to see 
if you can find a cheaper deal on energy or broadband, buy own-brand groceries or 
even shop at a cheaper supermarket to keep costs down.  
●  Explore other income streams. You could sell unwanted items or monetise a skill to 
make some extra cash. Be mindful of your personal allowances though so you can 
keep on top of any changes to your tax bill (and consider talking to an adviser if 
you’re unsure).  
●  Use discounts, vouchers and deals. Even small savings like free postage or 
two-for-one offers can add up over the long term.  
●  Try ‘no spend’ months or weekends. Cover your essentials, see how low you can 
keep discretionary spending and save the excess at the end of the month or 
weekend. Keep it fun by making it a competition with your partner or friends.  
●  Ask for help. You might have friends or relatives who can help you save towards your 
goal, whether that’s with a financial gift or a friendly piece of advice.  
Saving for a deposit can be daunting, but there are lots of small, practical steps you can take 
today that all add up to make a big difference over the long term.  
From budgeting and setting goals to finding the right savings product, our advisers are ready 
to help you conquer deposits and buy your first home. 
YOUR HOME MAY BE REPOSSESSED IF YOU DO NOT KEEP UP REPAYMENTS ON 
YOUR MORTGAGE. 
A stocks and shares Lifetime ISA is a medium to long term investment, which aims to 
increase the value of the money you invest for growth or income or both. The value of your 
investments and any income from them can fall as well as rise. You may not get back the 
amount you invested. 
[Trading name] is a trading name of [registered name of appointed representative] which is 
an appointed representative of The Openwork Partnership, a trading style of Openwork 
Limited which is authorised and regulated by the Financial Conduct Authority. 
Approved by The Openwork Partnership on 07/04/2025.


# embeddings_queue

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{"source":"c:\\xampp\\htdocs\\finedica\\data\\sample_financial_faq.txt","chroma:document":"What is a mortgage?\nA mortgage is a loan used to purchase a home or other real estate. The property itself serves as collateral for the loan.\n\nHow can I save for a house deposit?\nStart by setting a savings goal, creating a budget, and regularly setting aside money in a high-interest savings account or an ISA.\n\nWhat is an ISA?\nAn Individual Savings Account (ISA) is a tax-free savings or investment account available to residents of the UK.\n\nHow do I improve my credit score?\nPay your bills on time, reduce outstanding debt, avoid applying for too much credit at once, and check your credit report for errors.\n\nWhat are the benefits of financial planning?\nFinancial planning helps you set goals, manage your money, prepare for emergencies, and achieve long-term financial security.\n"}


created_at: 2025-06-13 22:55:07
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{"source":"c:\\xampp\\htdocs\\finedica\\data\\Mortgage Info.txt","chroma:document":"Mortgage Info for Finedica \n \n1. Types of Mortgages Available in the UK \na)  Fixed-Rate Mortgage  \n○  The interest rate stays the same for a set period (for example, 2, 5, or 10 \nyears).  \n○  Monthly payments stay the same during this time.  \n○  Often starts with a slightly higher rate compared to variable options.  \nb)  Variable-Rate Mortgage  \n○  The interest rate can go up or down depending on changes by the lender.  \n○  Monthly payments can increase or decrease.  \n○  Usually based on the lender’s own standard interest rate.  \nc)  Tracker Mortgage  \n○  The interest rate follows the Bank of England base rate, plus a set \npercentage.  \n○  If the base rate goes up or down, your interest rate and payments will change \nin line with it.  \n○  Clear to understand, but there is a risk of rising payments.  \nd)  Discounted Variable-Rate Mortgage  \n○  Offers a discount off the lender’s standard interest rate for a set period.  \n○  Starts with lower payments.  \n○  Payments can still change if the lender’s standard rate changes.  \ne)  Offset Mortgage  \n○  Links your savings account to your mortgage balance.  \n○  You only pay interest on the difference between your mortgage and your \nsavings.  \n○  Flexible option, but your savings will not earn separate interest.  \nf)  Guarantor Mortgage  \n○  A family member (often a parent) guarantees the mortgage.  \n○  Useful if you have a small deposit or a lower income.  \n○  The guarantor’s savings or property may be at risk if you cannot keep up with \nrepayments.  \ng)  Shared Ownership Mortgage  \n○  Allows you to buy a share of a property (for example, 25%–75%) and pay rent \non the remaining share.  \n○  Mortgage needed only for the part you own.  \n○  Makes buying a home more affordable but rent can increase over time.  \nh)  Help to Buy Equity Loan (ended March 2023)  \n○  The government provided a loan of up to 20% of the property value (up to \n40% in London) for new-build homes.  \n○  Buyers needed only a 5% deposit.  \n○  You must repay the loan, with interest added after five years.  \n○  Note: The national scheme has ended, but local or regional schemes may \nstill exist.  \ni)  Joint Borrower, Sole Proprietor Mortgage  \n○  Allows you to use the income of family members to help you borrow more \nwithout giving them ownership of the property.  \n○  Helps you increase your borrowing amount without extra property taxes for \nsecond homes.  \n \n2. Key Points First-Time Buyers Should Consider \na)  Deposit Size  \n○  Minimum deposit is usually 5% of the property price.  \n○  A deposit of 10% or more gives access to better interest rates.  \n○  A 20% to 25% deposit usually gets the best deals.  \nb)  Mortgage Term (Length of the Loan)  \n○  A longer term, such as 30 or 40 years, reduces monthly payments but means \nyou pay more interest overall.  \n○  A shorter term has higher monthly payments but costs less in total interest.  \nc)  Affordability  \n○  Lenders check your income, debts, and living costs to decide how much you \ncan borrow.  \n○  Always be realistic about what monthly payments you can afford, especially if \ninterest rates rise.  \nd)  Interest Rates  \n○  Fixed-rate mortgages give certainty about payments.  \n○  Variable-rate mortgages could save you money if rates fall but can become \nmore expensive if rates rise.  \ne)  Fees  \n○  Expect to pay for arrangement fees, valuation fees, and legal fees.  \n○  Fees can add up to between £1,000 and £2,000 or more.  \n○  Sometimes it is better to choose a mortgage with no fees, even if the interest \nrate is slightly higher.  \nf)  Credit Score  \n○  A strong credit score helps you get better mortgage deals.  \n○  Check your credit report and improve it before applying if needed.  \ng)  Government Schemes  \n○  Check if you are eligible for schemes like Shared Ownership or First Homes.  \n○  These can make buying more affordable.  \nh)  Overpayment Options  \n○  Some mortgages allow you to pay more than your required monthly payment \nwithout penalties.  \n○  Overpaying can reduce your mortgage term and the total interest you pay.  \ni)  Insurance  \n○  Buildings insurance is required to protect the property.  \n○  Life insurance and income protection insurance are worth considering to \nprotect your home if your circumstances change.  \nj)  Early Repayment Charges  \n○  Some fixed-rate and tracker mortgages charge a penalty if you repay early or \nmove before the deal ends.  \n○  Check these charges if you think you might move house or repay the loan \nearly.  \nk)  Future Plans  \n○  Think about how long you plan to stay in the property.  \n○  A mortgage deal with heavy penalties for early exit could be costly if you \nmove sooner than expected.\n\n\n3. Simple Mortgage Terminology List (For Beginners) \n●  Mortgage: A loan to help you buy a property. You repay it over time with interest.  \n●  Deposit: The money you put down yourself when buying a home. It’s a percentage \nof the property’s price.  \n●  Interest Rate: The extra cost you pay on top of the loan, expressed as a percentage.  \n●  Fixed-Rate Mortgage: A mortgage where the interest rate stays the same for a set \nnumber of years.  \n●  Variable-Rate Mortgage: A mortgage where the interest rate can change, making \nyour monthly payments go up or down.  \n●  Tracker Mortgage: A type of variable mortgage that moves up or down with the \nBank of England's base rate.  \n●  Standard Variable Rate: The normal interest rate a lender charges after your initial \nmortgage deal ends. It can change at any time.  \n●  Arrangement Fee: A fee charged by the lender for setting up your mortgage.  \n●  Valuation Fee: A fee to check how much the property is worth.  \n●  Mortgage Term: How long you agree to repay the mortgage over (e.g., 25 years, 30 \nyears).  \n●  Loan to Value (LTV): The percentage of the property's value you are borrowing \ncompared to your deposit. A higher deposit = lower loan to value = better deals.  \n●  Overpayment: Paying more than your regular monthly mortgage payment to reduce \nyour debt faster.  \n●  Early Repayment Charge: A penalty fee for paying off your mortgage early or \nmoving to another lender too soon.  \n●  Offset Mortgage: A mortgage that uses your savings to reduce the interest you pay.  \n●  Guarantor: Someone (often a parent) who promises to cover your mortgage if you \ncannot pay.  \n●  Shared Ownership: A scheme where you buy part of a property and pay rent on the \nrest.  \n●  Buildings Insurance: Insurance that covers the structure of your home (required \nwhen you have a mortgage).  \n●  Remortgaging: Switching to a new mortgage deal, either with the same lender or a \nnew one, often after your initial deal ends.\n\n4. Mortgage First Steps Checklist for Beginners \na). Check Your Credit Score \n●  Look at your credit report (use Experian, Equifax, or TransUnion).  \n●  Fix any mistakes.  \n●  Pay off small debts if possible to improve your score.  \nb). Start Saving for a Deposit \n●  Aim for at least 5% of the property price.  \n●  10%-20% is better to unlock cheaper mortgage rates.  \n●  Set up a dedicated savings account (for example, a Lifetime ISA if eligible).  \nc). Work Out How Much You Can Afford \n●  List your monthly income and expenses.  \n●  Use a mortgage calculator to estimate what repayments you can comfortably \nmanage.  \n●  Remember to leave room for emergencies and future interest rate rises.  \nd). Understand Extra Costs \n●  Budget for legal fees, valuation fees, mortgage arrangement fees, moving costs, and \nstamp duty (if applicable).  \n●  Costs can easily add £2,000–£5,000+ on top of the deposit.  \ne). Research Mortgage Types \n●  Learn the basics of fixed-rate, tracker, variable-rate, and offset mortgages (see earlier \nlist).  \n●  Think about whether you want stable payments or are happy with some risk.  \nf). Explore Government Schemes \n●  Check if you qualify for Shared Ownership, First Homes, or local support programs.  \n●  Some schemes help with lower deposits or discounted properties.  \ng). Get an Agreement in Principle (Optional) \n●  This is a statement from a lender showing how much they might lend you.  \n●  Helps show estate agents and sellers that you are serious.  \nh). Choose a Good Mortgage Adviser or Broker (Optional but helpful) \n●  They can help you find the best deal and navigate the paperwork.  \n●  Some charge a fee; others get paid by the lender.  \ni). Start Viewing Properties \n●  Stay within your budget.  \n●  Remember: the cheapest monthly payment isn’t always the best overall deal.  \nj). Apply for a Full Mortgage Offer \n●  Once you have an offer accepted on a property, complete a full mortgage application.  \n●  The lender will carry out a full credit check, valuation, and affordability assessment. \n\nA)Sources Used \n1.  MoneyHelper (UK Government-backed service)  \n○  Guidance on types of mortgages, first-time buyer steps, and mortgage fees.  \n○  MoneyHelper Mortgages Guide  \n2.  GOV.UK – Home Ownership Schemes  \n○  Information about Shared Ownership, Help to Buy, and other first-time buyer \nschemes.  \n○  GOV.UK Affordable Home Ownership Schemes  \n3.  Which? – UK Mortgage Types Explained  \n○  Detailed independent guidance comparing fixed, variable, tracker, discounted, \nand offset mortgages.  \n○  Which? Mortgages Explained  \n4.  Citizens Advice – Mortgage Advice  \n○  Clear breakdown of mortgage terms for beginners, including what affects \nborrowing and affordability.  \n○  Citizens Advice Mortgages Guide  \n5.  UK Finance (Industry Body for Mortgage Lenders)  \n○  Industry definitions for standard variable rates, tracker mortgages, and \nlending criteria.  \n6.  Personal Finance Training (Open University & StepChange Foundation \nCourses)  \n○  Background  \n "}


created_at: 2025-06-13 22:55:07
topic: persistent://default/default/f4fe31d9-8001-495e-8165-cc7dc6f2990b
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{"chroma:document":"Your guide to saving for a mortgage deposit \nLet’s get you ready to start saving for your deposit. \nBuying a house is expensive, especially if you’re a first-time buyer. 60% say the cost of \nraising a deposit is one of the biggest barriers to home ownership, second only to the cost of \nrepayments.  \nFirst-time buyers are being squeezed by creeping house prices, the rising cost-of-living and \nhistorically high mortgage rates. Saving for a deposit is a significant challenge, especially \nwhen you factor in the other costs associated with buying a home.  \nWe’ll cover the basics to help you understand how much you need for a deposit and give \nyou some essential tips for maximising your savings. \nHow much do you need to save for a mortgage deposit? \nIn 2024, the average home in England was worth £290,000. The minimum deposit accepted \nby most lenders is 5% of a property’s value so, for the average English home, that comes to \n£14,500. \nBut a 5% deposit is likely to limit your options, and you probably won’t be eligible for any \ngood deals. A 10% deposit is better (£29,000 for our average home), whilst a 25% deposit of \n£72,500 will help you secure some of the best deals.  \nIn general, the bigger your deposit, the better the mortgage deals available to you because \nyou present less of a risk to lenders. They’ll be more comfortable offering you lower interest \nrates and more flexible terms. \nHow can you start saving for a mortgage deposit? \nThe first thing to do is set a savings goal which you can break down into smaller, more \nmanageable amounts. You could research the average house price in the area you want to \nbuy and work out the amount you’d need for a deposit.  \nLet’s say you aim to save up £29,000 for a 10% deposit on our average English home over \nthe next five years. You’d need to save £5,800 a year, or £483 every month, to meet that \ngoal. £483 might be a lot to save on a monthly basis, but it’s an easier number to think about \nthan £29,000.  \nThe next important thing to consider is where to put your savings to maximise their growth. A \ngreat option for many people is a lifetime ISA (LISA). If you’re a first-time buyer under the \nage of 40, you get a 25% bonus from the government if you use the money as a mortgage \ndeposit. You can save up to £4,000 a year, and any interest you earn is tax-free, but you \nmust use the money to buy a residential UK property worth £450,000 or less. You can find \nout more on the government website.  \nLet’s go back to our £29,000 deposit over the next five years and say you’re saving into a \nLISA with an annual interest rate of 3%. If you saved £333 every month, you’d reach the \nmaximum annual contribution of £4,000 and receive the maximum government bonus of \n£5,000. You’d also earn 3% interest on this amount, which brings your total savings to \n£5,150.  \nNext year, let’s say you save another £4,000, receive another £1,000 bonus and earn 3% \ninterest. Except this time, you’re getting 3% on £10,150 (two years of maximising your \nsaving allowance, plus the government bonus plus 3% interest from the first year), so you \nearn an extra £304. If you continued this pattern, saving the maximum £4,000 every year, \nreceiving the maximum annual bonus of £1,000 and earning 3% interest, you’d have \n£27,342 after five years. That puts you just over £1,600 away from your savings goal, but \nremember you’d have five whole years to scrape that together from gifts, work bonuses, side \nhustles or other forms of income. \nThis example shows how the right savings account can make a huge difference to the \naffordability of saving for a deposit. How exactly you get to your savings goal depends on \nhow much you need to save, how long you have to save it and how much you can afford to \nset aside. Our advisers can help you draw up a budget, maximise your savings and set \nrealistic goals that give you a clear path towards saving for a deposit.  \nQuick fire tips to help you build your savings: \n●  Pick the right savings account. Look at easy access, fixed rates and especially \nlifetime ISAs. Make sure you shop around for the best rates and keep an eye on exit \nfees.  \n●  Create (and stick to) a budget. Make it realistic so it’s easier to keep to, and consider \nsetting up standing orders so that money is automatically allocated to savings before \nyou have a chance to spend it.  \n●  Adjust your spending habits. Can you afford to cut back on that daily flat white? \nMaybe you’re paying for a streaming service you haven’t used in months. Identify \nunnecessary spending and reallocate it towards savings.  \n●  Look for better deals on your essential outgoings. Review your utility providers to see \nif you can find a cheaper deal on energy or broadband, buy own-brand groceries or \neven shop at a cheaper supermarket to keep costs down.  \n●  Explore other income streams. You could sell unwanted items or monetise a skill to \nmake some extra cash. Be mindful of your personal allowances though so you can \nkeep on top of any changes to your tax bill (and consider talking to an adviser if \nyou’re unsure).  \n●  Use discounts, vouchers and deals. Even small savings like free postage or \ntwo-for-one offers can add up over the long term.  \n●  Try ‘no spend’ months or weekends. Cover your essentials, see how low you can \nkeep discretionary spending and save the excess at the end of the month or \nweekend. Keep it fun by making it a competition with your partner or friends.  \n●  Ask for help. You might have friends or relatives who can help you save towards your \ngoal, whether that’s with a financial gift or a friendly piece of advice.  \nSaving for a deposit can be daunting, but there are lots of small, practical steps you can take \ntoday that all add up to make a big difference over the long term.  \nFrom budgeting and setting goals to finding the right savings product, our advisers are ready \nto help you conquer deposits and buy your first home. \nYOUR HOME MAY BE REPOSSESSED IF YOU DO NOT KEEP UP REPAYMENTS ON \nYOUR MORTGAGE. \nA stocks and shares Lifetime ISA is a medium to long term investment, which aims to \nincrease the value of the money you invest for growth or income or both. The value of your \ninvestments and any income from them can fall as well as rise. You may not get back the \namount you invested. \n[Trading name] is a trading name of [registered name of appointed representative] which is \nan appointed representative of The Openwork Partnership, a trading style of Openwork \nLimited which is authorised and regulated by the Financial Conduct Authority. \nApproved by The Openwork Partnership on 07/04/2025.","source":"c:\\xampp\\htdocs\\finedica\\data\\Your guide to saving a mortgage deposit.txt"}


created_at: 2025-06-13 22:55:21
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{"chroma:document":"Mortgage Info for Finedica \n \n1. Types of Mortgages Available in the UK \na)  Fixed-Rate Mortgage  \n○  The interest rate stays the same for a set period (for example, 2, 5, or 10 \nyears).  \n○  Monthly payments stay the same during this time.  \n○  Often starts with a slightly higher rate compared to variable options.  \nb)  Variable-Rate Mortgage  \n○  The interest rate can go up or down depending on changes by the lender.  \n○  Monthly payments can increase or decrease.  \n○  Usually based on the lender’s own standard interest rate.  \nc)  Tracker Mortgage  \n○  The interest rate follows the Bank of England base rate, plus a set \npercentage.  \n○  If the base rate goes up or down, your interest rate and payments will change \nin line with it.  \n○  Clear to understand, but there is a risk of rising payments.  \nd)  Discounted Variable-Rate Mortgage  \n○  Offers a discount off the lender’s standard interest rate for a set period.  \n○  Starts with lower payments.  \n○  Payments can still change if the lender’s standard rate changes.  \ne)  Offset Mortgage  \n○  Links your savings account to your mortgage balance.  \n○  You only pay interest on the difference between your mortgage and your \nsavings.  \n○  Flexible option, but your savings will not earn separate interest.  \nf)  Guarantor Mortgage  \n○  A family member (often a parent) guarantees the mortgage.  \n○  Useful if you have a small deposit or a lower income.  \n○  The guarantor’s savings or property may be at risk if you cannot keep up with \nrepayments.  \ng)  Shared Ownership Mortgage  \n○  Allows you to buy a share of a property (for example, 25%–75%) and pay rent \non the remaining share.  \n○  Mortgage needed only for the part you own.  \n○  Makes buying a home more affordable but rent can increase over time.  \nh)  Help to Buy Equity Loan (ended March 2023)  \n○  The government provided a loan of up to 20% of the property value (up to \n40% in London) for new-build homes.  \n○  Buyers needed only a 5% deposit.  \n○  You must repay the loan, with interest added after five years.  \n○  Note: The national scheme has ended, but local or regional schemes may \nstill exist.  \ni)  Joint Borrower, Sole Proprietor Mortgage  \n○  Allows you to use the income of family members to help you borrow more \nwithout giving them ownership of the property.  \n○  Helps you increase your borrowing amount without extra property taxes for \nsecond homes.  \n \n2. Key Points First-Time Buyers Should Consider \na)  Deposit Size  \n○  Minimum deposit is usually 5% of the property price.  \n○  A deposit of 10% or more gives access to better interest rates.  \n○  A 20% to 25% deposit usually gets the best deals.  \nb)  Mortgage Term (Length of the Loan)  \n○  A longer term, such as 30 or 40 years, reduces monthly payments but means \nyou pay more interest overall.  \n○  A shorter term has higher monthly payments but costs less in total interest.  \nc)  Affordability  \n○  Lenders check your income, debts, and living costs to decide how much you \ncan borrow.  \n○  Always be realistic about what monthly payments you can afford, especially if \ninterest rates rise.  \nd)  Interest Rates  \n○  Fixed-rate mortgages give certainty about payments.  \n○  Variable-rate mortgages could save you money if rates fall but can become \nmore expensive if rates rise.  \ne)  Fees  \n○  Expect to pay for arrangement fees, valuation fees, and legal fees.  \n○  Fees can add up to between £1,000 and £2,000 or more.  \n○  Sometimes it is better to choose a mortgage with no fees, even if the interest \nrate is slightly higher.  \nf)  Credit Score  \n○  A strong credit score helps you get better mortgage deals.  \n○  Check your credit report and improve it before applying if needed.  \ng)  Government Schemes  \n○  Check if you are eligible for schemes like Shared Ownership or First Homes.  \n○  These can make buying more affordable.  \nh)  Overpayment Options  \n○  Some mortgages allow you to pay more than your required monthly payment \nwithout penalties.  \n○  Overpaying can reduce your mortgage term and the total interest you pay.  \ni)  Insurance  \n○  Buildings insurance is required to protect the property.  \n○  Life insurance and income protection insurance are worth considering to \nprotect your home if your circumstances change.  \nj)  Early Repayment Charges  \n○  Some fixed-rate and tracker mortgages charge a penalty if you repay early or \nmove before the deal ends.  \n○  Check these charges if you think you might move house or repay the loan \nearly.  \nk)  Future Plans  \n○  Think about how long you plan to stay in the property.  \n○  A mortgage deal with heavy penalties for early exit could be costly if you \nmove sooner than expected.\n\n\n3. Simple Mortgage Terminology List (For Beginners) \n●  Mortgage: A loan to help you buy a property. You repay it over time with interest.  \n●  Deposit: The money you put down yourself when buying a home. It’s a percentage \nof the property’s price.  \n●  Interest Rate: The extra cost you pay on top of the loan, expressed as a percentage.  \n●  Fixed-Rate Mortgage: A mortgage where the interest rate stays the same for a set \nnumber of years.  \n●  Variable-Rate Mortgage: A mortgage where the interest rate can change, making \nyour monthly payments go up or down.  \n●  Tracker Mortgage: A type of variable mortgage that moves up or down with the \nBank of England's base rate.  \n●  Standard Variable Rate: The normal interest rate a lender charges after your initial \nmortgage deal ends. It can change at any time.  \n●  Arrangement Fee: A fee charged by the lender for setting up your mortgage.  \n●  Valuation Fee: A fee to check how much the property is worth.  \n●  Mortgage Term: How long you agree to repay the mortgage over (e.g., 25 years, 30 \nyears).  \n●  Loan to Value (LTV): The percentage of the property's value you are borrowing \ncompared to your deposit. A higher deposit = lower loan to value = better deals.  \n●  Overpayment: Paying more than your regular monthly mortgage payment to reduce \nyour debt faster.  \n●  Early Repayment Charge: A penalty fee for paying off your mortgage early or \nmoving to another lender too soon.  \n●  Offset Mortgage: A mortgage that uses your savings to reduce the interest you pay.  \n●  Guarantor: Someone (often a parent) who promises to cover your mortgage if you \ncannot pay.  \n●  Shared Ownership: A scheme where you buy part of a property and pay rent on the \nrest.  \n●  Buildings Insurance: Insurance that covers the structure of your home (required \nwhen you have a mortgage).  \n●  Remortgaging: Switching to a new mortgage deal, either with the same lender or a \nnew one, often after your initial deal ends.\n\n4. Mortgage First Steps Checklist for Beginners \na). Check Your Credit Score \n●  Look at your credit report (use Experian, Equifax, or TransUnion).  \n●  Fix any mistakes.  \n●  Pay off small debts if possible to improve your score.  \nb). Start Saving for a Deposit \n●  Aim for at least 5% of the property price.  \n●  10%-20% is better to unlock cheaper mortgage rates.  \n●  Set up a dedicated savings account (for example, a Lifetime ISA if eligible).  \nc). Work Out How Much You Can Afford \n●  List your monthly income and expenses.  \n●  Use a mortgage calculator to estimate what repayments you can comfortably \nmanage.  \n●  Remember to leave room for emergencies and future interest rate rises.  \nd). Understand Extra Costs \n●  Budget for legal fees, valuation fees, mortgage arrangement fees, moving costs, and \nstamp duty (if applicable).  \n●  Costs can easily add £2,000–£5,000+ on top of the deposit.  \ne). Research Mortgage Types \n●  Learn the basics of fixed-rate, tracker, variable-rate, and offset mortgages (see earlier \nlist).  \n●  Think about whether you want stable payments or are happy with some risk.  \nf). Explore Government Schemes \n●  Check if you qualify for Shared Ownership, First Homes, or local support programs.  \n●  Some schemes help with lower deposits or discounted properties.  \ng). Get an Agreement in Principle (Optional) \n●  This is a statement from a lender showing how much they might lend you.  \n●  Helps show estate agents and sellers that you are serious.  \nh). Choose a Good Mortgage Adviser or Broker (Optional but helpful) \n●  They can help you find the best deal and navigate the paperwork.  \n●  Some charge a fee; others get paid by the lender.  \ni). Start Viewing Properties \n●  Stay within your budget.  \n●  Remember: the cheapest monthly payment isn’t always the best overall deal.  \nj). Apply for a Full Mortgage Offer \n●  Once you have an offer accepted on a property, complete a full mortgage application.  \n●  The lender will carry out a full credit check, valuation, and affordability assessment. \n\nA)Sources Used \n1.  MoneyHelper (UK Government-backed service)  \n○  Guidance on types of mortgages, first-time buyer steps, and mortgage fees.  \n○  MoneyHelper Mortgages Guide  \n2.  GOV.UK – Home Ownership Schemes  \n○  Information about Shared Ownership, Help to Buy, and other first-time buyer \nschemes.  \n○  GOV.UK Affordable Home Ownership Schemes  \n3.  Which? – UK Mortgage Types Explained  \n○  Detailed independent guidance comparing fixed, variable, tracker, discounted, \nand offset mortgages.  \n○  Which? Mortgages Explained  \n4.  Citizens Advice – Mortgage Advice  \n○  Clear breakdown of mortgage terms for beginners, including what affects \nborrowing and affordability.  \n○  Citizens Advice Mortgages Guide  \n5.  UK Finance (Industry Body for Mortgage Lenders)  \n○  Industry definitions for standard variable rates, tracker mortgages, and \nlending criteria.  \n6.  Personal Finance Training (Open University & StepChange Foundation \nCourses)  \n○  Background  \n ","source":"c:\\xampp\\htdocs\\finedica\\data\\Mortgage Info.txt"}


created_at: 2025-06-13 22:55:21
topic: persistent://default/default/f4fe31d9-8001-495e-8165-cc7dc6f2990b
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{"source":"c:\\xampp\\htdocs\\finedica\\data\\Your guide to saving a mortgage deposit.txt","chroma:document":"Your guide to saving for a mortgage deposit \nLet’s get you ready to start saving for your deposit. \nBuying a house is expensive, especially if you’re a first-time buyer. 60% say the cost of \nraising a deposit is one of the biggest barriers to home ownership, second only to the cost of \nrepayments.  \nFirst-time buyers are being squeezed by creeping house prices, the rising cost-of-living and \nhistorically high mortgage rates. Saving for a deposit is a significant challenge, especially \nwhen you factor in the other costs associated with buying a home.  \nWe’ll cover the basics to help you understand how much you need for a deposit and give \nyou some essential tips for maximising your savings. \nHow much do you need to save for a mortgage deposit? \nIn 2024, the average home in England was worth £290,000. The minimum deposit accepted \nby most lenders is 5% of a property’s value so, for the average English home, that comes to \n£14,500. \nBut a 5% deposit is likely to limit your options, and you probably won’t be eligible for any \ngood deals. A 10% deposit is better (£29,000 for our average home), whilst a 25% deposit of \n£72,500 will help you secure some of the best deals.  \nIn general, the bigger your deposit, the better the mortgage deals available to you because \nyou present less of a risk to lenders. They’ll be more comfortable offering you lower interest \nrates and more flexible terms. \nHow can you start saving for a mortgage deposit? \nThe first thing to do is set a savings goal which you can break down into smaller, more \nmanageable amounts. You could research the average house price in the area you want to \nbuy and work out the amount you’d need for a deposit.  \nLet’s say you aim to save up £29,000 for a 10% deposit on our average English home over \nthe next five years. You’d need to save £5,800 a year, or £483 every month, to meet that \ngoal. £483 might be a lot to save on a monthly basis, but it’s an easier number to think about \nthan £29,000.  \nThe next important thing to consider is where to put your savings to maximise their growth. A \ngreat option for many people is a lifetime ISA (LISA). If you’re a first-time buyer under the \nage of 40, you get a 25% bonus from the government if you use the money as a mortgage \ndeposit. You can save up to £4,000 a year, and any interest you earn is tax-free, but you \nmust use the money to buy a residential UK property worth £450,000 or less. You can find \nout more on the government website.  \nLet’s go back to our £29,000 deposit over the next five years and say you’re saving into a \nLISA with an annual interest rate of 3%. If you saved £333 every month, you’d reach the \nmaximum annual contribution of £4,000 and receive the maximum government bonus of \n£5,000. You’d also earn 3% interest on this amount, which brings your total savings to \n£5,150.  \nNext year, let’s say you save another £4,000, receive another £1,000 bonus and earn 3% \ninterest. Except this time, you’re getting 3% on £10,150 (two years of maximising your \nsaving allowance, plus the government bonus plus 3% interest from the first year), so you \nearn an extra £304. If you continued this pattern, saving the maximum £4,000 every year, \nreceiving the maximum annual bonus of £1,000 and earning 3% interest, you’d have \n£27,342 after five years. That puts you just over £1,600 away from your savings goal, but \nremember you’d have five whole years to scrape that together from gifts, work bonuses, side \nhustles or other forms of income. \nThis example shows how the right savings account can make a huge difference to the \naffordability of saving for a deposit. How exactly you get to your savings goal depends on \nhow much you need to save, how long you have to save it and how much you can afford to \nset aside. Our advisers can help you draw up a budget, maximise your savings and set \nrealistic goals that give you a clear path towards saving for a deposit.  \nQuick fire tips to help you build your savings: \n●  Pick the right savings account. Look at easy access, fixed rates and especially \nlifetime ISAs. Make sure you shop around for the best rates and keep an eye on exit \nfees.  \n●  Create (and stick to) a budget. Make it realistic so it’s easier to keep to, and consider \nsetting up standing orders so that money is automatically allocated to savings before \nyou have a chance to spend it.  \n●  Adjust your spending habits. Can you afford to cut back on that daily flat white? \nMaybe you’re paying for a streaming service you haven’t used in months. Identify \nunnecessary spending and reallocate it towards savings.  \n●  Look for better deals on your essential outgoings. Review your utility providers to see \nif you can find a cheaper deal on energy or broadband, buy own-brand groceries or \neven shop at a cheaper supermarket to keep costs down.  \n●  Explore other income streams. You could sell unwanted items or monetise a skill to \nmake some extra cash. Be mindful of your personal allowances though so you can \nkeep on top of any changes to your tax bill (and consider talking to an adviser if \nyou’re unsure).  \n●  Use discounts, vouchers and deals. Even small savings like free postage or \ntwo-for-one offers can add up over the long term.  \n●  Try ‘no spend’ months or weekends. Cover your essentials, see how low you can \nkeep discretionary spending and save the excess at the end of the month or \nweekend. Keep it fun by making it a competition with your partner or friends.  \n●  Ask for help. You might have friends or relatives who can help you save towards your \ngoal, whether that’s with a financial gift or a friendly piece of advice.  \nSaving for a deposit can be daunting, but there are lots of small, practical steps you can take \ntoday that all add up to make a big difference over the long term.  \nFrom budgeting and setting goals to finding the right savings product, our advisers are ready \nto help you conquer deposits and buy your first home. \nYOUR HOME MAY BE REPOSSESSED IF YOU DO NOT KEEP UP REPAYMENTS ON \nYOUR MORTGAGE. \nA stocks and shares Lifetime ISA is a medium to long term investment, which aims to \nincrease the value of the money you invest for growth or income or both. The value of your \ninvestments and any income from them can fall as well as rise. You may not get back the \namount you invested. \n[Trading name] is a trading name of [registered name of appointed representative] which is \nan appointed representative of The Openwork Partnership, a trading style of Openwork \nLimited which is authorised and regulated by the Financial Conduct Authority. \nApproved by The Openwork Partnership on 07/04/2025."}


created_at: 2025-06-16 12:14:59
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{"chroma:document":"Your guide to saving for a mortgage deposit \nLet’s get you ready to start saving for your deposit. \nBuying a house is expensive, especially if you’re a first-time buyer. 60% say the cost of \nraising a deposit is one of the biggest barriers to home ownership, second only to the cost of \nrepayments.  \nFirst-time buyers are being squeezed by creeping house prices, the rising cost-of-living and \nhistorically high mortgage rates. Saving for a deposit is a significant challenge, especially \nwhen you factor in the other costs associated with buying a home.  \nWe’ll cover the basics to help you understand how much you need for a deposit and give \nyou some essential tips for maximising your savings. \nHow much do you need to save for a mortgage deposit? \nIn 2024, the average home in England was worth £290,000. The minimum deposit accepted \nby most lenders is 5% of a property’s value so, for the average English home, that comes to \n£14,500. \nBut a 5% deposit is likely to limit your options, and you probably won’t be eligible for any \ngood deals. A 10% deposit is better (£29,000 for our average home), whilst a 25% deposit of \n£72,500 will help you secure some of the best deals.  \nIn general, the bigger your deposit, the better the mortgage deals available to you because \nyou present less of a risk to lenders. They’ll be more comfortable offering you lower interest \nrates and more flexible terms. \nHow can you start saving for a mortgage deposit? \nThe first thing to do is set a savings goal which you can break down into smaller, more \nmanageable amounts. You could research the average house price in the area you want to \nbuy and work out the amount you’d need for a deposit.  \nLet’s say you aim to save up £29,000 for a 10% deposit on our average English home over \nthe next five years. You’d need to save £5,800 a year, or £483 every month, to meet that \ngoal. £483 might be a lot to save on a monthly basis, but it’s an easier number to think about \nthan £29,000.  \nThe next important thing to consider is where to put your savings to maximise their growth. A \ngreat option for many people is a lifetime ISA (LISA). If you’re a first-time buyer under the \nage of 40, you get a 25% bonus from the government if you use the money as a mortgage \ndeposit. You can save up to £4,000 a year, and any interest you earn is tax-free, but you \nmust use the money to buy a residential UK property worth £450,000 or less. You can find \nout more on the government website.  \nLet’s go back to our £29,000 deposit over the next five years and say you’re saving into a \nLISA with an annual interest rate of 3%. If you saved £333 every month, you’d reach the \nmaximum annual contribution of £4,000 and receive the maximum government bonus of \n£5,000. You’d also earn 3% interest on this amount, which brings your total savings to \n£5,150.  \nNext year, let’s say you save another £4,000, receive another £1,000 bonus and earn 3% \ninterest. Except this time, you’re getting 3% on £10,150 (two years of maximising your \nsaving allowance, plus the government bonus plus 3% interest from the first year), so you \nearn an extra £304. If you continued this pattern, saving the maximum £4,000 every year, \nreceiving the maximum annual bonus of £1,000 and earning 3% interest, you’d have \n£27,342 after five years. That puts you just over £1,600 away from your savings goal, but \nremember you’d have five whole years to scrape that together from gifts, work bonuses, side \nhustles or other forms of income. \nThis example shows how the right savings account can make a huge difference to the \naffordability of saving for a deposit. How exactly you get to your savings goal depends on \nhow much you need to save, how long you have to save it and how much you can afford to \nset aside. Our advisers can help you draw up a budget, maximise your savings and set \nrealistic goals that give you a clear path towards saving for a deposit.  \nQuick fire tips to help you build your savings: \n●  Pick the right savings account. Look at easy access, fixed rates and especially \nlifetime ISAs. Make sure you shop around for the best rates and keep an eye on exit \nfees.  \n●  Create (and stick to) a budget. Make it realistic so it’s easier to keep to, and consider \nsetting up standing orders so that money is automatically allocated to savings before \nyou have a chance to spend it.  \n●  Adjust your spending habits. Can you afford to cut back on that daily flat white? \nMaybe you’re paying for a streaming service you haven’t used in months. Identify \nunnecessary spending and reallocate it towards savings.  \n●  Look for better deals on your essential outgoings. Review your utility providers to see \nif you can find a cheaper deal on energy or broadband, buy own-brand groceries or \neven shop at a cheaper supermarket to keep costs down.  \n●  Explore other income streams. You could sell unwanted items or monetise a skill to \nmake some extra cash. Be mindful of your personal allowances though so you can \nkeep on top of any changes to your tax bill (and consider talking to an adviser if \nyou’re unsure).  \n●  Use discounts, vouchers and deals. Even small savings like free postage or \ntwo-for-one offers can add up over the long term.  \n●  Try ‘no spend’ months or weekends. Cover your essentials, see how low you can \nkeep discretionary spending and save the excess at the end of the month or \nweekend. Keep it fun by making it a competition with your partner or friends.  \n●  Ask for help. You might have friends or relatives who can help you save towards your \ngoal, whether that’s with a financial gift or a friendly piece of advice.  \nSaving for a deposit can be daunting, but there are lots of small, practical steps you can take \ntoday that all add up to make a big difference over the long term.  \nFrom budgeting and setting goals to finding the right savings product, our advisers are ready \nto help you conquer deposits and buy your first home. \nYOUR HOME MAY BE REPOSSESSED IF YOU DO NOT KEEP UP REPAYMENTS ON \nYOUR MORTGAGE. \nA stocks and shares Lifetime ISA is a medium to long term investment, which aims to \nincrease the value of the money you invest for growth or income or both. The value of your \ninvestments and any income from them can fall as well as rise. You may not get back the \namount you invested. \n[Trading name] is a trading name of [registered name of appointed representative] which is \nan appointed representative of The Openwork Partnership, a trading style of Openwork \nLimited which is authorised and regulated by the Financial Conduct Authority. \nApproved by The Openwork Partnership on 07/04/2025.","source":"/var/www/finedica/data/Your guide to saving a mortgage deposit.txt"}


created_at: 2025-06-16 12:14:59
topic: persistent://default/default/f4fe31d9-8001-495e-8165-cc7dc6f2990b
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{"source":"/var/www/finedica/data/Mortgage Info.txt","chroma:document":"Mortgage Info for Finedica \n \n1. Types of Mortgages Available in the UK \na)  Fixed-Rate Mortgage  \n○  The interest rate stays the same for a set period (for example, 2, 5, or 10 \nyears).  \n○  Monthly payments stay the same during this time.  \n○  Often starts with a slightly higher rate compared to variable options.  \nb)  Variable-Rate Mortgage  \n○  The interest rate can go up or down depending on changes by the lender.  \n○  Monthly payments can increase or decrease.  \n○  Usually based on the lender’s own standard interest rate.  \nc)  Tracker Mortgage  \n○  The interest rate follows the Bank of England base rate, plus a set \npercentage.  \n○  If the base rate goes up or down, your interest rate and payments will change \nin line with it.  \n○  Clear to understand, but there is a risk of rising payments.  \nd)  Discounted Variable-Rate Mortgage  \n○  Offers a discount off the lender’s standard interest rate for a set period.  \n○  Starts with lower payments.  \n○  Payments can still change if the lender’s standard rate changes.  \ne)  Offset Mortgage  \n○  Links your savings account to your mortgage balance.  \n○  You only pay interest on the difference between your mortgage and your \nsavings.  \n○  Flexible option, but your savings will not earn separate interest.  \nf)  Guarantor Mortgage  \n○  A family member (often a parent) guarantees the mortgage.  \n○  Useful if you have a small deposit or a lower income.  \n○  The guarantor’s savings or property may be at risk if you cannot keep up with \nrepayments.  \ng)  Shared Ownership Mortgage  \n○  Allows you to buy a share of a property (for example, 25%–75%) and pay rent \non the remaining share.  \n○  Mortgage needed only for the part you own.  \n○  Makes buying a home more affordable but rent can increase over time.  \nh)  Help to Buy Equity Loan (ended March 2023)  \n○  The government provided a loan of up to 20% of the property value (up to \n40% in London) for new-build homes.  \n○  Buyers needed only a 5% deposit.  \n○  You must repay the loan, with interest added after five years.  \n○  Note: The national scheme has ended, but local or regional schemes may \nstill exist.  \ni)  Joint Borrower, Sole Proprietor Mortgage  \n○  Allows you to use the income of family members to help you borrow more \nwithout giving them ownership of the property.  \n○  Helps you increase your borrowing amount without extra property taxes for \nsecond homes.  \n \n2. Key Points First-Time Buyers Should Consider \na)  Deposit Size  \n○  Minimum deposit is usually 5% of the property price.  \n○  A deposit of 10% or more gives access to better interest rates.  \n○  A 20% to 25% deposit usually gets the best deals.  \nb)  Mortgage Term (Length of the Loan)  \n○  A longer term, such as 30 or 40 years, reduces monthly payments but means \nyou pay more interest overall.  \n○  A shorter term has higher monthly payments but costs less in total interest.  \nc)  Affordability  \n○  Lenders check your income, debts, and living costs to decide how much you \ncan borrow.  \n○  Always be realistic about what monthly payments you can afford, especially if \ninterest rates rise.  \nd)  Interest Rates  \n○  Fixed-rate mortgages give certainty about payments.  \n○  Variable-rate mortgages could save you money if rates fall but can become \nmore expensive if rates rise.  \ne)  Fees  \n○  Expect to pay for arrangement fees, valuation fees, and legal fees.  \n○  Fees can add up to between £1,000 and £2,000 or more.  \n○  Sometimes it is better to choose a mortgage with no fees, even if the interest \nrate is slightly higher.  \nf)  Credit Score  \n○  A strong credit score helps you get better mortgage deals.  \n○  Check your credit report and improve it before applying if needed.  \ng)  Government Schemes  \n○  Check if you are eligible for schemes like Shared Ownership or First Homes.  \n○  These can make buying more affordable.  \nh)  Overpayment Options  \n○  Some mortgages allow you to pay more than your required monthly payment \nwithout penalties.  \n○  Overpaying can reduce your mortgage term and the total interest you pay.  \ni)  Insurance  \n○  Buildings insurance is required to protect the property.  \n○  Life insurance and income protection insurance are worth considering to \nprotect your home if your circumstances change.  \nj)  Early Repayment Charges  \n○  Some fixed-rate and tracker mortgages charge a penalty if you repay early or \nmove before the deal ends.  \n○  Check these charges if you think you might move house or repay the loan \nearly.  \nk)  Future Plans  \n○  Think about how long you plan to stay in the property.  \n○  A mortgage deal with heavy penalties for early exit could be costly if you \nmove sooner than expected.\n\n\n3. Simple Mortgage Terminology List (For Beginners) \n●  Mortgage: A loan to help you buy a property. You repay it over time with interest.  \n●  Deposit: The money you put down yourself when buying a home. It’s a percentage \nof the property’s price.  \n●  Interest Rate: The extra cost you pay on top of the loan, expressed as a percentage.  \n●  Fixed-Rate Mortgage: A mortgage where the interest rate stays the same for a set \nnumber of years.  \n●  Variable-Rate Mortgage: A mortgage where the interest rate can change, making \nyour monthly payments go up or down.  \n●  Tracker Mortgage: A type of variable mortgage that moves up or down with the \nBank of England's base rate.  \n●  Standard Variable Rate: The normal interest rate a lender charges after your initial \nmortgage deal ends. It can change at any time.  \n●  Arrangement Fee: A fee charged by the lender for setting up your mortgage.  \n●  Valuation Fee: A fee to check how much the property is worth.  \n●  Mortgage Term: How long you agree to repay the mortgage over (e.g., 25 years, 30 \nyears).  \n●  Loan to Value (LTV): The percentage of the property's value you are borrowing \ncompared to your deposit. A higher deposit = lower loan to value = better deals.  \n●  Overpayment: Paying more than your regular monthly mortgage payment to reduce \nyour debt faster.  \n●  Early Repayment Charge: A penalty fee for paying off your mortgage early or \nmoving to another lender too soon.  \n●  Offset Mortgage: A mortgage that uses your savings to reduce the interest you pay.  \n●  Guarantor: Someone (often a parent) who promises to cover your mortgage if you \ncannot pay.  \n●  Shared Ownership: A scheme where you buy part of a property and pay rent on the \nrest.  \n●  Buildings Insurance: Insurance that covers the structure of your home (required \nwhen you have a mortgage).  \n●  Remortgaging: Switching to a new mortgage deal, either with the same lender or a \nnew one, often after your initial deal ends.\n\n4. Mortgage First Steps Checklist for Beginners \na). Check Your Credit Score \n●  Look at your credit report (use Experian, Equifax, or TransUnion).  \n●  Fix any mistakes.  \n●  Pay off small debts if possible to improve your score.  \nb). Start Saving for a Deposit \n●  Aim for at least 5% of the property price.  \n●  10%-20% is better to unlock cheaper mortgage rates.  \n●  Set up a dedicated savings account (for example, a Lifetime ISA if eligible).  \nc). Work Out How Much You Can Afford \n●  List your monthly income and expenses.  \n●  Use a mortgage calculator to estimate what repayments you can comfortably \nmanage.  \n●  Remember to leave room for emergencies and future interest rate rises.  \nd). Understand Extra Costs \n●  Budget for legal fees, valuation fees, mortgage arrangement fees, moving costs, and \nstamp duty (if applicable).  \n●  Costs can easily add £2,000–£5,000+ on top of the deposit.  \ne). Research Mortgage Types \n●  Learn the basics of fixed-rate, tracker, variable-rate, and offset mortgages (see earlier \nlist).  \n●  Think about whether you want stable payments or are happy with some risk.  \nf). Explore Government Schemes \n●  Check if you qualify for Shared Ownership, First Homes, or local support programs.  \n●  Some schemes help with lower deposits or discounted properties.  \ng). Get an Agreement in Principle (Optional) \n●  This is a statement from a lender showing how much they might lend you.  \n●  Helps show estate agents and sellers that you are serious.  \nh). Choose a Good Mortgage Adviser or Broker (Optional but helpful) \n●  They can help you find the best deal and navigate the paperwork.  \n●  Some charge a fee; others get paid by the lender.  \ni). Start Viewing Properties \n●  Stay within your budget.  \n●  Remember: the cheapest monthly payment isn’t always the best overall deal.  \nj). Apply for a Full Mortgage Offer \n●  Once you have an offer accepted on a property, complete a full mortgage application.  \n●  The lender will carry out a full credit check, valuation, and affordability assessment. \n\nA)Sources Used \n1.  MoneyHelper (UK Government-backed service)  \n○  Guidance on types of mortgages, first-time buyer steps, and mortgage fees.  \n○  MoneyHelper Mortgages Guide  \n2.  GOV.UK – Home Ownership Schemes  \n○  Information about Shared Ownership, Help to Buy, and other first-time buyer \nschemes.  \n○  GOV.UK Affordable Home Ownership Schemes  \n3.  Which? – UK Mortgage Types Explained  \n○  Detailed independent guidance comparing fixed, variable, tracker, discounted, \nand offset mortgages.  \n○  Which? Mortgages Explained  \n4.  Citizens Advice – Mortgage Advice  \n○  Clear breakdown of mortgage terms for beginners, including what affects \nborrowing and affordability.  \n○  Citizens Advice Mortgages Guide  \n5.  UK Finance (Industry Body for Mortgage Lenders)  \n○  Industry definitions for standard variable rates, tracker mortgages, and \nlending criteria.  \n6.  Personal Finance Training (Open University & StepChange Foundation \nCourses)  \n○  Background  \n "}


created_at: 2025-06-16 12:14:59
topic: persistent://default/default/f4fe31d9-8001-495e-8165-cc7dc6f2990b
id: abdd0ac8-a781-4c12-a954-bf36b9a46434
encoding: FLOAT32
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{"chroma:document":"What is a mortgage?\nA mortgage is a loan used to purchase a home or other real estate. The property itself serves as collateral for the loan.\n\nHow can I save for a house deposit?\nStart by setting a savings goal, creating a budget, and regularly setting aside money in a high-interest savings account or an ISA.\n\nWhat is an ISA?\nAn Individual Savings Account (ISA) is a tax-free savings or investment account available to residents of the UK.\n\nHow do I improve my credit score?\nPay your bills on time, reduce outstanding debt, avoid applying for too much credit at once, and check your credit report for errors.\n\nWhat are the benefits of financial planning?\nFinancial planning helps you set goals, manage your money, prepare for emergencies, and achieve long-term financial security.\n","source":"/var/www/finedica/data/sample_financial_faq.txt"}


created_at: 2025-06-16 12:15:08
topic: persistent://default/default/f4fe31d9-8001-495e-8165-cc7dc6f2990b
id: b364be1d-9177-4de8-a08a-b9a69db897c9
encoding: FLOAT32
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{"source":"/var/www/finedica/data/Your guide to saving a mortgage deposit.txt","chroma:document":"Your guide to saving for a mortgage deposit \nLet’s get you ready to start saving for your deposit. \nBuying a house is expensive, especially if you’re a first-time buyer. 60% say the cost of \nraising a deposit is one of the biggest barriers to home ownership, second only to the cost of \nrepayments.  \nFirst-time buyers are being squeezed by creeping house prices, the rising cost-of-living and \nhistorically high mortgage rates. Saving for a deposit is a significant challenge, especially \nwhen you factor in the other costs associated with buying a home.  \nWe’ll cover the basics to help you understand how much you need for a deposit and give \nyou some essential tips for maximising your savings. \nHow much do you need to save for a mortgage deposit? \nIn 2024, the average home in England was worth £290,000. The minimum deposit accepted \nby most lenders is 5% of a property’s value so, for the average English home, that comes to \n£14,500. \nBut a 5% deposit is likely to limit your options, and you probably won’t be eligible for any \ngood deals. A 10% deposit is better (£29,000 for our average home), whilst a 25% deposit of \n£72,500 will help you secure some of the best deals.  \nIn general, the bigger your deposit, the better the mortgage deals available to you because \nyou present less of a risk to lenders. They’ll be more comfortable offering you lower interest \nrates and more flexible terms. \nHow can you start saving for a mortgage deposit? \nThe first thing to do is set a savings goal which you can break down into smaller, more \nmanageable amounts. You could research the average house price in the area you want to \nbuy and work out the amount you’d need for a deposit.  \nLet’s say you aim to save up £29,000 for a 10% deposit on our average English home over \nthe next five years. You’d need to save £5,800 a year, or £483 every month, to meet that \ngoal. £483 might be a lot to save on a monthly basis, but it’s an easier number to think about \nthan £29,000.  \nThe next important thing to consider is where to put your savings to maximise their growth. A \ngreat option for many people is a lifetime ISA (LISA). If you’re a first-time buyer under the \nage of 40, you get a 25% bonus from the government if you use the money as a mortgage \ndeposit. You can save up to £4,000 a year, and any interest you earn is tax-free, but you \nmust use the money to buy a residential UK property worth £450,000 or less. You can find \nout more on the government website.  \nLet’s go back to our £29,000 deposit over the next five years and say you’re saving into a \nLISA with an annual interest rate of 3%. If you saved £333 every month, you’d reach the \nmaximum annual contribution of £4,000 and receive the maximum government bonus of \n£5,000. You’d also earn 3% interest on this amount, which brings your total savings to \n£5,150.  \nNext year, let’s say you save another £4,000, receive another £1,000 bonus and earn 3% \ninterest. Except this time, you’re getting 3% on £10,150 (two years of maximising your \nsaving allowance, plus the government bonus plus 3% interest from the first year), so you \nearn an extra £304. If you continued this pattern, saving the maximum £4,000 every year, \nreceiving the maximum annual bonus of £1,000 and earning 3% interest, you’d have \n£27,342 after five years. That puts you just over £1,600 away from your savings goal, but \nremember you’d have five whole years to scrape that together from gifts, work bonuses, side \nhustles or other forms of income. \nThis example shows how the right savings account can make a huge difference to the \naffordability of saving for a deposit. How exactly you get to your savings goal depends on \nhow much you need to save, how long you have to save it and how much you can afford to \nset aside. Our advisers can help you draw up a budget, maximise your savings and set \nrealistic goals that give you a clear path towards saving for a deposit.  \nQuick fire tips to help you build your savings: \n●  Pick the right savings account. Look at easy access, fixed rates and especially \nlifetime ISAs. Make sure you shop around for the best rates and keep an eye on exit \nfees.  \n●  Create (and stick to) a budget. Make it realistic so it’s easier to keep to, and consider \nsetting up standing orders so that money is automatically allocated to savings before \nyou have a chance to spend it.  \n●  Adjust your spending habits. Can you afford to cut back on that daily flat white? \nMaybe you’re paying for a streaming service you haven’t used in months. Identify \nunnecessary spending and reallocate it towards savings.  \n●  Look for better deals on your essential outgoings. Review your utility providers to see \nif you can find a cheaper deal on energy or broadband, buy own-brand groceries or \neven shop at a cheaper supermarket to keep costs down.  \n●  Explore other income streams. You could sell unwanted items or monetise a skill to \nmake some extra cash. Be mindful of your personal allowances though so you can \nkeep on top of any changes to your tax bill (and consider talking to an adviser if \nyou’re unsure).  \n●  Use discounts, vouchers and deals. Even small savings like free postage or \ntwo-for-one offers can add up over the long term.  \n●  Try ‘no spend’ months or weekends. Cover your essentials, see how low you can \nkeep discretionary spending and save the excess at the end of the month or \nweekend. Keep it fun by making it a competition with your partner or friends.  \n●  Ask for help. You might have friends or relatives who can help you save towards your \ngoal, whether that’s with a financial gift or a friendly piece of advice.  \nSaving for a deposit can be daunting, but there are lots of small, practical steps you can take \ntoday that all add up to make a big difference over the long term.  \nFrom budgeting and setting goals to finding the right savings product, our advisers are ready \nto help you conquer deposits and buy your first home. \nYOUR HOME MAY BE REPOSSESSED IF YOU DO NOT KEEP UP REPAYMENTS ON \nYOUR MORTGAGE. \nA stocks and shares Lifetime ISA is a medium to long term investment, which aims to \nincrease the value of the money you invest for growth or income or both. The value of your \ninvestments and any income from them can fall as well as rise. You may not get back the \namount you invested. \n[Trading name] is a trading name of [registered name of appointed representative] which is \nan appointed representative of The Openwork Partnership, a trading style of Openwork \nLimited which is authorised and regulated by the Financial Conduct Authority. \nApproved by The Openwork Partnership on 07/04/2025."}


created_at: 2025-06-16 12:15:08
topic: persistent://default/default/f4fe31d9-8001-495e-8165-cc7dc6f2990b
id: ecdbe524-4cd5-407b-9347-ee75c084ca94
encoding: FLOAT32
metadata:
{"chroma:document":"Mortgage Info for Finedica \n \n1. Types of Mortgages Available in the UK \na)  Fixed-Rate Mortgage  \n○  The interest rate stays the same for a set period (for example, 2, 5, or 10 \nyears).  \n○  Monthly payments stay the same during this time.  \n○  Often starts with a slightly higher rate compared to variable options.  \nb)  Variable-Rate Mortgage  \n○  The interest rate can go up or down depending on changes by the lender.  \n○  Monthly payments can increase or decrease.  \n○  Usually based on the lender’s own standard interest rate.  \nc)  Tracker Mortgage  \n○  The interest rate follows the Bank of England base rate, plus a set \npercentage.  \n○  If the base rate goes up or down, your interest rate and payments will change \nin line with it.  \n○  Clear to understand, but there is a risk of rising payments.  \nd)  Discounted Variable-Rate Mortgage  \n○  Offers a discount off the lender’s standard interest rate for a set period.  \n○  Starts with lower payments.  \n○  Payments can still change if the lender’s standard rate changes.  \ne)  Offset Mortgage  \n○  Links your savings account to your mortgage balance.  \n○  You only pay interest on the difference between your mortgage and your \nsavings.  \n○  Flexible option, but your savings will not earn separate interest.  \nf)  Guarantor Mortgage  \n○  A family member (often a parent) guarantees the mortgage.  \n○  Useful if you have a small deposit or a lower income.  \n○  The guarantor’s savings or property may be at risk if you cannot keep up with \nrepayments.  \ng)  Shared Ownership Mortgage  \n○  Allows you to buy a share of a property (for example, 25%–75%) and pay rent \non the remaining share.  \n○  Mortgage needed only for the part you own.  \n○  Makes buying a home more affordable but rent can increase over time.  \nh)  Help to Buy Equity Loan (ended March 2023)  \n○  The government provided a loan of up to 20% of the property value (up to \n40% in London) for new-build homes.  \n○  Buyers needed only a 5% deposit.  \n○  You must repay the loan, with interest added after five years.  \n○  Note: The national scheme has ended, but local or regional schemes may \nstill exist.  \ni)  Joint Borrower, Sole Proprietor Mortgage  \n○  Allows you to use the income of family members to help you borrow more \nwithout giving them ownership of the property.  \n○  Helps you increase your borrowing amount without extra property taxes for \nsecond homes.  \n \n2. Key Points First-Time Buyers Should Consider \na)  Deposit Size  \n○  Minimum deposit is usually 5% of the property price.  \n○  A deposit of 10% or more gives access to better interest rates.  \n○  A 20% to 25% deposit usually gets the best deals.  \nb)  Mortgage Term (Length of the Loan)  \n○  A longer term, such as 30 or 40 years, reduces monthly payments but means \nyou pay more interest overall.  \n○  A shorter term has higher monthly payments but costs less in total interest.  \nc)  Affordability  \n○  Lenders check your income, debts, and living costs to decide how much you \ncan borrow.  \n○  Always be realistic about what monthly payments you can afford, especially if \ninterest rates rise.  \nd)  Interest Rates  \n○  Fixed-rate mortgages give certainty about payments.  \n○  Variable-rate mortgages could save you money if rates fall but can become \nmore expensive if rates rise.  \ne)  Fees  \n○  Expect to pay for arrangement fees, valuation fees, and legal fees.  \n○  Fees can add up to between £1,000 and £2,000 or more.  \n○  Sometimes it is better to choose a mortgage with no fees, even if the interest \nrate is slightly higher.  \nf)  Credit Score  \n○  A strong credit score helps you get better mortgage deals.  \n○  Check your credit report and improve it before applying if needed.  \ng)  Government Schemes  \n○  Check if you are eligible for schemes like Shared Ownership or First Homes.  \n○  These can make buying more affordable.  \nh)  Overpayment Options  \n○  Some mortgages allow you to pay more than your required monthly payment \nwithout penalties.  \n○  Overpaying can reduce your mortgage term and the total interest you pay.  \ni)  Insurance  \n○  Buildings insurance is required to protect the property.  \n○  Life insurance and income protection insurance are worth considering to \nprotect your home if your circumstances change.  \nj)  Early Repayment Charges  \n○  Some fixed-rate and tracker mortgages charge a penalty if you repay early or \nmove before the deal ends.  \n○  Check these charges if you think you might move house or repay the loan \nearly.  \nk)  Future Plans  \n○  Think about how long you plan to stay in the property.  \n○  A mortgage deal with heavy penalties for early exit could be costly if you \nmove sooner than expected.\n\n\n3. Simple Mortgage Terminology List (For Beginners) \n●  Mortgage: A loan to help you buy a property. You repay it over time with interest.  \n●  Deposit: The money you put down yourself when buying a home. It’s a percentage \nof the property’s price.  \n●  Interest Rate: The extra cost you pay on top of the loan, expressed as a percentage.  \n●  Fixed-Rate Mortgage: A mortgage where the interest rate stays the same for a set \nnumber of years.  \n●  Variable-Rate Mortgage: A mortgage where the interest rate can change, making \nyour monthly payments go up or down.  \n●  Tracker Mortgage: A type of variable mortgage that moves up or down with the \nBank of England's base rate.  \n●  Standard Variable Rate: The normal interest rate a lender charges after your initial \nmortgage deal ends. It can change at any time.  \n●  Arrangement Fee: A fee charged by the lender for setting up your mortgage.  \n●  Valuation Fee: A fee to check how much the property is worth.  \n●  Mortgage Term: How long you agree to repay the mortgage over (e.g., 25 years, 30 \nyears).  \n●  Loan to Value (LTV): The percentage of the property's value you are borrowing \ncompared to your deposit. A higher deposit = lower loan to value = better deals.  \n●  Overpayment: Paying more than your regular monthly mortgage payment to reduce \nyour debt faster.  \n●  Early Repayment Charge: A penalty fee for paying off your mortgage early or \nmoving to another lender too soon.  \n●  Offset Mortgage: A mortgage that uses your savings to reduce the interest you pay.  \n●  Guarantor: Someone (often a parent) who promises to cover your mortgage if you \ncannot pay.  \n●  Shared Ownership: A scheme where you buy part of a property and pay rent on the \nrest.  \n●  Buildings Insurance: Insurance that covers the structure of your home (required \nwhen you have a mortgage).  \n●  Remortgaging: Switching to a new mortgage deal, either with the same lender or a \nnew one, often after your initial deal ends.\n\n4. Mortgage First Steps Checklist for Beginners \na). Check Your Credit Score \n●  Look at your credit report (use Experian, Equifax, or TransUnion).  \n●  Fix any mistakes.  \n●  Pay off small debts if possible to improve your score.  \nb). Start Saving for a Deposit \n●  Aim for at least 5% of the property price.  \n●  10%-20% is better to unlock cheaper mortgage rates.  \n●  Set up a dedicated savings account (for example, a Lifetime ISA if eligible).  \nc). Work Out How Much You Can Afford \n●  List your monthly income and expenses.  \n●  Use a mortgage calculator to estimate what repayments you can comfortably \nmanage.  \n●  Remember to leave room for emergencies and future interest rate rises.  \nd). Understand Extra Costs \n●  Budget for legal fees, valuation fees, mortgage arrangement fees, moving costs, and \nstamp duty (if applicable).  \n●  Costs can easily add £2,000–£5,000+ on top of the deposit.  \ne). Research Mortgage Types \n●  Learn the basics of fixed-rate, tracker, variable-rate, and offset mortgages (see earlier \nlist).  \n●  Think about whether you want stable payments or are happy with some risk.  \nf). Explore Government Schemes \n●  Check if you qualify for Shared Ownership, First Homes, or local support programs.  \n●  Some schemes help with lower deposits or discounted properties.  \ng). Get an Agreement in Principle (Optional) \n●  This is a statement from a lender showing how much they might lend you.  \n●  Helps show estate agents and sellers that you are serious.  \nh). Choose a Good Mortgage Adviser or Broker (Optional but helpful) \n●  They can help you find the best deal and navigate the paperwork.  \n●  Some charge a fee; others get paid by the lender.  \ni). Start Viewing Properties \n●  Stay within your budget.  \n●  Remember: the cheapest monthly payment isn’t always the best overall deal.  \nj). Apply for a Full Mortgage Offer \n●  Once you have an offer accepted on a property, complete a full mortgage application.  \n●  The lender will carry out a full credit check, valuation, and affordability assessment. \n\nA)Sources Used \n1.  MoneyHelper (UK Government-backed service)  \n○  Guidance on types of mortgages, first-time buyer steps, and mortgage fees.  \n○  MoneyHelper Mortgages Guide  \n2.  GOV.UK – Home Ownership Schemes  \n○  Information about Shared Ownership, Help to Buy, and other first-time buyer \nschemes.  \n○  GOV.UK Affordable Home Ownership Schemes  \n3.  Which? – UK Mortgage Types Explained  \n○  Detailed independent guidance comparing fixed, variable, tracker, discounted, \nand offset mortgages.  \n○  Which? Mortgages Explained  \n4.  Citizens Advice – Mortgage Advice  \n○  Clear breakdown of mortgage terms for beginners, including what affects \nborrowing and affordability.  \n○  Citizens Advice Mortgages Guide  \n5.  UK Finance (Industry Body for Mortgage Lenders)  \n○  Industry definitions for standard variable rates, tracker mortgages, and \nlending criteria.  \n6.  Personal Finance Training (Open University & StepChange Foundation \nCourses)  \n○  Background  \n ","source":"/var/www/finedica/data/Mortgage Info.txt"}


created_at: 2025-06-16 12:31:34
topic: persistent://default/default/f4fe31d9-8001-495e-8165-cc7dc6f2990b
id: e40e8579-934b-4414-b593-eac06a8519d7
encoding: FLOAT32
metadata:
{"source":"/var/www/finedica/data/sample_financial_faq.txt","chroma:document":"What is a mortgage?\nA mortgage is a loan used to purchase a home or other real estate. The property itself serves as collateral for the loan.\n\nHow can I save for a house deposit?\nStart by setting a savings goal, creating a budget, and regularly setting aside money in a high-interest savings account or an ISA.\n\nWhat is an ISA?\nAn Individual Savings Account (ISA) is a tax-free savings or investment account available to residents of the UK.\n\nHow do I improve my credit score?\nPay your bills on time, reduce outstanding debt, avoid applying for too much credit at once, and check your credit report for errors.\n\nWhat are the benefits of financial planning?\nFinancial planning helps you set goals, manage your money, prepare for emergencies, and achieve long-term financial security.\n"}


created_at: 2025-06-22 13:54:37
topic: persistent://default/default/f4fe31d9-8001-495e-8165-cc7dc6f2990b
id: 52ee6480-7469-41e2-b28c-b9a572a83050
encoding: FLOAT32
metadata:
{"chroma:document":"Mortgage Info for Finedica \n \n1. Types of Mortgages Available in the UK \na)  Fixed-Rate Mortgage  \n○  The interest rate stays the same for a set period (for example, 2, 5, or 10 \nyears).  \n○  Monthly payments stay the same during this time.  \n○  Often starts with a slightly higher rate compared to variable options.  \nb)  Variable-Rate Mortgage  \n○  The interest rate can go up or down depending on changes by the lender.  \n○  Monthly payments can increase or decrease.  \n○  Usually based on the lender’s own standard interest rate.  \nc)  Tracker Mortgage  \n○  The interest rate follows the Bank of England base rate, plus a set \npercentage.  \n○  If the base rate goes up or down, your interest rate and payments will change \nin line with it.  \n○  Clear to understand, but there is a risk of rising payments.  \nd)  Discounted Variable-Rate Mortgage  \n○  Offers a discount off the lender’s standard interest rate for a set period.  \n○  Starts with lower payments.  \n○  Payments can still change if the lender’s standard rate changes.  \ne)  Offset Mortgage  \n○  Links your savings account to your mortgage balance.  \n○  You only pay interest on the difference between your mortgage and your \nsavings.  \n○  Flexible option, but your savings will not earn separate interest.  \nf)  Guarantor Mortgage  \n○  A family member (often a parent) guarantees the mortgage.  \n○  Useful if you have a small deposit or a lower income.  \n○  The guarantor’s savings or property may be at risk if you cannot keep up with \nrepayments.  \ng)  Shared Ownership Mortgage  \n○  Allows you to buy a share of a property (for example, 25%–75%) and pay rent \non the remaining share.  \n○  Mortgage needed only for the part you own.  \n○  Makes buying a home more affordable but rent can increase over time.  \nh)  Help to Buy Equity Loan (ended March 2023)  \n○  The government provided a loan of up to 20% of the property value (up to \n40% in London) for new-build homes.  \n○  Buyers needed only a 5% deposit.  \n○  You must repay the loan, with interest added after five years.  \n○  Note: The national scheme has ended, but local or regional schemes may \nstill exist.  \ni)  Joint Borrower, Sole Proprietor Mortgage  \n○  Allows you to use the income of family members to help you borrow more \nwithout giving them ownership of the property.  \n○  Helps you increase your borrowing amount without extra property taxes for \nsecond homes.  \n \n2. Key Points First-Time Buyers Should Consider \na)  Deposit Size  \n○  Minimum deposit is usually 5% of the property price.  \n○  A deposit of 10% or more gives access to better interest rates.  \n○  A 20% to 25% deposit usually gets the best deals.  \nb)  Mortgage Term (Length of the Loan)  \n○  A longer term, such as 30 or 40 years, reduces monthly payments but means \nyou pay more interest overall.  \n○  A shorter term has higher monthly payments but costs less in total interest.  \nc)  Affordability  \n○  Lenders check your income, debts, and living costs to decide how much you \ncan borrow.  \n○  Always be realistic about what monthly payments you can afford, especially if \ninterest rates rise.  \nd)  Interest Rates  \n○  Fixed-rate mortgages give certainty about payments.  \n○  Variable-rate mortgages could save you money if rates fall but can become \nmore expensive if rates rise.  \ne)  Fees  \n○  Expect to pay for arrangement fees, valuation fees, and legal fees.  \n○  Fees can add up to between £1,000 and £2,000 or more.  \n○  Sometimes it is better to choose a mortgage with no fees, even if the interest \nrate is slightly higher.  \nf)  Credit Score  \n○  A strong credit score helps you get better mortgage deals.  \n○  Check your credit report and improve it before applying if needed.  \ng)  Government Schemes  \n○  Check if you are eligible for schemes like Shared Ownership or First Homes.  \n○  These can make buying more affordable.  \nh)  Overpayment Options  \n○  Some mortgages allow you to pay more than your required monthly payment \nwithout penalties.  \n○  Overpaying can reduce your mortgage term and the total interest you pay.  \ni)  Insurance  \n○  Buildings insurance is required to protect the property.  \n○  Life insurance and income protection insurance are worth considering to \nprotect your home if your circumstances change.  \nj)  Early Repayment Charges  \n○  Some fixed-rate and tracker mortgages charge a penalty if you repay early or \nmove before the deal ends.  \n○  Check these charges if you think you might move house or repay the loan \nearly.  \nk)  Future Plans  \n○  Think about how long you plan to stay in the property.  \n○  A mortgage deal with heavy penalties for early exit could be costly if you \nmove sooner than expected.\n\n\n3. Simple Mortgage Terminology List (For Beginners) \n●  Mortgage: A loan to help you buy a property. You repay it over time with interest.  \n●  Deposit: The money you put down yourself when buying a home. It’s a percentage \nof the property’s price.  \n●  Interest Rate: The extra cost you pay on top of the loan, expressed as a percentage.  \n●  Fixed-Rate Mortgage: A mortgage where the interest rate stays the same for a set \nnumber of years.  \n●  Variable-Rate Mortgage: A mortgage where the interest rate can change, making \nyour monthly payments go up or down.  \n●  Tracker Mortgage: A type of variable mortgage that moves up or down with the \nBank of England's base rate.  \n●  Standard Variable Rate: The normal interest rate a lender charges after your initial \nmortgage deal ends. It can change at any time.  \n●  Arrangement Fee: A fee charged by the lender for setting up your mortgage.  \n●  Valuation Fee: A fee to check how much the property is worth.  \n●  Mortgage Term: How long you agree to repay the mortgage over (e.g., 25 years, 30 \nyears).  \n●  Loan to Value (LTV): The percentage of the property's value you are borrowing \ncompared to your deposit. A higher deposit = lower loan to value = better deals.  \n●  Overpayment: Paying more than your regular monthly mortgage payment to reduce \nyour debt faster.  \n●  Early Repayment Charge: A penalty fee for paying off your mortgage early or \nmoving to another lender too soon.  \n●  Offset Mortgage: A mortgage that uses your savings to reduce the interest you pay.  \n●  Guarantor: Someone (often a parent) who promises to cover your mortgage if you \ncannot pay.  \n●  Shared Ownership: A scheme where you buy part of a property and pay rent on the \nrest.  \n●  Buildings Insurance: Insurance that covers the structure of your home (required \nwhen you have a mortgage).  \n●  Remortgaging: Switching to a new mortgage deal, either with the same lender or a \nnew one, often after your initial deal ends.\n\n4. Mortgage First Steps Checklist for Beginners \na). Check Your Credit Score \n●  Look at your credit report (use Experian, Equifax, or TransUnion).  \n●  Fix any mistakes.  \n●  Pay off small debts if possible to improve your score.  \nb). Start Saving for a Deposit \n●  Aim for at least 5% of the property price.  \n●  10%-20% is better to unlock cheaper mortgage rates.  \n●  Set up a dedicated savings account (for example, a Lifetime ISA if eligible).  \nc). Work Out How Much You Can Afford \n●  List your monthly income and expenses.  \n●  Use a mortgage calculator to estimate what repayments you can comfortably \nmanage.  \n●  Remember to leave room for emergencies and future interest rate rises.  \nd). Understand Extra Costs \n●  Budget for legal fees, valuation fees, mortgage arrangement fees, moving costs, and \nstamp duty (if applicable).  \n●  Costs can easily add £2,000–£5,000+ on top of the deposit.  \ne). Research Mortgage Types \n●  Learn the basics of fixed-rate, tracker, variable-rate, and offset mortgages (see earlier \nlist).  \n●  Think about whether you want stable payments or are happy with some risk.  \nf). Explore Government Schemes \n●  Check if you qualify for Shared Ownership, First Homes, or local support programs.  \n●  Some schemes help with lower deposits or discounted properties.  \ng). Get an Agreement in Principle (Optional) \n●  This is a statement from a lender showing how much they might lend you.  \n●  Helps show estate agents and sellers that you are serious.  \nh). Choose a Good Mortgage Adviser or Broker (Optional but helpful) \n●  They can help you find the best deal and navigate the paperwork.  \n●  Some charge a fee; others get paid by the lender.  \ni). Start Viewing Properties \n●  Stay within your budget.  \n●  Remember: the cheapest monthly payment isn’t always the best overall deal.  \nj). Apply for a Full Mortgage Offer \n●  Once you have an offer accepted on a property, complete a full mortgage application.  \n●  The lender will carry out a full credit check, valuation, and affordability assessment. \n\nA)Sources Used \n1.  MoneyHelper (UK Government-backed service)  \n○  Guidance on types of mortgages, first-time buyer steps, and mortgage fees.  \n○  MoneyHelper Mortgages Guide  \n2.  GOV.UK – Home Ownership Schemes  \n○  Information about Shared Ownership, Help to Buy, and other first-time buyer \nschemes.  \n○  GOV.UK Affordable Home Ownership Schemes  \n3.  Which? – UK Mortgage Types Explained  \n○  Detailed independent guidance comparing fixed, variable, tracker, discounted, \nand offset mortgages.  \n○  Which? Mortgages Explained  \n4.  Citizens Advice – Mortgage Advice  \n○  Clear breakdown of mortgage terms for beginners, including what affects \nborrowing and affordability.  \n○  Citizens Advice Mortgages Guide  \n5.  UK Finance (Industry Body for Mortgage Lenders)  \n○  Industry definitions for standard variable rates, tracker mortgages, and \nlending criteria.  \n6.  Personal Finance Training (Open University & StepChange Foundation \nCourses)  \n○  Background  \n ","source":"C:\\xampp\\htdocs\\finedica\\data\\Mortgage Info.txt"}


created_at: 2025-06-22 13:54:37
topic: persistent://default/default/f4fe31d9-8001-495e-8165-cc7dc6f2990b
id: ba9c0a11-2210-4253-ac2d-717f19ad1a17
encoding: FLOAT32
metadata:
{"source":"C:\\xampp\\htdocs\\finedica\\data\\sample_financial_faq.txt","chroma:document":"What is a mortgage?\nA mortgage is a loan used to purchase a home or other real estate. The property itself serves as collateral for the loan.\n\nHow can I save for a house deposit?\nStart by setting a savings goal, creating a budget, and regularly setting aside money in a high-interest savings account or an ISA.\n\nWhat is an ISA?\nAn Individual Savings Account (ISA) is a tax-free savings or investment account available to residents of the UK.\n\nHow do I improve my credit score?\nPay your bills on time, reduce outstanding debt, avoid applying for too much credit at once, and check your credit report for errors.\n\nWhat are the benefits of financial planning?\nFinancial planning helps you set goals, manage your money, prepare for emergencies, and achieve long-term financial security.\n"}


created_at: 2025-06-22 13:54:37
topic: persistent://default/default/f4fe31d9-8001-495e-8165-cc7dc6f2990b
id: 6ac7fe70-f8ab-4f7d-a659-c1133bb288ee
encoding: FLOAT32
metadata:
{"chroma:document":"Your guide to saving for a mortgage deposit \nLet’s get you ready to start saving for your deposit. \nBuying a house is expensive, especially if you’re a first-time buyer. 60% say the cost of \nraising a deposit is one of the biggest barriers to home ownership, second only to the cost of \nrepayments.  \nFirst-time buyers are being squeezed by creeping house prices, the rising cost-of-living and \nhistorically high mortgage rates. Saving for a deposit is a significant challenge, especially \nwhen you factor in the other costs associated with buying a home.  \nWe’ll cover the basics to help you understand how much you need for a deposit and give \nyou some essential tips for maximising your savings. \nHow much do you need to save for a mortgage deposit? \nIn 2024, the average home in England was worth £290,000. The minimum deposit accepted \nby most lenders is 5% of a property’s value so, for the average English home, that comes to \n£14,500. \nBut a 5% deposit is likely to limit your options, and you probably won’t be eligible for any \ngood deals. A 10% deposit is better (£29,000 for our average home), whilst a 25% deposit of \n£72,500 will help you secure some of the best deals.  \nIn general, the bigger your deposit, the better the mortgage deals available to you because \nyou present less of a risk to lenders. They’ll be more comfortable offering you lower interest \nrates and more flexible terms. \nHow can you start saving for a mortgage deposit? \nThe first thing to do is set a savings goal which you can break down into smaller, more \nmanageable amounts. You could research the average house price in the area you want to \nbuy and work out the amount you’d need for a deposit.  \nLet’s say you aim to save up £29,000 for a 10% deposit on our average English home over \nthe next five years. You’d need to save £5,800 a year, or £483 every month, to meet that \ngoal. £483 might be a lot to save on a monthly basis, but it’s an easier number to think about \nthan £29,000.  \nThe next important thing to consider is where to put your savings to maximise their growth. A \ngreat option for many people is a lifetime ISA (LISA). If you’re a first-time buyer under the \nage of 40, you get a 25% bonus from the government if you use the money as a mortgage \ndeposit. You can save up to £4,000 a year, and any interest you earn is tax-free, but you \nmust use the money to buy a residential UK property worth £450,000 or less. You can find \nout more on the government website.  \nLet’s go back to our £29,000 deposit over the next five years and say you’re saving into a \nLISA with an annual interest rate of 3%. If you saved £333 every month, you’d reach the \nmaximum annual contribution of £4,000 and receive the maximum government bonus of \n£5,000. You’d also earn 3% interest on this amount, which brings your total savings to \n£5,150.  \nNext year, let’s say you save another £4,000, receive another £1,000 bonus and earn 3% \ninterest. Except this time, you’re getting 3% on £10,150 (two years of maximising your \nsaving allowance, plus the government bonus plus 3% interest from the first year), so you \nearn an extra £304. If you continued this pattern, saving the maximum £4,000 every year, \nreceiving the maximum annual bonus of £1,000 and earning 3% interest, you’d have \n£27,342 after five years. That puts you just over £1,600 away from your savings goal, but \nremember you’d have five whole years to scrape that together from gifts, work bonuses, side \nhustles or other forms of income. \nThis example shows how the right savings account can make a huge difference to the \naffordability of saving for a deposit. How exactly you get to your savings goal depends on \nhow much you need to save, how long you have to save it and how much you can afford to \nset aside. Our advisers can help you draw up a budget, maximise your savings and set \nrealistic goals that give you a clear path towards saving for a deposit.  \nQuick fire tips to help you build your savings: \n●  Pick the right savings account. Look at easy access, fixed rates and especially \nlifetime ISAs. Make sure you shop around for the best rates and keep an eye on exit \nfees.  \n●  Create (and stick to) a budget. Make it realistic so it’s easier to keep to, and consider \nsetting up standing orders so that money is automatically allocated to savings before \nyou have a chance to spend it.  \n●  Adjust your spending habits. Can you afford to cut back on that daily flat white? \nMaybe you’re paying for a streaming service you haven’t used in months. Identify \nunnecessary spending and reallocate it towards savings.  \n●  Look for better deals on your essential outgoings. Review your utility providers to see \nif you can find a cheaper deal on energy or broadband, buy own-brand groceries or \neven shop at a cheaper supermarket to keep costs down.  \n●  Explore other income streams. You could sell unwanted items or monetise a skill to \nmake some extra cash. Be mindful of your personal allowances though so you can \nkeep on top of any changes to your tax bill (and consider talking to an adviser if \nyou’re unsure).  \n●  Use discounts, vouchers and deals. Even small savings like free postage or \ntwo-for-one offers can add up over the long term.  \n●  Try ‘no spend’ months or weekends. Cover your essentials, see how low you can \nkeep discretionary spending and save the excess at the end of the month or \nweekend. Keep it fun by making it a competition with your partner or friends.  \n●  Ask for help. You might have friends or relatives who can help you save towards your \ngoal, whether that’s with a financial gift or a friendly piece of advice.  \nSaving for a deposit can be daunting, but there are lots of small, practical steps you can take \ntoday that all add up to make a big difference over the long term.  \nFrom budgeting and setting goals to finding the right savings product, our advisers are ready \nto help you conquer deposits and buy your first home. \nYOUR HOME MAY BE REPOSSESSED IF YOU DO NOT KEEP UP REPAYMENTS ON \nYOUR MORTGAGE. \nA stocks and shares Lifetime ISA is a medium to long term investment, which aims to \nincrease the value of the money you invest for growth or income or both. The value of your \ninvestments and any income from them can fall as well as rise. You may not get back the \namount you invested. \n[Trading name] is a trading name of [registered name of appointed representative] which is \nan appointed representative of The Openwork Partnership, a trading style of Openwork \nLimited which is authorised and regulated by the Financial Conduct Authority. \nApproved by The Openwork Partnership on 07/04/2025.","source":"C:\\xampp\\htdocs\\finedica\\data\\Your guide to saving a mortgage deposit.txt"}


created_at: 2025-06-22 13:54:52
topic: persistent://default/default/f4fe31d9-8001-495e-8165-cc7dc6f2990b
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{"source":"C:\\xampp\\htdocs\\finedica\\data\\Mortgage Info.txt","chroma:document":"Mortgage Info for Finedica \n \n1. Types of Mortgages Available in the UK \na)  Fixed-Rate Mortgage  \n○  The interest rate stays the same for a set period (for example, 2, 5, or 10 \nyears).  \n○  Monthly payments stay the same during this time.  \n○  Often starts with a slightly higher rate compared to variable options.  \nb)  Variable-Rate Mortgage  \n○  The interest rate can go up or down depending on changes by the lender.  \n○  Monthly payments can increase or decrease.  \n○  Usually based on the lender’s own standard interest rate.  \nc)  Tracker Mortgage  \n○  The interest rate follows the Bank of England base rate, plus a set \npercentage.  \n○  If the base rate goes up or down, your interest rate and payments will change \nin line with it.  \n○  Clear to understand, but there is a risk of rising payments.  \nd)  Discounted Variable-Rate Mortgage  \n○  Offers a discount off the lender’s standard interest rate for a set period.  \n○  Starts with lower payments.  \n○  Payments can still change if the lender’s standard rate changes.  \ne)  Offset Mortgage  \n○  Links your savings account to your mortgage balance.  \n○  You only pay interest on the difference between your mortgage and your \nsavings.  \n○  Flexible option, but your savings will not earn separate interest.  \nf)  Guarantor Mortgage  \n○  A family member (often a parent) guarantees the mortgage.  \n○  Useful if you have a small deposit or a lower income.  \n○  The guarantor’s savings or property may be at risk if you cannot keep up with \nrepayments.  \ng)  Shared Ownership Mortgage  \n○  Allows you to buy a share of a property (for example, 25%–75%) and pay rent \non the remaining share.  \n○  Mortgage needed only for the part you own.  \n○  Makes buying a home more affordable but rent can increase over time.  \nh)  Help to Buy Equity Loan (ended March 2023)  \n○  The government provided a loan of up to 20% of the property value (up to \n40% in London) for new-build homes.  \n○  Buyers needed only a 5% deposit.  \n○  You must repay the loan, with interest added after five years.  \n○  Note: The national scheme has ended, but local or regional schemes may \nstill exist.  \ni)  Joint Borrower, Sole Proprietor Mortgage  \n○  Allows you to use the income of family members to help you borrow more \nwithout giving them ownership of the property.  \n○  Helps you increase your borrowing amount without extra property taxes for \nsecond homes.  \n \n2. Key Points First-Time Buyers Should Consider \na)  Deposit Size  \n○  Minimum deposit is usually 5% of the property price.  \n○  A deposit of 10% or more gives access to better interest rates.  \n○  A 20% to 25% deposit usually gets the best deals.  \nb)  Mortgage Term (Length of the Loan)  \n○  A longer term, such as 30 or 40 years, reduces monthly payments but means \nyou pay more interest overall.  \n○  A shorter term has higher monthly payments but costs less in total interest.  \nc)  Affordability  \n○  Lenders check your income, debts, and living costs to decide how much you \ncan borrow.  \n○  Always be realistic about what monthly payments you can afford, especially if \ninterest rates rise.  \nd)  Interest Rates  \n○  Fixed-rate mortgages give certainty about payments.  \n○  Variable-rate mortgages could save you money if rates fall but can become \nmore expensive if rates rise.  \ne)  Fees  \n○  Expect to pay for arrangement fees, valuation fees, and legal fees.  \n○  Fees can add up to between £1,000 and £2,000 or more.  \n○  Sometimes it is better to choose a mortgage with no fees, even if the interest \nrate is slightly higher.  \nf)  Credit Score  \n○  A strong credit score helps you get better mortgage deals.  \n○  Check your credit report and improve it before applying if needed.  \ng)  Government Schemes  \n○  Check if you are eligible for schemes like Shared Ownership or First Homes.  \n○  These can make buying more affordable.  \nh)  Overpayment Options  \n○  Some mortgages allow you to pay more than your required monthly payment \nwithout penalties.  \n○  Overpaying can reduce your mortgage term and the total interest you pay.  \ni)  Insurance  \n○  Buildings insurance is required to protect the property.  \n○  Life insurance and income protection insurance are worth considering to \nprotect your home if your circumstances change.  \nj)  Early Repayment Charges  \n○  Some fixed-rate and tracker mortgages charge a penalty if you repay early or \nmove before the deal ends.  \n○  Check these charges if you think you might move house or repay the loan \nearly.  \nk)  Future Plans  \n○  Think about how long you plan to stay in the property.  \n○  A mortgage deal with heavy penalties for early exit could be costly if you \nmove sooner than expected.\n\n\n3. Simple Mortgage Terminology List (For Beginners) \n●  Mortgage: A loan to help you buy a property. You repay it over time with interest.  \n●  Deposit: The money you put down yourself when buying a home. It’s a percentage \nof the property’s price.  \n●  Interest Rate: The extra cost you pay on top of the loan, expressed as a percentage.  \n●  Fixed-Rate Mortgage: A mortgage where the interest rate stays the same for a set \nnumber of years.  \n●  Variable-Rate Mortgage: A mortgage where the interest rate can change, making \nyour monthly payments go up or down.  \n●  Tracker Mortgage: A type of variable mortgage that moves up or down with the \nBank of England's base rate.  \n●  Standard Variable Rate: The normal interest rate a lender charges after your initial \nmortgage deal ends. It can change at any time.  \n●  Arrangement Fee: A fee charged by the lender for setting up your mortgage.  \n●  Valuation Fee: A fee to check how much the property is worth.  \n●  Mortgage Term: How long you agree to repay the mortgage over (e.g., 25 years, 30 \nyears).  \n●  Loan to Value (LTV): The percentage of the property's value you are borrowing \ncompared to your deposit. A higher deposit = lower loan to value = better deals.  \n●  Overpayment: Paying more than your regular monthly mortgage payment to reduce \nyour debt faster.  \n●  Early Repayment Charge: A penalty fee for paying off your mortgage early or \nmoving to another lender too soon.  \n●  Offset Mortgage: A mortgage that uses your savings to reduce the interest you pay.  \n●  Guarantor: Someone (often a parent) who promises to cover your mortgage if you \ncannot pay.  \n●  Shared Ownership: A scheme where you buy part of a property and pay rent on the \nrest.  \n●  Buildings Insurance: Insurance that covers the structure of your home (required \nwhen you have a mortgage).  \n●  Remortgaging: Switching to a new mortgage deal, either with the same lender or a \nnew one, often after your initial deal ends.\n\n4. Mortgage First Steps Checklist for Beginners \na). Check Your Credit Score \n●  Look at your credit report (use Experian, Equifax, or TransUnion).  \n●  Fix any mistakes.  \n●  Pay off small debts if possible to improve your score.  \nb). Start Saving for a Deposit \n●  Aim for at least 5% of the property price.  \n●  10%-20% is better to unlock cheaper mortgage rates.  \n●  Set up a dedicated savings account (for example, a Lifetime ISA if eligible).  \nc). Work Out How Much You Can Afford \n●  List your monthly income and expenses.  \n●  Use a mortgage calculator to estimate what repayments you can comfortably \nmanage.  \n●  Remember to leave room for emergencies and future interest rate rises.  \nd). Understand Extra Costs \n●  Budget for legal fees, valuation fees, mortgage arrangement fees, moving costs, and \nstamp duty (if applicable).  \n●  Costs can easily add £2,000–£5,000+ on top of the deposit.  \ne). Research Mortgage Types \n●  Learn the basics of fixed-rate, tracker, variable-rate, and offset mortgages (see earlier \nlist).  \n●  Think about whether you want stable payments or are happy with some risk.  \nf). Explore Government Schemes \n●  Check if you qualify for Shared Ownership, First Homes, or local support programs.  \n●  Some schemes help with lower deposits or discounted properties.  \ng). Get an Agreement in Principle (Optional) \n●  This is a statement from a lender showing how much they might lend you.  \n●  Helps show estate agents and sellers that you are serious.  \nh). Choose a Good Mortgage Adviser or Broker (Optional but helpful) \n●  They can help you find the best deal and navigate the paperwork.  \n●  Some charge a fee; others get paid by the lender.  \ni). Start Viewing Properties \n●  Stay within your budget.  \n●  Remember: the cheapest monthly payment isn’t always the best overall deal.  \nj). Apply for a Full Mortgage Offer \n●  Once you have an offer accepted on a property, complete a full mortgage application.  \n●  The lender will carry out a full credit check, valuation, and affordability assessment. \n\nA)Sources Used \n1.  MoneyHelper (UK Government-backed service)  \n○  Guidance on types of mortgages, first-time buyer steps, and mortgage fees.  \n○  MoneyHelper Mortgages Guide  \n2.  GOV.UK – Home Ownership Schemes  \n○  Information about Shared Ownership, Help to Buy, and other first-time buyer \nschemes.  \n○  GOV.UK Affordable Home Ownership Schemes  \n3.  Which? – UK Mortgage Types Explained  \n○  Detailed independent guidance comparing fixed, variable, tracker, discounted, \nand offset mortgages.  \n○  Which? Mortgages Explained  \n4.  Citizens Advice – Mortgage Advice  \n○  Clear breakdown of mortgage terms for beginners, including what affects \nborrowing and affordability.  \n○  Citizens Advice Mortgages Guide  \n5.  UK Finance (Industry Body for Mortgage Lenders)  \n○  Industry definitions for standard variable rates, tracker mortgages, and \nlending criteria.  \n6.  Personal Finance Training (Open University & StepChange Foundation \nCourses)  \n○  Background  \n "}


created_at: 2025-06-22 13:54:52
topic: persistent://default/default/f4fe31d9-8001-495e-8165-cc7dc6f2990b
id: e7a2b555-a385-4019-9a29-17ccdbf5baba
encoding: FLOAT32
metadata:
{"chroma:document":"What is a mortgage?\nA mortgage is a loan used to purchase a home or other real estate. The property itself serves as collateral for the loan.\n\nHow can I save for a house deposit?\nStart by setting a savings goal, creating a budget, and regularly setting aside money in a high-interest savings account or an ISA.\n\nWhat is an ISA?\nAn Individual Savings Account (ISA) is a tax-free savings or investment account available to residents of the UK.\n\nHow do I improve my credit score?\nPay your bills on time, reduce outstanding debt, avoid applying for too much credit at once, and check your credit report for errors.\n\nWhat are the benefits of financial planning?\nFinancial planning helps you set goals, manage your money, prepare for emergencies, and achieve long-term financial security.\n","source":"C:\\xampp\\htdocs\\finedica\\data\\sample_financial_faq.txt"}


created_at: 2025-06-22 13:54:52
topic: persistent://default/default/f4fe31d9-8001-495e-8165-cc7dc6f2990b
id: dfbe301a-3e87-4bf3-b85a-ae3636e7bf1f
encoding: FLOAT32
metadata:
{"source":"C:\\xampp\\htdocs\\finedica\\data\\Your guide to saving a mortgage deposit.txt","chroma:document":"Your guide to saving for a mortgage deposit \nLet’s get you ready to start saving for your deposit. \nBuying a house is expensive, especially if you’re a first-time buyer. 60% say the cost of \nraising a deposit is one of the biggest barriers to home ownership, second only to the cost of \nrepayments.  \nFirst-time buyers are being squeezed by creeping house prices, the rising cost-of-living and \nhistorically high mortgage rates. Saving for a deposit is a significant challenge, especially \nwhen you factor in the other costs associated with buying a home.  \nWe’ll cover the basics to help you understand how much you need for a deposit and give \nyou some essential tips for maximising your savings. \nHow much do you need to save for a mortgage deposit? \nIn 2024, the average home in England was worth £290,000. The minimum deposit accepted \nby most lenders is 5% of a property’s value so, for the average English home, that comes to \n£14,500. \nBut a 5% deposit is likely to limit your options, and you probably won’t be eligible for any \ngood deals. A 10% deposit is better (£29,000 for our average home), whilst a 25% deposit of \n£72,500 will help you secure some of the best deals.  \nIn general, the bigger your deposit, the better the mortgage deals available to you because \nyou present less of a risk to lenders. They’ll be more comfortable offering you lower interest \nrates and more flexible terms. \nHow can you start saving for a mortgage deposit? \nThe first thing to do is set a savings goal which you can break down into smaller, more \nmanageable amounts. You could research the average house price in the area you want to \nbuy and work out the amount you’d need for a deposit.  \nLet’s say you aim to save up £29,000 for a 10% deposit on our average English home over \nthe next five years. You’d need to save £5,800 a year, or £483 every month, to meet that \ngoal. £483 might be a lot to save on a monthly basis, but it’s an easier number to think about \nthan £29,000.  \nThe next important thing to consider is where to put your savings to maximise their growth. A \ngreat option for many people is a lifetime ISA (LISA). If you’re a first-time buyer under the \nage of 40, you get a 25% bonus from the government if you use the money as a mortgage \ndeposit. You can save up to £4,000 a year, and any interest you earn is tax-free, but you \nmust use the money to buy a residential UK property worth £450,000 or less. You can find \nout more on the government website.  \nLet’s go back to our £29,000 deposit over the next five years and say you’re saving into a \nLISA with an annual interest rate of 3%. If you saved £333 every month, you’d reach the \nmaximum annual contribution of £4,000 and receive the maximum government bonus of \n£5,000. You’d also earn 3% interest on this amount, which brings your total savings to \n£5,150.  \nNext year, let’s say you save another £4,000, receive another £1,000 bonus and earn 3% \ninterest. Except this time, you’re getting 3% on £10,150 (two years of maximising your \nsaving allowance, plus the government bonus plus 3% interest from the first year), so you \nearn an extra £304. If you continued this pattern, saving the maximum £4,000 every year, \nreceiving the maximum annual bonus of £1,000 and earning 3% interest, you’d have \n£27,342 after five years. That puts you just over £1,600 away from your savings goal, but \nremember you’d have five whole years to scrape that together from gifts, work bonuses, side \nhustles or other forms of income. \nThis example shows how the right savings account can make a huge difference to the \naffordability of saving for a deposit. How exactly you get to your savings goal depends on \nhow much you need to save, how long you have to save it and how much you can afford to \nset aside. Our advisers can help you draw up a budget, maximise your savings and set \nrealistic goals that give you a clear path towards saving for a deposit.  \nQuick fire tips to help you build your savings: \n●  Pick the right savings account. Look at easy access, fixed rates and especially \nlifetime ISAs. Make sure you shop around for the best rates and keep an eye on exit \nfees.  \n●  Create (and stick to) a budget. Make it realistic so it’s easier to keep to, and consider \nsetting up standing orders so that money is automatically allocated to savings before \nyou have a chance to spend it.  \n●  Adjust your spending habits. Can you afford to cut back on that daily flat white? \nMaybe you’re paying for a streaming service you haven’t used in months. Identify \nunnecessary spending and reallocate it towards savings.  \n●  Look for better deals on your essential outgoings. Review your utility providers to see \nif you can find a cheaper deal on energy or broadband, buy own-brand groceries or \neven shop at a cheaper supermarket to keep costs down.  \n●  Explore other income streams. You could sell unwanted items or monetise a skill to \nmake some extra cash. Be mindful of your personal allowances though so you can \nkeep on top of any changes to your tax bill (and consider talking to an adviser if \nyou’re unsure).  \n●  Use discounts, vouchers and deals. Even small savings like free postage or \ntwo-for-one offers can add up over the long term.  \n●  Try ‘no spend’ months or weekends. Cover your essentials, see how low you can \nkeep discretionary spending and save the excess at the end of the month or \nweekend. Keep it fun by making it a competition with your partner or friends.  \n●  Ask for help. You might have friends or relatives who can help you save towards your \ngoal, whether that’s with a financial gift or a friendly piece of advice.  \nSaving for a deposit can be daunting, but there are lots of small, practical steps you can take \ntoday that all add up to make a big difference over the long term.  \nFrom budgeting and setting goals to finding the right savings product, our advisers are ready \nto help you conquer deposits and buy your first home. \nYOUR HOME MAY BE REPOSSESSED IF YOU DO NOT KEEP UP REPAYMENTS ON \nYOUR MORTGAGE. \nA stocks and shares Lifetime ISA is a medium to long term investment, which aims to \nincrease the value of the money you invest for growth or income or both. The value of your \ninvestments and any income from them can fall as well as rise. You may not get back the \namount you invested. \n[Trading name] is a trading name of [registered name of appointed representative] which is \nan appointed representative of The Openwork Partnership, a trading style of Openwork \nLimited which is authorised and regulated by the Financial Conduct Authority. \nApproved by The Openwork Partnership on 07/04/2025."}


