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Market experts have predicted that mortgage rates of 4.5% will be the ‘new normal’ in the UK. In August 2023, Bank Rate reached a 16-year high of 5.25%, causing the cost of borrowing to increase. Many hoped this was a one-off spike, but the CEO of Lloyds Banking Group has suggested that this might be an indicator of what’s to come for the UK economy. Charlie Nunn commented, “The expectation that markets have is that interest rates won’t get below 3.5% — and that means that the ne...

A recent survey has found that 28% of young adults with a mortgage do not have life cover. It is estimated that there are 1.7 million homeowners in the UK who risk leaving their loved ones unprotected in the event of their death. When asked why they do not have life insurance, 23% said they did not think it was a priority expense, 22% hadn’t thought about it and another 22% said they could not afford it due to the cost-of-living crisis. Getting financial advice was the most popular resourc...

According to research, the number of people taking out protection policies continued to decline last year.In 2023, purchases of new long-term individual protection policies decreased by 5.5% This includes term life insurance, whole-of-life cover, critical illness and income protection. The term life insurance market experienced the most significant drop, with a 10.4% fall in new policies. However, there was some growth in the uptake of income protection.Higher mortgage rates are believed to be p...

Kirsten helps client save money! There are many ways we can help clients in these uncertain times. To put it simply, it's not just about obtaining business. Sometimes, we merely offer advice and reassurance. Kirsten first met her clients after they had already spoken to another independent broker who had informed them that due to their credit history, the only lender available to them was a lender who specialised in adverse lending, offering a rate of circa 7%, which could only be fixed ...

Young adults need life insurance too! A recent report has found that most young adults in the UK do not have life insurance1, even though it is one of the most important financial products that you could have. Cost-of-living crisis Over half (51%) of adults aged 18-40 admitted they do not have life cover, with many concerned about affordability due to the higher cost of living. But it is more important than ever to make sure that your loved ones have a financial safety blanket, so they ...