Welcome to the November edition of our newsletter! As the nights are drawing in and there is a chill in the air, November is a time when many of us start looking ahead to the New Year. It's also an important month to review your finances to make sure you're getting the most suitable coverage and rates going into 2024 and beyond.
The Financial Conduct Authority (FCA) recently introduced the Consumer Duty to ensure customers are treated fairly, receive clear information, and get the products that are right for their needs. We want to help you understand what these new duties mean for you as a consumer.
As we head into the festive season, our team is also available to answer any questions you may have, and remember, we are here if you would like to discuss your bespoke personal needs.
Recently the headlines have been dominated by rising mortgage rates, which has made it quite overwhelming for many people managing their monthly mortgage payments, along with the ongoing cost of living crisis.
Nevertheless, there's some positive news on the horizon. Over the past few weeks, several major UK lenders have announced rate reductions, offering a welcome distraction from the gloomier reports we've seen earlier this year.
Looking ahead, it's important to note that substantial decreases in mortgage expenses are unlikely in the near future. Inflation remains high, and the Bank of England anticipates that interest rates will stay elevated for an extended period. Nevertheless, these recent developments should not be underestimated, as it presents a glimmer of hope for those who are planning to refinance in the coming months, purchase their first home, or upgrade to a larger property.
What does this mean for you? These reduced rates create additional opportunities for you to discover a mortgage that suits your current needs, whether you're considering refinancing, finding your dream home, or assisting a family member in entering the property market for the first time. Please don't hesitate to reach out to us so we can explore how we might be able to assist.
We're well-equipped to navigate the mortgage market, and we'll take the time to understand your unique situation. Afterwards, we'll search through a wide array of financial products to help you find one that aligns with your circumstances, lifestyle, and financial objectives.
Whether you're considering refinancing, finding your dream home, or assisting a family member in entering the property market for the first time, we can help
Risk warning: Think carefully about securing other debts against your home. Your home or property may be repossessed if you do not keep up repayments on your mortgage or any other debts secured on it. You may be charged a fee for mortgage advice.
Many Brits assume certain health conditions make you uninsurable. But in reality, there are few illnesses that automatically disqualify you from getting life, health, or disability insurance in the UK. Here are some common myths:
Cancer: One myth is that a cancer diagnosis makes you uninsurable. For some cases of remission, it would most likely be classed as a pre-existing condition, and for newer cases you may have to answer some difficult questions. Insurers will need to do this to decide whether they are able to offer you a policy, and how much it will cost. – It isn’t a straight no though!
Mental illness: Contrary to belief, most mental health conditions like depression, anxiety, ADHD or bipolar are not automatic declines. As long as your illness is controlled through NHS treatment and you have no recent hospitalisations, you can likely get covered.
HIV/AIDS: Thanks to amazing treatment advances, HIV/AIDS is no longer the death sentence it once was. Many UK insurers now offer standard or slightly rated policies to HIV+ applicants if their viral load is suppressed through NHS treatment.
Diabetes: Both Type 1 and Type 2 diabetes are very insurable, as long as your condition is well-managed through NHS care. No more automatic declines just for having diabetes.
Heart conditions: Having a heart condition doesn't make you uninsurable. Even serious conditions like prior heart attacks, bypass surgery, arrhythmia and more can get covered with proper NHS treatment. Premiums may be higher.
The key is proper health management of your condition. Being upfront about your medical history will help your insurer accurately evaluate your unique situation. Work with an independent broker who can shop around for policies to get you the most suitable deal.
The days when certain illnesses meant you couldn't get insured at all are over. Today's medical underwriting is much more sophisticated. Don't assume you can't get covered - explore your options first.
If you or someone you love has a health condition, speak to us about the insurance options available
The cold winter months can take a toll on your finances. Beat the winter blues and keep more cash in your pocket with these handy money saving tips:
Lower the thermostat, reset your boiler and bleed your radiators: Turning down your thermostat just 1 degree can reduce heating bills by up to £60 a year. (See: Energy Saving Trust (2021) "Top 10 energy saving actions for your home"). Looking to see if your boiler is on its most optimum setting will mean you aren’t unnecessarily heating up your water and a quick check of radiators can ensure your system is working at full capacity. Put on an extra layer and keep more cash in your pocket.
Use draft excluders: Stay warmer and reduce heating bills by sealing any cracks and blocking draughts. Affordable DIY draft excluders can make a big difference.
Take advantage of sales: Retailers offer huge winter discounts. Score deals on everything from coats and jumpers to boots and blankets. Sign up for sales alerts so you don't miss out.
Switch energy providers: You could save money by switching to a cheaper energy deal. Do an energy comparison online to find the best rates.
Cut down on takeaways: Limit the takeaway orders and cook more meals at home. The savings quickly add up.
Have nights in: Rather than paying for nights out, have friends over for cosy nights in. Rotate hosting potluck style to save everyone cash.
Use public transport: Wrap up warm and use buses, trains and the tube rather than paying for petrol or parking. Walk or cycle if you can.
Use cashback sites: Earn cashback on purchases through dedicated sites like Quidco and TopCashback. Every little saving helps.
Seek out free activities: Look for free festivals, markets, museum days and other fun freebies to curb seasonal spending.
Batch cook and freeze: Cook large batches of soups, curries and bolognese and freeze individual portions. Quick, budget-friendly meals done.
Keep more cash in your pocket this winter with these savvy tips!
Winter viruses and seasonal flu’s, slips and falls, staff shortages are all major reasons why the NHS is under pressure heading into the Christmas period. Despite the NHS making huge strides to reduce patient waiting lists and emergency cover being provided along with some basic staffing on wards, the NHS has advised that work is still ongoing to cut those dreaded waiting times.
Consider your healthcare needs and the importance of having fast access to treatment. Are you aware you might have access to Virtual GPs through some private medical insurance cover? The current availability and waiting times to see a GP within local surgery varies significantly across the country with 24% of patients reporting their appointments took place a few days after they phoned to book and a further 24% waiting a week or more later*. Through the Virtual GP app, you could book a same day or next day appointment to speak to a medical professional, from the comfort of your own home and gain a referral or be prescribed a prescription.
This winter, don’t let stories of critical waiting times add more stress, keep your options open and speak to an adviser who might be able to elevate this problem so you can be at ease and concentrate on other things.
Get in touch today to explore how PMI can help you and your loved ones stay safe and healthy this winter
When it comes to money tied up in your home and unlocking this, there are a range of reasons why Lifetime Mortgages are the avenue older borrowers choose.
Even though a few uses for Later Life Lending can be home improvements, offering cash support to family members or going on a dream holiday, in 2022, the main reason equity was released from homes was to clear existing mortgages.
With the rising cost of living this year, sandwiched with mortgage rates being a lot higher than they have been for a number of years – many didn’t think they would be in the position where they wish to stay in their home but simply can’t afford it.
The current cost of living, including the big increase in energy bills, has left many feeling uneasy about their financial position. It isn’t surprising that equity release is being used to clear mortgage payments, freeing up more cash each month for other expenses like food, utility bills and then on top of all of that thinking about the stress of Christmas.
Lifetime Mortgage plans offer so much flexibility and the right adviser will tailor to the individuals’ financial situations. Releasing money from your home isn’t for everyone, but it could be the answer for you.
Get in touch today to explore how equity release can help you unlock some of the value in your home this winter
This is a lifetime mortgage. To understand the features and risks, ask for a personalised illustration. Check that this mortgage will meet your needs if you want to move or sell your home or you want your family to inherit it. If you are in any doubt, seek independent advice. A fee may be charged for mortgage advice. The exact amount will depend on your circumstances
Whether you have a bunch of little bunnies, cheeky monkeys or little puppies at home, you want to make sure they are protected in case of illness or injury. Insurance can provide peace of mind by helping cover costs of care. In the event of unexpected broken bones, chronic conditions, or expensive procedures, one accident or illness can rack up a lot of stress and a big bill. Insurance can save you money by reimbursing part of the costs. You may think your little guy or girl doesn't need insurance because they're young and healthy. But accidents happen, and you don't want to be caught off guard. Insurance can save you from some of the financial stress at a time you might be making other difficult decisions about your loved one’s care.
Now, you would be forgiven for thinking we are talking about pet insurance…but we aren’t! We are not talking about your ‘furry friends’ but in fact your children. People often don’t think twice to insure their pets- and why not? That is the sensible thing to do, but have you thought about insuring your children by the same token?
Some childcare policies cover accidental care such as broken bones, burns and critical illness. Others help pay for surgeries, hospital stays and more. Coverage for these areas gives you the peace of mind that you can be there when it matters. Make sure you understand what's covered before signing up. Do your research and find a plan that fits your little ones needs. The investment in their health and wellbeing is well worth it so you can relax knowing they're cared for.
If you’d like to find out more about insuring your children, get in touch today to discuss your individual needs
* Paddison, C. (2023) How long are patients waiting for a GP appointment in England? Nuffield Trust.
https://www.nuffieldtrust.org.uk/news-item/how-long-are-patients-waiting-for-a-gp-appointment-in-england
