Save money this January

Save money this January
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January of often a time when we all look to tighten our belts and look to save money in the coming months of 2013. There may be aspects of your finances that could help you save some money.
If you currently have a mortgage on a standard variable rate (SVR) or if your mortgage deal has come to an end, now might be a great time to re-mortgage. Many lenders have recently reduced their interest rates on new products particularly on mortgages with low loan-to-values. There are a number of reasons for this reduction in rates including the announcement in July of the Funding for Lending scheme in which the Bank of England and Treasury offer incentives to banks to boost lending and lower interest rates.
A number of lenders increased their SVR last year, meaning your monthly mortgage payments would increase if you are a borrower on SVR with these lenders. There are an estimated 1.6 million customers* that have been affected by these increases. If you have been affected by an SVR increase, moving your mortgage could save you money. While not all lenders have made an increase some lenders could make a change at any time. Lenders could also have the option of increasing the cap on how much they can increase their SVR by, so it is also worth checking your mortgage contract to see if this may apply to you.
You could also reduce your monthly out-goings by reviewing your Buildings & Contents insurance. We offer buildings and/or contents cover through an extensive panel of insurers. This means that we can fully guide you through the benefits of different policies and assist you in choosing the most appropriate policy to meet your requirements & budget effectively.
It is always a good idea to keep your finances under review to see if you have the best products for your circumstances. Thankfully here at The Mortgage Way we provide a full advice service and guide you through all the options available, so why not contact us today?

Is your life insurance going to go up?

You may have seen recent press the EU has ruled that from December women will need to pay the same as men for life cover as well as other insurance premiums.  This will mean a potentially significant increase in women’s premiums if purchased after 21 December.

Historically women have always paid less for their life cover as on average they live longer than men. However the new directive from the EU has stated that insurance companies cannot discriminate towards men and therefore women’s premiums are set to rise.

This however does not mean that everyone’s premiums will be the same. Factors such as age, occupation and health will still have an impact on your risk and therefore how much you will pay for your policy. The new ruling only states that your gender will no longer have an effect.

There are also other factors due to come in next year that will impact on your premiums. Tax for life insurance providers are set to change and many will experience higher tax bills. This means there might be an increase on all new customers’ policies with premiums rising across all insurance products they offer.

If you don’t have life insurance or critical illness cover now is the time to consider this. There are a number of options available on the market, including life cover, critical illness cover, family income benefit, income protection and many many more.

Here at The Mortgage Way we can take the hassle out of purchasing insurance products and we can review your circumstances and find the right cover for you.  Contact us today to see how we can help.

Santander SVR Increase

Santander have recently increased their Standard Variable Rate to 4.74% which means mortgage payments are on the increase. Contact me on 07968842879 for advice on Mortgage offers that might either reduce your payment or stop it from increasing.

I pride myself on the number of clients that recommend me and that return back to me year after year.  If you would like to add any comments about the service you have received please publish them.

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