Good news for Housing and Mortgages

After prospective and existing mortgage borrowers had a tough year in 2023, there looks to be good news on the horizon.

In 2023, the cost-of-living crisis squeezed household budgets. Higher interest rates put pressure on those looking to take on mortgages for the first time, remortgage, or switch deals. According to UK Finance, more customers were in arrears on their mortgage payments than in 2022 (up by 30%) due to extra pressure on their finances, although it should be noted that the total number in arrears represents only around 1% of total outstanding mortgages in the UK.

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Here for you in 2024 – come what may

As research reveals that 45% of UK adults are losing sleep over money, we’re here to remind you of the value of professional advice.

Counting cost-of-living sheep

The squeeze on people’s finances caused by the cost-of-living crisis is understandably a key reason why people are struggling to get enough shut-eye. If you’re awake with worry, you are not the only one struggling.

Speak to a professional

Thankfully, there are ways to lessen the burden. Financial advice has been shown by countless studies to lead to better financial outcomes.

Not only that, advised consumers tend to exhibit lower levels of anxiety over their household finances, as well as feeling more in control of their finances and report feeling better prepared to cope with life’s shocks.

Value what matters

A study found that 42% of people would value extra financial advice or guidance during the cost-of-living crisis. It is time to take back control and enjoy sweet dreams in 2024; your mental health and well-being are too important not to prioritise.

Here to help

Life is too short to lose sleep over your finances. Get in touch if you have any questions about your mortgage or protection cover.

Your home may be repossessed if you do not keep up repayments on your mortgage.

 

Aviva, 2023, Standard Life, 2023