Planning for peace of mind in 2023

2022 brought a few challenges and surprises for us all. With inflation, rises in the cost-of-living, and Bank of England Base rate increases, homeowners were particularly affected.

We saw the base rate of lending rise many times in 2022, resulting in several increases of mortgage rates.

With an estimated £100 billion of mortgages maturing in the last quarter of 2022, this meant many home owners were affected and made it essential to speak to a mortgage advisor before making any decisions.

Now, with a new year ahead of us, I can imagine many of you are curious as to what 2023 will bring.

Although experts can give forecasts, in reality, none of us know for certain what’s going to happen to the market. However, nobody likes unwanted surprises. So, our advice to you would always be, to be as prepared and proactive as possible and get all your finances in order now so you can go into this year with peace of mind and on the front foot.

Getting on top of your finances now will benefit you all year. You may be planning to move, re-mortgage or invest in property in the future. Or perhaps you are thinking about making some home improvements and want to work out how to fund it? Even if that’s planned for later in the year, it’s a good idea to get everything in order for a smooth process when it arrives.

Check when your mortgage rates are ending. We always recommend talking to an advisor six months before the term finishes. This gives you time to do your research and shop about to find the best follow on deal.

If you have been making plans to move or purchase your first property, then it’s essential to get some good advice first. There are many mortgages out there to help first-time buyers, and your advisor will look at your circumstances and advise you on how to plan and proceed.

We think it’s a good idea to review your insurance policies regularly. Life changes and you may have had a policy for several years, which is now not sufficient for your needs. Or you might be considering adding a new policy to your cover?

Speak to your provider or an advisor such as ourselves to ensure your policy covers you for everything in your life. Many providers offer additional benefits (we have a blog on this here), so it’s worth checking what you have, or could get so you get the most out of your policy.

Like everything in life, things don’t always go according to plan. Giving yourself a head start and being proactive around these matters can really help. Getting things right at the start of the year can bring peace of mind and means you go into the year knowing where you are at, so you are better placed to face any challenges that may arise.

Getting professional, impartial and trusted advice can really help when getting all of this in order. When you are looking for a mortgage or insurance advisor, there are several things to consider. Have a look at our guide to choosing a mortgage advisor here.

All advisors at Kingsbridge have years of experience in mortgage, insurance and protection advice. They will take their time to get to know you and your circumstances and can help you plan for your year ahead. The best part is all our advice is fee free, so it won’t cost you a penny to talk to us.

Get in touch to talk to one of our advisors today.