Autumn finances: Mylend
It’s March and the weather certainly shows that it is already autumn, an ideal time to start looking over your finances.
Get a head start before all those heating bills start creeping in again for the winter. We have lots of tips in this area to help you with all of the fluctuations.
Interest rates are hugely topical at the moment, mostly because they are finally back in the 4s. Pre-Covid times had us comfortably in the mid 4s so hopefully we will be back there again before the year is out.
The OCR lowering keeps the banks honest, and it’s a good reflection that the tougher times with higher interest rates are behind us (for now at least).
It doesn’t mean that you should be complacent with your home lending and repayments. Now is a great time to really get ahead with paying a little extra, as once those rates start dropping, if you keep your repayments the same you will reduce your overall loan term. Great wins.
The other important area to discuss is personal insurances. Do you have appropriate life cover? Perhaps income protection for if you become unwell – how would your home lending be paid if you could not go to work?
No one plans to become unwell, so having a Plan B is really important. Have a look on our website for more information about this. As always, get in touch directly if you have any questions or thoughts. I am here to help – not judge.
