The conflict between rising house prices and affordable mortgage rates

Conflict between house prices and mortgage rates, First Financial Solutions, Neath, South WalesYou could be forgiven for believing that as house prices rise, mortgage rates would rise in correlation. But as house prices reach a record high in the UK, mortgages rates remain the most affordable in a decade.  This lack of symmetry has many contributing factors, including the housing market itself, low unemployment rates and mortgage approval rates.

As of March 2018, average house prices rose by 2.7% over the previous 3 months to reach a record high of £227,871. This increase in house prices is a consequence of the UK’s limited housing market – housing developments are not meeting housing demands and so the lack of competition in the housing market leaves homeowners with very few alternatives. (more…)

Overpaying your mortgage – what move should you make?

Shoe home - First Financial SolutionsThe concept of paying more to than you need on your mortgage to reduce your balance more quickly sounds like a no-brainer. Get it right and with overpaying you could be quids in. Get it wrong and you could be facing some nasty penalties.

This guide can help you decide if overpaying on your mortgage is the right move for you:

(more…)

Should Life Insurance be your New Year’s resolution?

Yes, it should.

Every New Year we all jot down a list of resolutions that we intend on sticking to for the upcoming year ahead. These are usually resolutions that might help us to be more active, lose weight or help our finances, but shouldn’t we do something a bit more practical and something that could really benefit the future should the worst happen? Say, taking out Life insurance?

That’s why First Financial Solutions recommend life insurance be your 2018 resolution!

(more…)

Top tips for first-time buyers

On November 2nd, the Bank of England raised interest rates from 0.25% to 0.5%, the first rise for over a decade. According to UK Finance, 2.6 million first-time buyers will be experiencing their first ever rate rise following last week’s events. We understand, the idea of a rise may seem daunting, we get it, but the rise shouldn’t put you off purchasing a property. There are still some great deals to be had, and whilst we’ve just had a rate increase, there really is only one way that rates are going to go .. and that is up!

(more…)

Does your business need Key Person Insurance?

Did you know that according to the Office of National Statistics, 95.6% of small businesses, last year, within the UK were registered with fewer than 10 people in the office? What would you do if a key person(s), either the founder, owner or key employee within your business was unfortunately diagnosed with a critical illness or was involved in an accident?

(more…)

Tis the Season to Re-mortgage

It seems that Britain could be progressing into a season of re-mortgaging as high competition among lenders are lowering mortgage rates. So, is this the time to re-mortgage your property? (more…)