29/09/2022
Some of you may be worried about what you are seeing in the news about the economy at the moment and understandably so. While there has certainly been some turmoil there is a lot of noise driven by the press so it is important to keep calm!
There have been many financial storms - 1992, 2008, 2020 and now 2022 - but the previous storms have eventually been weathered so it is important not to panic and to talk things through if you have any big concerns.
Mortgages
As you probably know interest rates have increased and are continuing to do so. They may still continue to rise yet, they may eventually peak and come back down to a certain level, but it does seem like the days of ultra-cheap borrowing are behind us. Mortgage products are being cut but lenders are re-pricing so more will be released soon, albeit at higher rates.
Protection
Even more so than before, now is the time to make sure you can afford your mortgage payments if your income falls, or if you are too ill to work and lose your income. Do not cancel any existing protection policies (life cover, income protection, critical illness cover), they are invaluable to your financial security! Look to reduce outgoings in other ways by cutting down on non-essentials.
Pensions/Investments
In 2022 markets have taking a battering for want of a more polite term. But as with previous crises it is very important to ride out any storms and enjoy the recovery periods that seem to follow. Being invested in financial markets at any risk profile will inevitably involve some volatility and should not be considered as short-term.
Summary
The main message is not to panic and to please get in contact with us to talk through any concerns, issues or worries you may have about the current financial climate and what it means for you and your loved ones. I will be sharing some market info in the coming days and some tips from institutions such as mortgage lenders, so keep an eye out for those.
Best wishes
Tom
Ethical Investing | Pension Advice | Investment Advice | Mortgage Advice | Life Assurance | Illness Protection | Commercial Mortgages
Crane Williams Ltd is an Appointed Representative of New Leaf Distribution Ltd. who are authorised and regulated by the Financial Conduct Authority. Number 460421. Head Office First Floor Princess Caroline House 1 High Street Southend on Sea Essex SS1 1JE. Co registration Number 5520001. Our services relate to certain investments whose prices are dependent on fluctuations in the financial markets beyond our control. Investments and the income from them may go down as well as up and you may get back less than the amount invested. Past performance is not a guide to future performance. Commercial lending and most buy to let arrangements are not regulated by the FCA. It is important to note your home is at risk if you fail to keep up payments on your mortgage or any other loans secured against it.
