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Mortgage and protection opportunities By Jack Harries of DIgby associates Ltd
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t was announced earlier this month that the expected increase to interestrates would not materialise, with the Bank of England deciding that a rise would not be beneficial in our current economic climate. Does this mean that we will see an increase later in the year? Very possibly. Should you therefore be looking to maximise the opportunities that low rates can bring to your clients right now? Absolutely! A record amount of fixed-rate mortgages are maturing this year, with around £269bn worth of mortgages up for maturity – a 33% increase on 2017! We now therefore see a ‘perfect storm’ on the horizon meaning that many of your clients will be thinking about remortgaging at a time when rates are still relatively low. Also, it’s important to not forget that you could save your variable-rate clients’ money too by transferring them to a cheaper fixed-rate mortgage before the rate rises. If rates were to rise later in the year, and those clients hadn’t changed their mortgage product, they could instead be facing increased repayments. According to Nationwide, if rates rose by 0.25% this would mean that someone with a £200,000 variablerate mortgage would pay around £300 more than they are currently.
High quality advice At Digby Associates we recognised that as a firm, the highest value that we can offer clients is to work towards financial security by delivering co-ordinated wealth management. To that end, what goals do you have that will take planning, time, mnoney and ongoing co-ordination to achieve? As your partner in building wealth and security, we generally focus on ways that we can help you live the life that you want to. By engaging in the serivces of Digby Associates you assure yourself of regular financial reviews and valuations, along with access to new ideas brought to you by the team.
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Not only will acting now save your clients money, the conversation around protection could also prove far easier. With more money in the client’s bank account, you can delve deeper into the importance of being fully protected should the worst ever happen. Therefore, in a time of record mortgages maturing, and low interest rates – now is the time to discuss the opportunities out there for affected clients, demonstrating your expertise and your tremendous value. n
Digby Associates, Independent Financial Advisers 57 Queen Square, Bristol, BS1 4LF Tel: 0117 933 5544 Email: info@digby-associates.co.uk www.digby-associates.co.uk