Bluebell Mortgages
  • First Time Buyer

    Bluebell Mortgages are expert mortgage brokers and have a detailed knowledge of mortgage lenders’ and first time buyer mortgages.

    Moving Home

    We can inform you of all the likely fees associated with a house move, identify your current position and calculate your likely required loan amount.

    Remortgaging

    If you already have a mortgage and your current deal is due to expire in the next 6 months, we can help find you the most effective deal for you.

    Buy To Let

    We have a vast experience of the Buy To Let market and are able to offer our clients detailed advice on the correct method of funding potential purchases.

    Shared Ownership

    An effective way for first time buyers to get on the property ladder, it can considerably reduce the amount needed for a deposit.

    Specialist Finance

    Bluebell Mortgages have specialist advisors who can assist you with your first or next commercial or self-build development.

    Older Borrower

    The days of retiring at 65 are disappearing fast, people are living longer and borrowers are getting older.

    Insurance

    This can range from Life Assurance to protect your mortgage or family, Critical Illness cover, Income Protection and General Insurance.

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There is an old saying about not throwing the baby out with the bathwater, that is unknowingly getting rid of something valuable while disposing of items of no value. It holds particularly true in the current situation where families are adjusting to the cost of living rises and looking to reduce household costs in order to cope with demands on the family income.

The financial regulator, the Financial Conduct Authority (FCA), is concerned that families and those most affected by the current economic climate might look at cutting insurance policies which could put them at risk, should the worst happen1.

Already, we are seeing the effect of households and individuals cutting back on items such as petrol and diesel where sales fell by 4.3% in June as prices at the pumps hit new records, according to monthly retail data2. Clothing sales also dropped by 4.7%, with reports from retailers to the Office for National Statistics indicating that people are cutting back on retail spending due to concerns over what they could afford3.

The FCA’s concern is that the rise in the cost of living will make the vulnerable more likely to cancel or cut back on personal insurances for homes and cars, as well as for life assurance. However, it is worth knowing that insurers do already offer support schemes for vulnerable customers, which were put in place during the pandemic1.

Graeme Trudgill, executive director at the British Insurance Brokers Association (BIBA) said customers that cut back on their insurance cover as a result of cost of living pressures “may miss out on vital insurance cover when they need it most.” This can then create other problems, too, given that motor insurance is a legal requirement and buildings insurance is often a condition of homeowners’ mortgage contracts1.

Customers who move to a lower priced insurance contract might also be left short if the worst happens. Underinsurance, where customers reduce the financial cover and leave themselves unable to meet the full cost of repair or replacement after an accident, is already evident in 40-45 per cent of claims, according to BIBA’s figures1.

If you’re seeking to prioritise your monthly expenditure and have concerns or queries about your existing insurance payments, we encourage you to book an appointment with us to review your circumstances. We’ll take the time to give bespoke advice to help ensure that the policies you hold will continue to fit your individual needs and can provide sufficient cover for when you may rely on them the most.

Sources

  1. Smith, I. & Walker, O. (2022) Cost of living crisis could force consumers to cut back on insurance, FCA warns. Available via Google search or direct FT subscriber link at: https://www.ft.com/content/b4246b26-cef3-4522-8236-b00a633b62a2  (Accessed 26th Jul 2022)

All the information in this article is correct as of the publish date 25/08/2022. The opinions expressed in this publication are those of the authors. The information provided in this article, including text, graphics and images does not, and is not intended to, substitute advice; instead, all information, content and materials available in this article are for general informational purposes only. Information in this article may not constitute the most up-to-date legal or other information.

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How can we help?  Call us on 01473 213312