As inflation hits 9% how can you reduce living costs?
Monday 23 May, 2022
Prices are now rising at their fastest rate since the 1970’s. UK inflation which considers how much prices are increasing saw prices rise to 9% for the twelve months to April 2022. This number increased 3% on the annual March inflation rate. The Bank of England put up interest rates recently, and rates have now increased four times since December 2021, adding further pressure on living costs, so anyone not on a fixed rate mortgage deal may see their mortgage payments increase.
Why are prices increasing?
Inflation is increasing at an unprecedented level. We are all experiencing higher fuel costs and energy costs because of the Russia/Ukraine war. Food prices are also affected by the war and trade issues.
Review your mortgage product and monthly outgoings
Tracy Dove, financial consultant and mortgage broker and protection adviser in Laindon, Basildon and Essex said: ‘Everyone is feeling the effects of rising inflation, and many clients are concerned about increased living costs. For most people their mortgage payment is their biggest monthly outgoing. It’s important that you check your mortgage product regularly to make sure you are on a mortgage deal that works for you. If you are on your lender’s standard variable rate mortgage, we can review the mortgage market and provide some alternative options, so you will always know how much you will have to pay for your mortgage each month. If your mortgage deal is coming to an end in 2022 call us now so we can get another mortgage deal approved for you as soon as possible.
Take financial planning advice from a qualified financial adviser
Tracy Dove, financial consultant and mortgage broker and protection adviser in Laindon, Basildon and Essex continued: ‘As living costs increase it’s more important than ever to prepare for your financial future. Whatever your age it’s never too late to get financial advice. Many of our clients are approaching retirement and want financial advice to ensure they can achieve their financial goals when they stop work. Our qualified financial advisers can recommend how you can manage your savings and investments to achieve the retirement you want. We also offer financial advice on inheritance tax planning, saving for school fees and offer general advice on saving into a workplace pension or saving tax efficiently into a pension or investing in ISAs. Our Thomas Oliver financial consultants offer an initial consultation where we will explain our charging structure and what we offer. Call our financial advisers now on 01707 872000 for more information.’
Although living costs are increasing you can act by reviewing your mortgage or calling our financial advisers for a financial advice consultation.