Is now the right time to review your financial situation?

01/11/2022

The economy is forever changing, and as such, your financial plan should never be static. It is important to review your financial situation on a regular basis to ensure that you remain on track towards your goals. This is where B-Advised comes in. In the following article, we outline some quick and simple ways we can assist you with improving your current financial situation. 

We can help you manage the volatile mortgage market

We understand you may have recently become concerned about taking out or managing a mortgage, particularly given the latest news and uncertainty following UK government announcements.

Lenders are seemingly pulling mortgage offers and volatility in the marketplace is causing interest rate increases which in turn has led to a reduction in the availability of mortgages.

Is your fixed-rate mortgage nearing the end of its term? Undoubtedly, you might be worried about the interest rate on your SVR mortgage but fear not. At B-Advised we can check the whole market so that you have access to the full breadth of products available, finding the most appropriate mortgage to suit your situation.

We can talk through your credit card options

Are you concerned about getting stung by high credit card interest rates? Never forget you have the opportunity to make a switch to a 0% interest credit card. This is an incentive offered by many banks, often for a set amount of time. This means that you can use your credit card without paying interest on your balance for a set amount of time which can help to improve your credit score. Most 0% credit cards offer zero interest on balance transfers and purchases within the stated time period.

Of course, with the current cost of living crisis, it can be incredibly tempting to use a credit card more often but we highly recommend only using your credit card for essential, planned and affordable borrowing. Making strategic borrowing decisions will give you the best chance to whip your credit file into shape.

Top tip – set yourself a reminder for when your interest-free period is coming to an end before you are hit with that dreaded 29.9% APR and shop around for a new deal.

We can help you make the most of your savings

An offset account is perfect if you have savings banked up for a rainy day. This is a standard run-of-the-mill bank account but is linked to your mortgage loan. Your salary and savings can be deposited into this account and the balance is ‘offset’ against the value of your mortgage.

The money you have in this account can be used to offset the amount you owe on your loan, reducing the interest you will pay over the loan’s life span. This, therefore, gives you the ability to use your savings to reduce the interest payable on your loan. This doesn’t mean you are using your savings to pay your mortgage, it just sits alongside it and saves you interest.

We can help boost your credit score

If you’ve got old, unused credit cards sitting around it may work in your favour to cancel them. Too many accounts of the same type may hurt your credit score. If you no longer require an account or have fully repaid the balance, closing the account will allow for reduced credit, therefore improving your borrowing abilities.

We recommend an annual spring clean of your credit cards. Start with any unused cards, and then continue to spend carefully across the remaining cards. This will improve your credit score over time.

We can discuss your insurance options

It’s good practice to review your insurance policies at least once a year to make sure your family and belongings are appropriately protected. Reviewing your insurance regularly helps ensure that the coverage is what you expect it to be in the unfortunate circumstance that you need to file a claim and that you are always getting a good deal. Our team at B-Advised is on hand to assist you in choosing the best insurance plans for you and your family.

When you are trying to assess your financial situation, it can be challenging to know exactly where you stand – or how you compare to others.

At B-Advised our financial advisors have been providing guidance to individuals and businesses for over 15 years meaning we are able to help in all aspects of your financial planning, from investment and pensions to life insurance and mortgages.

For professional help get in touch with our specialist advisers today for a free review.