With the current cost of living crisis, there is big strain on people’s pockets, so there is no better time to make sure that you are reviewing all areas of your finances.
This blog highlights the areas of finance that are important to review and how we at SN Financial Services can help.
Mortgage Loan Review
It is always good to know exactly what type of mortgage product you have, and you know when to review your mortgage. Below are some reasons why you may need to review:
- Your current deal (for example, a 2-year fixed) is about to end – we strongly recommend getting in touch with us at least 4 months in advance of your deal ending
- Your home’s value has increased significantly
- You are concerned about future interest rate changes
- You want to change from interest only to repayment
- You want to borrow more
You can find details of your existing mortgage deal via online banking or a recent mortgage statement.
SN Financial offers expert mortgage advice and can talk through any of the above scenarios with you, as well as having access to a whole of market panel and exclusive mortgage products.
Review Your Protection Insurance
Most consumers will review their car insurance, home insurance, and energy providers every year. The same should be done for your personal insurance needs, such life and critical illness cover, and income protection.
Below are some reasons why you may need to review your lifestyle and family protection:
- If you are buying your first home, or moving to a new property
- If you have changed job or had a significant change in salary
- If you get married or have children
- Changes to your health or lifestyle – for example, have you quit smoking for more than 12 months since your original policy?
Like the mortgage, we offer expert advice and have access to a whole of market panel of insurers. If you are unsure as to whether your existing cover is still right for you, or you have not reviewed your cover in a while, it is essential that you get in touch!
Review Your Pensions
Pensions can be complicated and hard for most to understand, and it is now rare for someone to stay with the same employer, contributing to the same pension scheme, up until retirement. Many consumers change jobs in their lifetime, which can make it difficult to track down previous pensions and understand them!
That is where SN Financial comes in.
With just a few details, out wealth advisers can request information about your pensions, and review the information with you to help you better understand your pension provision, and whether you are on target for the lifestyle you plan to have when you retire.
With our cashflow modelling tools, we can talk you through your objectives and give visual presentations on what your retirement will could look like, and how we can work together to achieve your goals.
Review Your Savings and Investments
Inflation is at a 40 year high with the recent increases in energy, food and fuel prices.
It is important to review your goals and what you are saving towards, if you are planning to hold cash savings for the long term, it may be worth speaking to the SN Financial wealth team to discuss whether you look at investments. This is because inflation can seriously affect the value of cash savings over the medium and long-term. Stock-market based investments tend to do better than cash over the long-term, providing an opportunity for greater returns on any money invested over time.
The SN team will review this with you and recommend a suitable solution based on your goals and risk tolerance.
If you would like to discuss any of the above areas in more detail, please contact the SN Financial team – https://snfinancial.co.uk/contact/.
By Charlie Nicholls