Life insurance rarely feels like a priority in your twenties or early thirties, particularly if you don’t have children or a mortgage. But over time, it could become the smartest financial decision you make. Buy early A big advantage of buying life insurance early is the cost. Premiums are lower when you’re healthier and statistically less likely to make a claim. A 30-year term policy taken out at 25 will usually be far cheaper than the same policy bought at 45 and your monthly payments will remain fixed for the length of the term. Not just for families Even if you don’t yet have children or a partner who relies on your income, life insurance can still be useful. It can provide peace of mind if the worst happens, knowing that those closest to you won’t be left paying off debts such as student loans, credit cards or a mortgage. As your life changes, your policy can change too, adjusting the amount of cover you need if you have children, change jobs or move up the property ladder. For most people, the earlier you consider life insurance, the more affordable and flexible it can be. While it’s not essential for everyone at a young age, locking in a policy early gives you one less thing to worry about in the future. As with all insurance policies, conditions and exclusions will apply

Did you know that hiding a spare key in case of emergencies could invalidate your home insurance if you suffer a break-in? Most insurance policies require you to take ‘reasonable care’ to keep your home secure. Therefore, if a thief finds and uses a poorly hidden key, your insurer may argue the theft was preventable. Many policies only cover theft after signs of forced entry, meaning even leaving a key with a neighbour could be risky. Remember, burglars will be familiar with all the classic hiding spots – under a doormat, plant pot, or even a fake rock. It’s advisable to check the terms of insurance policies carefully, as not all cover every method of storing a spare key. As with all insurance policies, conditions and exclusions will apply

Taking on DIY projects can be a great way to improve your home and save some money, but it could also leave you seriously out of pocket if things go wrong. According to trades site MyBuilder.com, millions of homeowners could find their insurance claim is rejected due to botched or poorly maintained DIY work. Many home insurance policies have clauses that require properties to be kept in good condition. If damage occurs due to poor maintenance or bad DIY attempts, insurers may refuse to pay out. This doesn’t just apply to major renovations, even something as simple as failing to clear your gutters could invalidate a claim. Andy Simms, a home maintenance expert at MyBuilder.com, warns, “It’s easy to fall behind on home jobs, or think you can manage it yourself. But the reality is that many household jobs require a professional and in choosing to ignore that you could cost yourself a small fortune.” Jobs involving electrics, heating systems, or boilers should always be left to certified professionals. What might seem like a straightforward fix can lead to major damage and if it’s traced back to a DIY blunder, your insurance might not cover the repair bill. When in doubt, it’s safer to call in the experts. As with all insurance policies, conditions and exclusions will apply

UK housing costs reached a record £217bn in 2024, according to estate agent Savills. This is a £41.2bn rise over two years and accounts for 60% of the decade’s increase. Mortgaged owner-occupiers paid £110bn in total, with the average annual cost now £12,754, up £2,829 since 2022. The surge was largely driven by a 32% rise in mortgage interest repayments. “Mortgage rates eased last year, but the higher costs incurred by households reflect the number who had come to the end of a fixed-rate deal or moved home,” said Lucian Cook of Savills. Renters faced average increases of £2,195 compared to two years ago. Your home may be repossessed if you do not keep up repayments on your mortgage. You may have to pay an early repayment charge to your existing lender if you remortgage

Around 11% of divorcees haven’t remove their ex-partner from their Will, risking their estate going to their ex instead of their intended beneficiaries, according to Legal & General (L&G) research. L&G also says a tenth of divorcees have not updated who should receive their life insurance payout. Meanwhile, only a small number take out new cover after divorce, with 4% buying critical illness insurance and 3% income protection. It’s very important for anyone going through a separation to be fully aware of the financial implications of divorce and to ensure they review other important elements, like their Wills and financial products like protection insurance. Come and talk to us for a review. As with all insurance policies, conditions and exclusions will apply

Buying a home is now significantly cheaper than renting across most of Great Britain, according to research from property website Zoopla. The average monthly mortgage payment for first-time buyers (FTBs)stands at £1,038, which is 20% lower than the average monthly rent of £1,248. This analysis assumes buyers have a 20% deposit, which works out as £50,740 based on the typical FTB home priced at £253,700. In London, where affordability is stretched, deposits tend to be higher, averaging 30%. The regional cost gap Mortgage payments are 24% lower than rents in the North East, the widest gap in the country. Other areas showing large savings for buyers include Glasgow (46% cheaper to buy), Newcastle (34%), and Cardiff (31%). However, in the East of England, it’s still 9% more expensive to buy than rent. In 10% of postal areas, buying costs more, led by Harrogate, where mortgage payments are 15% higher than rents. Despite the current advantage for homeowners, affordability remains a major hurdle for many first-time buyers. Raising a deposit is one of the biggest challenges, with average deposits ranging from £27,700 in the North East to £83,400 in London. Nearly two-thirds of FTBs say they’ve needed help from family to cover the upfront costs. Getting on the ladder remains challenging Tougher mortgage regulations introduced in 2015 are also making it harder to achieve home ownership. Lenders now expect buyers to prove they can manage repayments even if interest rates rise. Many currently use a ‘stress test’ of 8%, well above current mortgage rates, which can push monthly repayments above rental costs, even in areas where buying is typically cheaper. Zoopla’s Executive Director, Richard Donnell, said, “Our renting versus buying analysis is welcome news for would-be first-time buyers looking to buy their first home, having faced steep increases in rents over the last three years.” However, he added, “There remain challenges facing first-time buyers, especially those on average incomes or with small deposits… The more first-time buyers priced out of home ownership, the greater the pressure on the private rental market and rental levels.” Donnell welcomed proposals to review mortgage lending rules, suggesting stress testing rates closer to 6% or 7% would help more people buy without triggering a surge in house prices. “We do not want to return to the loose lending that preceded the global financial crisis,” he said. “But modest changes could ease the way for middle-income renters to become homeowners.” Looking to buy your first home but not sure where to begin? Get in touch, because we’re here to guide you every step of the way. Your home may be repossessed if you do not keep up repayments on your mortgage

The cost of moving home in England has jumped 10.9% over the past year, according to new research from estate agents Yopa. The average mover now faces a total bill of £51,826, with a 15% mortgage deposit costing £43,585, making up the largest share. However, changes to Stamp Duty relief thresholds have also driven costs higher. One year ago, movers paid an average of £1,433 in Stamp Duty, but this rose to £2,028 before 1 April and now stands at £4,528, a 216% year-on-year increase. With a steady rise in property values over 30 years, home ownership is likely to be the largest purchase you’ll make, so it pays to get advice from someone you trust. Your home may be repossessed if you do not keep up repayments on your mortgage

Owners of electrical vehicles (EVs) are advised to check their motor and home insurance policies as they could fall into the double insurance trap. An increasing number of motor insurers are providing cover for EV cables. While this is promising, it could cross over with your home insurance, leaving you in a double insurance trap if you need to make a claim. Some insurers state that they will not make a payout if cover is provided elsewhere, so it’s vital to read the small print of your policy wording and identify any grey areas. Also, about four in 10 products still do not clearly state if cover is provided for EV cables and charging points – if this is the case, you should confirm with your insurer. As with all insurance policies, conditions and exclusions will apply.

Weather-related damage to homes and possessions resulted in UK insurers paying out a record £585m in 2024, according to the Association of British Insurers (ABI). This record-breaking payout came in what was an unusually severe year for the UK, with 12 named storms, the highest since the winter of 2015/16. Claims from flooding, storms, wind and frozen pipes soared, overtaking the previous record set in 2022 by £77m and rising £127m higher than in 2023. Overall property claims also hit new highs, totalling £5.7bn for the year, the largest amount insurers have ever paid out. The last three months of 2024 alone saw home claims due to bad weather reach £146m, the seventh consecutive quarter above £100m. Businesses were also badly hit, with £102m in claims for storm damage and interruptions, up significantly from previous periods. With extreme weather becoming more common, these figures underline the importance of homeowners and businesses having appropriate insurance cover in place. The ABI warns ‘prevention is better than cure’ and says that more action is needed to ensure UK properties are ‘fit for the future and that they are not built in areas prone to climate risk.’ As with all insurance policies, conditions and exclusions will apply