What could Andy Burnham’s premiership mean for your finances?
A change of leadership can shift expectations for the economy and interest rates. Here’s how to keep your own plans on track.
A new Prime Minister brings new priorities, and markets often react to what they expect those priorities to mean for public spending, inflation and interest rates. For homeowners and buyers, the question is simple: does any of this change what I should do with my mortgage?
Focus on what you can control
Nobody can say for certain how policy will develop or how lenders will respond. What you can control is how prepared you are. Knowing when your current deal ends, what your budget looks like and what options are open to you puts you in a far stronger position, whatever happens next.
Review early
If your deal ends in the next six months or so, it’s worth talking through your options now. Many lenders let you secure a new rate ahead of time, and you can review it again before it starts if the market moves.
Protection still matters
Changes in the wider economy are a good prompt to check that your family would be looked after if your income stopped. Life insurance, critical illness cover and income protection can all play a part.
If you’d like to talk through how any of this affects you, get in touch for a no-obligation chat.
Your property may be repossessed if you do not keep up repayments on your mortgage.
