Stuart Moffat – mortgage and insurance expert

Stuart Moffat is a mortgage and insurance expert and has been working in the world of finance for over 30 years. 

For the past three years, he has worked as a self-employed mortgage, insurance and equity release specialist and, in that time, has seen some dramatic changes and challenges. However, 2022 and beyond is potentially going to be one of the hardest of times for many of us.

Here, he offers some straightforward advice to help you navigate challenges, save money and be ready for any eventuality…

We have seen a prolonged period of record low interest rates and, accordingly, a large proportion of homeowners with mortgages have chosen to keep their mortgages on the lenders’ standard variable rates. This gave them flexibility as well as, where the rates were low, the opportunity to take advantage of this. Now is the time to review your mortgage if you have not done so.

If you are paying the lender’s standard variable rates then your payments will be going up regularly and are likely to continue to do so. Many of my customers are looking at longer term fixed rates to give them peace of mind and ensure they know what they are paying every month. 

I always make sure whatever decision the clients make matches their short, medium and long-term goals.

When was the last time you reviewed your insurance policies? House, life, car – even your pet! I regularly find that clients don’t. 

Policies will go up and the insurance company counts on the fact that you are too busy and will continue to renew or leave it alone. Circumstances change and the pricing of policies changes, so take the time to look at what you have in place and does it still meet your needs. A word of warning on this: do not just rely on price comparison sites as they are there just to compare the price, not the benefits or service, so speak to a specialist.

Look at your direct debits – like insurance policies, subscriptions, gym memberships. Are you paying and, in some cases, not even using? Go through the payments that you are making and look to see do you use it and, if you do, can it be provided at a better price without sacrificing the benefit? 

Savings and investments – I know interest rates have been shockingly low for so long but there are things you can do to make the most of the cash without taking huge risks. Talk to a financial advisor and tell them what you want to achieve with your savings, investments or pension.

Utilities including broadband – it is no secret that our energy bills are going up and up again this year with the end of the price cap. There is no magic wand here but there are people out there that, like me, offer broking services for your energy and utilities. It is a minefield out there with different deals and you could spend hours, if not days, trying to find the best deals. Let them do it for you as anything you can save now and in the future is a benefit to your pocket, not someone else’s. 

As I said, you will be paying more now than you were 12 months ago but you can still manage this cost to mitigate the impact.

Budgeting – this is one that we can all be guilty of. What is £5 here or £10 there, it doesn’t matter! Look at your bank statement and add up the little £5 and £10s across the month and you may be shocked just how much it adds up to.

Have an account for bills and transfer funds every month to cover what you need.

Do you have an account for savings, luxuries, holidays or just emergencies? Building a fund every month is easier than trying to find several hundred or thousand pounds  at the last minute. We all want to do nice things and so try and plan for them rather than reacting when they come up.

Dealing with these difficult times is not easy, so trying to make what changes you can may make a massive difference to you and your family.

The last thing I would say is… Speak to an expert. They are experts so let them look after you.

If I can help with any advice, get in touch.

Mortgage Saving Experts Ltd
T: 01273 738072
M: 07738 161519
E: stuart@mortgagesavingexperts.com
W: mortgagesavingexperts.com