What does the base-rate increase mean for you?

In a bid to tackle rising inflation, the Bank of England has increased the base rate for the seventh time since December 2021. The 0.5% hike takes the interest rate to 2.25% - the highest since November 2008, when the banking system faced collapse. So, what does this mean for you?

Mortgages
If you’re on a fixed-rate mortgage, you’ll be protected from the latest rise until your current deal runs out. If that happens any time soon, you may well find the cost of a new fixed-rate mortgage has shot...

Improving your chances of passing a mortgage affordability assessment

The covid pandemic put things into perspective for Deborah. Before hand-sanitizer and facemasks became the norm, she and her boyfriend were living in a pokey flat while they saved up to buy a place of their own. As the pandemic took hold, they were both furloughed and - for the first time in years - had lots of free time together. This ultimately spelt the end for their relationship. Deborah moved back in with her parents and, to distract herself from this depressing deve...

Holding steady through a sluggish forecast

Markets experienced some June gloom in the wake of further interest rate hikes and lower economic growth forecasts.

Global growth is set to slow to 3% this year and 2.8% in 2023, according to the organisation for economic development (OECD). [1] The ongoing war in Ukraine has added to the slowdown, along with high inflation following the pandemic.

Supply chain issues caused by lockdowns in China are also having an effect on the global economy’s ability to bounce back and are predicted to continue...

Talking to kids about the value of money

After seeing their six-year-old son’s birthday list, Liz and Dan have realised it’s high time they started teaching Archie about the value of money. It’s true they both have reasonably well-paid jobs and only the one child but, even so, a Saint Bernard puppy, a quad bike, a horse and a life-size dalek don’t come cheap. So, what can Liz and Dan do to ensure Archie doesn’t end up bankrupting them before he goes to high school?

Pocket money

Archie is nearly seven - the age when most parents start givi...

Home Insurance - What you need to know

One wet and windy evening, Rachel and Nathan decided to take advantage of their newborn, Eli, falling asleep in his moses basket by getting an early night. Gently picking up the basket from its regular spot in front of the fireplace, they crept upstairs. No sooner had they settled in bed when they heard a massive crash from the living room. They ran back downstairs to find a pile of rubble in the exact spot Eli had been sleeping just minutes earlier.

Aware the incident could have been much worse, the ...

Investment Update - Interest rates rise again to combat inflation

Market performance in July was strong, as a ‘bad news is good news’ dynamic appeared to take hold.

Many investors are reflecting on the year so far, which saw the largest falls for the S&P 500 index over the first six months since 1970. The MSCI All Country World Index (which tracks the largest companies around the world) also suffered falls and its worst opening six months since its creation in 1990.

However, not all industries have performed in the same way. For example, ...

First time buyers guide to saving for a deposit

When preparing to buy your first home, saving for a deposit can be a difficult process. As house prices, inflation, cost of living and mortgage rates increase, it can mean that some mortgage lenders may require larger deposits of the property value. This can be challenging trying to save a large sum of money and for some within a limited time. According to the Office for National Statistics, the average UK house price was £277,000 in February 2022, which is £27,000 higher than this time last y...

What are value-added services?

Value-added services are benefits included in an insurance policy that you might not be aware of – but could help improve your overall health and wellbeing.

When you take out an insurance plan like life insurance, critical illness, or income protection, you get the financial protection in the form of a payout, but there are also other services available to you as parts of those plans.

These ‘value-added services’ or ‘wellbeing services’ are designed to provide customers with a range of emotional and practica...

Seeking investment talent

We explore how Omnis appoints third-party managers to run funds to provide access the best investment talent in the market.

Omnis Investments (Omnis) offers clients of The Openwork Partnership and 2plan Wealth Management a range of 26 funds. They appoint third-party investment managers, allowing investors access to the best talent in the market. No matter how big you are as an investment house, you can’t have the best investment managers for every single asset class – it is Omnis’ job to find the best managers out...