A concerning number of people have insurance policies that they have forgotten about or can’t access. There are an estimated 3.4 million dormant insurance policies in the UK, valued at £8.1bn. This works out at an average of £2,366 per policy, which is the equivalent of two months average mortgage payments. This means many could have missed out on vital financial support when they really need it. In most cases, the policies have been lost or forgotten as life changes, whether that’s due to a house move, marriage or divorce. It’s therefore essential to review existing policies to make sure you don’t miss out on any claims you’re entitled to. As with all insurance policies, conditions and exclusions will apply. Your home may be repossessed if you do not keep up repayments on your mortgage. Sources: https://protectionreporter.co.uk/my-dad-is-83-he-keeps-his-policy-documents-in-a-box-at-home-how-can-firms-locate-and-contact-gone-away-customers.html

Buying a home can be stressful, confusing and — let’s face it — slow. The government has now announced plans to reform the home-buying process to make it faster, simpler and more transparent. But what’s changing, and how could this affect you if you’re buying or selling in Brighton & Hove ? What’s Being Proposed The new reforms aim to: Speed up transactions – The goal is to cut around four weeks off the average buying time by encouraging digital ID checks and better data sharing. Provide upfront information – Sellers will need to give key details (like lease length, service charges, and property condition) earlier in the process, helping buyers avoid nasty surprises. Reduce failed sales – About one in three property sales currently fall through before completion. With clearer information upfront, the hope is that fewer deals collapse. How This Helps Brighton & Hove Buyers Brighton & Hove has a busy, competitive housing market with lots of flats and leasehold properties. This reform could make a real difference by: Saving time and stress – Faster transactions mean fewer weeks waiting for updates. Avoiding surprises – Early disclosure of lease terms or service charges could save you money and headaches later. Helping first-time buyers – With less risk of deals falling through, first-time buyers may feel more confident to get on the ladder. Things to Watch Out For Like any major change, there are some challenges too: Sellers might face extra upfront costs to provide all the required information. Older properties in Brighton’s conservation areas could still take longer to process. Until the new system is fully in place, buyers and sellers may see a mix of “old” and “new” ways of working. The Bottom Line If done well, this home-buying reform could make buying in Brighton & Hove smoother and more transparent — something every buyer would welcome! Keep an eye on updates as these proposals move closer to becoming law, especially if you’re planning to move in the next year or two.

Figures from the second quarter of this year show that the average cost of home insurance has generally remained unchanged. The average cost of combined buildings and contents cover was £391 per year for policies taken out between April and June, £2 cheaper than quarter one. This is still relatively high and only slightly lower than the peak of £399 seen in Q3 2024. Premiums are high because insurers are paying out more in claims - £1.6 bn was paid out in Q2, up from £1.5bn the previous quarter. Bad weather is driving this increase, with £322m paid out for damage related to storms, heavy rainfall and frozen pipes. Saving tips • It’s important to be cautious of auto-renewal clauses in your policy as you may get locked into another 12 months before you can check the market for a better offer. • Set a reminder a few weeks before your policy is due to come to an end so you can take your time to renew and get advice. It is often more expensive to buy cover if you leave it to the last minute. • We understand that paying monthly can feel more manageable than a big annual payment. However, if you can budget effectively, it is often cheaper to pay for the year. As with all insurance policies, conditions and exclusions will apply. Sources: https://www.which.co.uk/news/article/whats-happening-to-home-insurance-premiums-a3EjJ5O6GVvP

By the time your child turns 18, the damage they cause at home could cost you nearly £15,000, according to Checkatrade. It says parents spend an average of £449 a year per child on repairs, with four-year-olds causing the most chaos. However, damage caused by angry teens can also be expensive. Replacing broken electronic items averages £325 a year, while furniture, carpets and scratched floors are frequent casualties. Kids may also draw on walls, slam doors and break their own toys. Many parents now take steps to protect their homes, from washable paint to hard flooring and TV screen protectors. Consider adding accidental damage cover to your home insurance, so the most expensive damage is paid for by your insurer. As with all insurance policies, conditions and exclusions will apply Source: https://www.yourmoney.com/insurance/home-damage-caused-by-your-children-will-reach-15000-by-the-time-they-hit-18/

It was a busy summer of news for the housing market – here’s what you need to know. In August, the Bank of England (BoE) reduced Bank Rate from 4.25% to 4%. This is the lowest level in two years and the fifth cut since August 2024. However, the decision wasn’t straightforward as the Monetary Policy Committee (MPC) required two rounds of votes to reach a majority. Ultimately, five members were in favour of lowering the rate, while four wanted to hold it at 4.25%. Since the rate cut, data shows that UK inflation was 3.8% in July, which is higher than expected and nearly double the BoE’s 2% target. The Bank believes this rise is temporary, caused by food, energy and other price increases, so expects inflation to fall back in the coming months. Even so, experts predict that this will prompt the MPC to take a more cautious approach to future cuts. Impact on the housing market Changes to Bank Rate directly affect the cost of borrowing. With 900,000 mortgage deals coming to an end in the second half of 2025, many homeowners may now benefit from slightly reduced rates. However, it might not be a drastic change, as Richard Donnell at Zoopla explained, “The price of fixed rate mortgages already factors in the future path of base rates meaning average mortgage rates are likely to remain broadly where they are today.” Affordability slowly improving After housing affordability worsened during the pandemic, it is now steadily improving. This is due to a combination of strong income growth, slower house price growth and easing of mortgage rates. Currently, the average UK home costs about 5.75 times typical income, a significant improvement on 2022’s all-time high of 6.9 and the lowest this ratio has been in over ten years. Along with increased availability of high loan-to-value mortgages, this has made buying more achievable for many borrowers. Modest house price growth House price growth picked up slightly in July with annual growth of 2.4%, up from 2.1% in June. There was a month-on-month rise of 0.6%, taking the value of the average home to £272.664. Although marginal, this uptick is positive as it suggests that the housing market is showing some resilience following the Stamp Duty reforms in April. Market outlook Robert Gardner, Nationwide’s Chief Economist, said, “Despite wider economic uncertainties in the global economy, underlying conditions for potential home buyers in the UK remain supportive.” He continued, “Providing the broader economic recovery is maintained, housing market activity is likely to continue to strengthen gradually in the quarters ahead.” Your home may be repossessed if you do not keep up repayments on your mortgage. You may have to pay and early repayment charge to your existing lender if you remortgage. Sources: https://www.nationwide.co.uk/media/hpi/reports/annual-house-price-growth-edges-higher-in-july https://www.bbc.co.uk/news/live/cedvn267z0jt https://www.bbc.co.uk/news/articles/cdd3qm7ly8ro https://www.zoopla.co.uk/discover/property-news/what-do-higher-interest-rates-mean-for-the-housing-market/

Income Protection Awareness Week takes place 22 to 26 September 2025, aiming to highlight the importance of protecting your income from illness or injury. Income protection insurers paid out a total of £204m to policyholders in 2024. Unfortunately, many people still don’t understand the importance of insurance – a recent survey found that only 15% of young homeowners would consider themselves to ‘know a lot’ about income protection. This is concerning as 14% of 18 to 34-year-olds think they would immediately struggle to keep up with mortgage repayments if they were unable to work. Meanwhile, over half (57%) said they would experience financial difficulty after six months of losing their income. The survey respondents were asked how they would cope with a sudden loss of income. Three in ten (29%) said they would try to take on additional work and 23% said they would reduce their savings or pension contributions. But all these options may be at the expense of their emotional or financial wellbeing. Make sure you’re fully insured in Income Protection Awareness Week. Why not review your cover with us now, we’re happy to help. As with all insurance policies, conditions and exclusions will apply. Your home may be repossessed if you do not keep up repayments on your mortgage. Sources: https://www.abi.org.uk/news/news-articles/2025/7/record-8bn-paid-out-in-vital-protection-claims-during-2024/ https://protectionreporter.co.uk/lifesearch-54-of-18-34-year-old-homeowners-claim-to-have-life-policies-but-majority-dont-know-about-ip.html

Over half (54%) of 18 to 34-year-old homeowners have life insurance, however only 15% of this group understands income protection. A survey has found that 30% of young borrowers have not got any protection insurance in place. It is therefore concerning that 14% believe they would have difficulties keeping up with their mortgage payments as soon as they became unable to work due to injury or illness. Meanwhile, 57% of 18 to 34-year-olds would struggle within six months of losing income. When asked what they would do in the event of illness or injury, 29% of young homeowners said they would attempt to take on additional work, while a quarter (23%) would reduce contributions to their savings or pensions pot. Paula Higgins, CEO at HomeOwners Alliance, commented, “For young homeowners, the stakes are high: many have stretched to afford their property and their financial resilience is often still being built.” No one likes to think about being affected by illness or injury, but going without essential protection could put you and your loved ones in a vulnerable position. Don’t leave it up to chance, talk through your options with us. As with all insurance policies, conditions and exclusions will apply. Your home may be repossessed if you do not keep up repayments on your mortgage. Sources: https://protectionreporter.co.uk/lifesearch-54-of-18-34-year-old-homeowners-claim-to-have-life-policies-but-majority-dont-know-about-ip.html https://www.ftadviser.com/critical-illness/2025/6/2/nearly-a-third-of-young-mortgage-holders-do-not-have-protection/

A new report has found that women have significantly less insurance cover than men. In a survey of 2,000 UK adults, a third (32%) of women said they do not have life insurance, twice the number of men (16%). More than a fifth of female respondents did not think they could afford it, versus just 10% of men who expressed affordability concerns. This disparity may be due to a lack of education, with 29% of women saying they have never been taught about life cover compared with 18% of their male counterparts. Moreover, three in ten (29%) women aren’t sure what support life insurance would provide to their loved ones if they died. The report indicates that many people remain unsure about life insurance; what it is, what it can be used for, its benefits and its role in protection, estate planning and retirement. Talk to us There’s no need to feel ashamed about what you don’t know as it’s never too late to get informed. We’re here to answer any questions you have. With the right cover in place, you could safeguard your family’s future if the worst happened. As with all insurance policies, conditions and exclusions will apply Sources: https://www.actuarialpost.co.uk/article/women-twice-as-likely-to-not-have-life-insurance-as-men-25112.htm https://www.yourmoney.com/insurance/mind-the-life-insurance-gender-gap/ https://www.fca.org.uk/financial-lives/financial-lives-2024

By 2030, more than 104,000 Help to Buy accounts will reach the end of their interest-free period. The Help to Buy scheme ran for ten years, between 2013 and 2023. Buyers of new builds were lent up to 20% (or up to 40% in London) of the property’s value as an equity loan. The loan is interest-free for five years and is repayable when the home is sold. According to a Freedom of Information request, there are already 101,000 Help to Buy accounts that have become interest-bearing. The average monthly interest payment on a Help to Buy loan is approximately £107. If you’re faced with higher monthly repayments, you don’t have to go through it alone. Professional advice can help you take control of your finances. Your home may be repossessed if you do not keep up repayments on your mortgage. Sources: https://www.yourmoney.com/mortgages/first-time-buyer/exclusive-over-104000-help-to-buy-accounts-set-to-come-to-end-of-interest-free-period-by-2030/

Data shows that remortgage activity hit a 15-month high in May. There were 41,500 remortgage approvals, up 6,200 on April and the highest level since February 2024. There was also a rise in new mortgages for the first time since December, with 63,000 approvals. Meanwhile, gross mortgage lending was £20.4bn in May, £16.9bn higher than the previous month. Jason Tebb, President of OnTheMarket, said that the rise in purchase approvals could suggest that the market is getting “back on track”. He added, “Further rate reductions from the Bank of England would provide more impetus for the market in the second half of the year.” 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. Sources: https://www.yourmoney.com/mortgages/remortgage-activity-reaches-15-month-high-in-may/

New research has revealed that just 43% of people have enough life insurance, with the so-called ‘squeezed middle’, typically in their 30s and 40s, most at risk of having a lack of protection in place. The shortfall is especially stark among mortgage holders, where only 36% have sufficient cover. Families fare even worse - just 30% of couples with children and only 10% of single parents have adequate protection arranged. This age group often faces the greatest financial pressure, juggling childcare costs, large mortgages and household bills, yet many lack the robust safety nets they need. While most people understand the need to cover their mortgage, fewer consider the cost of raising children if the worst happens. Not all the findings were negative. The study also showed that emergency savings improve with age. By their mid-30s, two-thirds have a financial buffer in place, rising to 70% by their late 40s. Overlooking life insurance altogether could leave you and your family in serious financial trouble. If the worst happens, families suffer not just emotional loss, but also face potential financial hardship too. Having the right protection, to suit your budget, can make all the difference. As with all insurance policies, conditions and exclusions will apply Source: https://www.ftadviser.com/protection-gap/2025/5/7/squeezed-middle-falling-into-protection-gap/