A recent headline from a well know newspaper read: “The UK banks hiking mortgage rates to 4% – while grabbing dirt-cheap taxpayer loans for 1%.” Whilst the base rate is holding, some lenders have been putting up their rates, and when prices are going up on key items such as fuel and utilities, it can be hard to understand.

The fact that rates have started to rise (e.g. Halifax, Bank of Ireland, Bank of Ireland, Bristol & West and RBS) might suggest that the banks believe it’s a long term trend.

Mortgage Rates – What Can You Do?

Well, your mortgage is like any other household expense and you can shop around. If you would like to review your mortgage, or your circumstances have changed, you can speak to an independent mortgage adviser here, or alternatively, why not ask our independent mortgage expert your questions?

>>> Mortgage Calculator – how much will a rise in interest rates affect your payments?

If you’re a woman, then there is more bad news for your household expenditure due to a recent ruling in gender pricing for insurance.

Gender Pricing – Insurance

You might have read in the press about changes in car insurance premiums. These potential changes are based on a ruling which was taken by the EU, that bans gender pricing and comes into force from 21st December 2012.  Instead of insurance premiums for men increasing in line with those of women (generally lower risk), premiums for women will probbaly be increasing in line with those of men (generally higher risk).

Why does it matter?

Because insurers use many different factors to work out prices, one of which is gender. The prices of the following products all use gender as one of the factors in pricing:

• Car insurance
• Term life insurance
• Health insurance
• Annuities

There have been headlines suggesting that costs will go up. If you have any concerns or just want to check on the cover you have in place, you can speak to an independent insurance adviser here.

>>> The importance of getting independent financial advice

And a final thought for International Women’s Day…

Legal & General published some research in 2011 on the value of a parent. The average value of the work that Mums do around the home was over £30,000. So do make sure that when you look at protecting your family, you protect all of your family’s needs.

Useful Links

>>> Mortgage Calculator
>>> Speak to an independent mortgage adviser
>>> Review my insurance needs – speak to an independent insurance adviser
>>> What is LIBOR?
>>> Keep up to date with with the FREE Money Minds Newsletter