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As we head toward the end of the year, the mortgage market continues to show encouraging signs of stability. Lenders have been gradually improving their rates and criteria, giving homeowners and buyers a little more confidence as we approach Christmas. While affordability remains a challenge for many, we’re seeing positive momentum — especially for those looking to remortgage or secure a competitive deal before the festive period.

 

If you’d like to review your current mortgage  explore your options for the new year, we’re here to help — just get in touch.

 

Over the last year, house prices have increased 5.3 times faster than the rate of earnings. 

The average house price has increased by £10,087 to £271,403. However, the typical annual salary has only gone up by £1,921 to £40,334. The East of England and the East Midlands have experienced the most significant disparity, with house prices outstripping earnings by 6.7 times. Scotland (6.4 times), Wales (6.3 times) and Yorkshire and the Humber were also significantly affected (5.8 times). 

Despite London experiencing slower house price growth and higher salary levels, prices have still increased 4.7 times faster than average earnings. The gap was relatively smaller in the North West (3.8 times), South East (3.7 times) and South West (3.3 times), although there is still a noticeable difference.

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Recent data has highlighted the importance of protection insurance as it continues to support people in times of need. 

In 2024, protection insurers paid out a record £8bn in combined group and individual claims. This means that £21.9m was paid out every day to policyholders suffering from illness, injury or bereavement. 

Last year, £5.32bn in protection claims was paid out across individual life insurance, income protection and critical illness policies. This is 10% higher than the total value of claims paid in 2023, even though the number of individual claims was broadly the same at 275,000. The average payout increased by 10% to £18,700, up from £17,100 the previous year.

Critical illness cover serves as vital protection for those with a serious illness such as cancer, a heart attack or stroke. In 2024, the total value of critical illness claims increased by 5% to £1.3bn. The average claim paid was £67,600 – this is a significant lump sum which helps alleviate the financial burden on policyholders, allowing them to focus on recovery without worrying about money. Cancer remains the leading cause for a critical illness payout, accounting for 62% of all claims. Total payouts for the condition went up by 4% to £812m. 

Income protection makes regular monthly payments if you’re unable to work due to illness or injury.  It is designed to replace some of your income, helping you to cover regular expenses such as your mortgage, bills and other living costs. 

Figures show that this form of protection continues to support policyholders across the UK until they return to work, retire or reach the end of their policy term. The value of income protection claims has increased by 16% year-on-year to £204m. The typical payout rose to £10,000, up 6% on the previous year. Musculoskeletal issues such as neck and back pain were the most common reason for an individual income protection claim, representing a third (34%) of claims paid. 

Over the last decade, the proportion of new individual claims paid has stayed at 97.9% or above. The main reasons for declined claims were non-disclosure of pre-existing medical conditions at the time of taking out the policy and claims not meeting the policy definitions. It’s therefore essential to be transparent with your insurer about your health and make sure you understand when you will be covered.

We can help you choose a policy that is tailored to your needs and meets your budget. 

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.

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If we can assist you with any of your mortgage or protection needs, please don't hesitate to get in touch!

Download Your Free Credit Report

A credit report may be needed for certain mortgages before application. There are several credit reporting sites available such as: 

 

Checkmyfile

Experian

Equifax

Clearscore

 

Of those we do find Checkmyfile to offer a comprehensive and accurate report as it includes three different scores from three different agencies. You can try it free for 30 days, then £14.99 a month and can be cancelled online anytime.

Our relationship with you doesn’t stop once your mortgage is in place. Many of our clients are now looking at the bigger financial picture—including planning for retirement and making the most of their savings.

That’s why we’re pleased to offer access to a fully qualified financial adviser who can support you with:

✅ Pension reviews and retirement planning
✅ Investment advice tailored to your goals
✅ Tax-efficient savings strategies
✅ Financial planning for your future and your family

If you’d like a no-obligation introduction to someone who can help you feel more in control of your long-term financial goals, just reply to this email or get in touch—we’re happy to connect you.

Your financial wellbeing matters to us. Let us help you make the most of it.

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