Chris Glazier, MD of TFA a leading firm of wealth management and independent financial advisers throughout the south and south west of England, comments on what the hold in interest rates mean for their clients.
“Today’s announcement by the Bank of England to maintain rates will be a relief for savers after many commentators had suggested that there may have been another cut in interest rates. We are finding many pensioners are having to look at other investments and ways in which to secure their retirement income.
Careful planning in conjunction with a good financial adviser can always help. If nothing else, to assist retirees understand their different options.
But it’s not just retirees that this is impacting, it affects anyone trying to save for their future and their families future.
The Government has recently introduced some excellent incentives for savers and the use of these together with more traditional savings accounts should always be explored fully again with a good adviser.
TFA experience in the mortgage market is that it remains buoyant and this is in spite of the impending Brexit. Today’s mortgage rate remaining unchanged should not impact on the mortgage market. Other factors likely to have a greater impact are the longer term pressures on household incomes due to Brexit and the American election.
For anybody taking on a large liability (mortgage) should generally be advised to consider some of the excellent fixed rates that are still available.
Clients are finding difficulty gaining timely appointments with high street lenders and we encourage anyone looking to purchase or move property or even remortgage to discuss their requirements with an independent mortgage adviser.
These advisers, provided they are independent will have access to the whole market place and be able to explain the various benefits and pitfalls and types of mortgages to the individual client.”