Independent Mortgage Advice Leeds – Financial Well Being
Currently, nine million people in the UK are struggling with problem debt, 11.5 million do not even have £100 in savings, and a further 24 million people do not feel confident making decisions about financial products and services. As your local Mortgage Broker in Leeds, we are pleased to offer all our prospective clients a free initial mortgage consultation. Get in touch by calling me FREE on 08000 141948 or send a message via my Contact Form.
We are an efficient mortgage broker in Leeds, also offering protection services for clients in and around the Leeds areas including Cookridge, Garforth, Headingley, Gipton, Hunslet, Leeds, Moortown, Morley, Otley, Rawdon, Rothwell, Stanks, Stanningley and Wetherby.
Financial well-being is the sense of security you feel from having enough money to meet your future needs. It comes when you have control of your day-to-day spending and finances, and have the freedom to make choices that let you enjoy life. When it comes to the link between money and mental health, two major findings stand out:
- Half (46%) of people in problem debt also have a mental health problem.
- 86% of respondents to a Money and Mental Health survey of nearly 5,500 people with experience of mental health problems said that their financial situation had made their mental health problems worse.
The importance of financial well-being cannot be overstated, especially for vulnerable customers, and more and more businesses are taking note. The Money and Pensions Service released a report in early 2019 calling on the whole retail banking sector to put customers’ financial wellbeing at the centre of their corporate purpose.
One way to achieve financial and emotional happiness is to continue to develop your expertise; learn and train (always be employable!) – If you do lose your job, having a set of skills that almost everyone needs to do almost any job will help you avoid any long-term period of uncertainty. Once you have the basics, you can train and specialise so that you will always be ‘in demand’ in the workplace.
Free Mortgage Advice – Benefit with your initial consultation immediately
4 Smart Tips from an Independent Financial Advisor – How to Build Financial Wellbeing
Maintain a low debt-to-income (DTI) ratio – Mortgage lenders look at this to assess your ability to cope with repayments. Spending a lower proportion of your income on car loans or credit card debts boosts not only your resilience, but your chances at getting the mortgage you want. A DTI of no more than 45% should be a starting point.
Purchase adequate life insurance – It’s impossible to overstate the value of protection. Should the worst happen, this can not only help you cope with a change in lifestyle, but help your family adapt without necessarily taking on a financial burden.
Maintain an emergency fund – As a rule of thumb, try to build a financial cushion of at least 3 months’ essential outgoings available in an instant access savings account. This means if you lose your job, you have the money to pay.
Increase your knowledge of financial topics to make smart financial decisions – Knowing a thing or two about how markets work and how to make the most of bank accounts, investments or pensions can go a long way to growing your long-term resilience.
How Can I Afford The Future Lifestyle That I Desire?
To begin building your own financial well-being, ask yourself questions that encourage you to look ahead and be curious about how you intend to afford your lifestyle. There is plenty of help and guidance available to better understand what you need to do to buy your own home or achieve other goals. Tools such as the Money Advice Service’s Money Health Check can help. Ask yourself questions such as:
- How would you describe your attitude towards managing your money?
- Does anyone other than your partner depend on you for money or anything else, such as children or a relative?
- How far does your money stretch?
- How much do you rely on borrowing?
- How are you coping with your mortgage and other borrowing?
- How would you deal with an unexpected cost you couldn’t afford to pay yourself?
- Do you and your partner both have up-to-date wills?
Questions such as these aim to dig deep and understand the full picture of your financial situation. The value is in identifying gaps that can be filled with the right advice and action, with every step adding to your financial well-being. Making even small adjustments to how you manage your money can have a long-term impact. For instance, the Money Advice Service found that almost half of UK adults do not have enough savings to cover an unexpected bill of £300. This could be remedied by simply setting aside £25 a month for a year, at the end of which the money could be put in a savings account to grow. Doing this takes away a significant amount of stress were a boiler to break down, or if a car needed an urgent repair.
Independent Mortgage advice in Leeds and Local Areas
As a proud independent mortgage broker in Leeds, I offer bespoke mortgage advice from a large panel of lenders. I will deal with you personally throughout the mortgage process, being on call and available whenever you need to chat or ask a quick question.
Over the years I have built up clients from lots of areas within Leeds. Areas include Cookridge, Garforth, Gipton, Hunslet, Leeds, Moortown, Morley, Otley, Rawdon, Rothwell, Stanks, Stanningley and Wetherby. Feel free to get in touch to discuss any of the above, or anything mortgage related for that matter. We cover the whole of Leeds and surrounding areas.
Guiding You Through Your House and Home Buying Process
If you decide to proceed with our Mortgage Advice services, you will receive one to one advice from your dedicated Mortgage Broker in Leeds. Your Mortgage Advisor will be available to guide you through the house buying process and advise you on the best options available to you.
At JAMortgage.co.uk, as your local Mortgage Advisor in Leeds, Barnsley, Bradford, Doncaster, Huddersfield, Harrogate, and Wakefield near you, I will discuss your requirements with you and offer the best solution and advice to help meet your needs. Our reviews on TrustPilot and Vouchedfor.co.uk demonstrate that we are a trusted Mortgage Broker in Leeds offering a FREE initial telephone consultation for residents.