Hello and welcome to our latest newsletter, designed to keep you up-to-date and confident as you navigate the property market. At Pims, we know that securing a mortgage can often feel like tackling a tricky puzzle. That's why we’re dedicated to making the process straightforward, ensuring you feel supported at every turn.
In today's ever-changing market, finding the right mortgage deal can be daunting. With countless options and intricate terms, it's easy to feel overwhelmed. That's where we come in. At Pims, we take all the hassle away by finding you the most suitable deal for your situation and guiding you every step of the way. Whether you're a first-time buyer, looking to remortgage, or a seasoned property investor, our expertise and personalised approach are here to serve you.
We believe in building strong relationships, based on trust and clarity. Our aim is to demystify the mortgage process, providing clear, concise advice tailored to your individual needs. In this newsletter, we'll be sharing valuable insights, market updates, and practical tips to help you make informed decisions. We're here to ensure your mortgage experience is smooth, stress-free, and ultimately successful. Let Pims be your guide to opening the door to your dream home.
In the financial year 2023-2024, 20,634 new shared ownership properties were delivered to the marketplace. With the We all know that when the Bank of England changes the rate It affects Lending and Investing rates of interest depending on whether there is an increase or decrease. What we don’t often know about is what other factors are considered by Lenders when looking at how they price their mortgage interest rates. One of those factors is swap rates.
So what are Swap Rates – These play a significant role in how fixed rate mortgages are priced. When Lenders agree to lend you money at the same interest rate for several years, no matter what happens in the economy, to protect themselves from interest rate fluctuations they use a Swap rate. A swap rate is a financial agreement between two parties, in this case banks or large financial institutions. As an example Bank A agrees to pay Bank B a fixed rate of 4% for 5yrs, in return Bank B agrees to pay Bank A a floating rate (which might change every month). Each party is trying to manage risk. Some will want stability and others will want to benefit If rates fall. The rate where both sides agree to make the swap is the swap rate. The swap rate is what it will cost a bank of locking in money at a fixed rate and they help determine how lenders price their fixed rate products.
Many people assume their workplace insurance provides all the coverage they need, but do you truly know what yours includes? While employer-provided benefits are a great perk, they often have significant limitations.
Death-in-Service Benefits
Some employers offer death-in-service benefits, which typically pay a lump sum (often 2-4 times your salary) if you pass away while employed. While helpful, this amount might not be sufficient to cover a mortgage or provide long-term financial support for your family.
Limited Sick Pay
When you're unable to work due to illness or injury, sick pay is usually limited. As of April 2025, Statutory Sick Pay (SSP) is just £118.75 per week. Many employers only supplement this for a short period, leaving a significant gap in your income if you're off work for an extended time.
Gaps in Workplace Schemes
Most workplace schemes don't include crucial protections like critical illness cover or income protection. Critical illness cover pays out a lump sum if you're diagnosed with a serious illness such as cancer, a stroke, or a heart attack. Income protection, on the other hand, provides a regular income if you're unable to work due to illness or injury. What's more, you typically lose all your cover if you change jobs.
The Benefit of Personal Cover
This is why many people opt for personal cover. This type of insurance is tailored to your specific needs, not your job. It stays with you no matter where you work and helps to fill the gaps left by employer benefits, providing more comprehensive protection for you and your family.
Unsure about your current coverage or if it's enough? We can help you understand your existing benefits and identify any potential shortfalls. Give us a call to discuss your options.
