Rates show signs of ease amid stabilising economic conditions
Throughout this month we’ve begun to see signs of the mortgage market stabilising, after a period of prolonged uncertainty. Average fixed mortgage rates have begun to show signs of decreasing, slightly, especially when compared to the highs seen earlier in 2023. As of this month the average rate for a two year fixed rate mortgage is 5.39%, while a five year fixed rate stands at 5.09%.
More affordable deals are also available with some lenders offering rates at just 3.96% for a two year fixed rate and 3.69% for a five year fixed rate.
This stabilisation is large and part due to a series of interest rate hikes by the BoE to combat rising inflation, which has recently started to show signs of ease. November also saw another rate cut, with the base rate now standing at 4.75% which is helping with optimism among lenders.
Here at The Right Mortgage we will be continuing to help support and grow our brokers throughout the remainder of 2024 and into the New Year with a series of events to help them navigate both the current mortgage market and also manage any turbulence along the way. Our peer group meetings in 2025 are a great way to kick off 2025 on a high.
Contact us for further information.
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Anita White
Head of Lender Relationships
Later Life Lending Annual Conference and Great Gatsby Awards Gala Dinner
We are so excited to be holding our next Later Life Lending Annual Conference and Great Gatsby Awards Gala Dinner next week! The day will be full of specialists for the day of talks, panel debates and round tables. Then to celebrate on the evening in our Great Gatsby Glam!
This year has been another roller coaster year for Later Life Lending, with many changes and developments in the industry. Now more than ever mortgage brokers getting into Later Life Lending is so important in order to offer the best service to your customers.
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Victoria Clark
Head of Equity Release
All change at AIG Life
AIG Life is rebranding to Aviva Protection UK Limited effective 17th February 2025. While policies and services remain unchanged, branding updates will apply to correspondence, online systems, and payment details. Key points:
- Existing Policies: No changes; clients can renew under Aviva branding.
- Client Communication: Advisors must inform clients of the rebrand to avoid confusion. Editable templates are provided.
- Payment Updates:
- Direct Debit: No action needed; name changes automatically.
- BACS: Clients must update the payee name to “Aviva.”
- Trust Updates: Master and Excepted Group Life Trust names will update automatically.
- Smart Health Services: Access continues with rebranding. Android users need a new app; Apple users require an update.
- Using Aviva Branding: Advisors must replace AIG Life references by 17th February.
- Contact Details: Emails and web pages transition to @protection.aviva.com, with redirects active until 9th April 2025.
For further details, click gere or visit the FAQs webpage or contact the team via protection.aviva.com or 0330 303 9972.
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Amy Wilson
Head of Insurance Products
New business strategies for 2025
As we approach the end of the year, it is that time again where we start planning for 2025 and start thinking about new business strategies that we can implement to exceed our previous years.
Remember having achievable business strategies provides;
- A robust business
- Business growth
- Allows you to measure success
- Enables you to achieve your business goals
Other products to consider in the new year;
In our coffee morning sessions this year, we have been having discussions around various products, such as dental and optical plans, health cash plans, international PMI and child only health plans. When carrying out your annual reviews in the new year, look out for any opportunities, where you could potentially sell them a dental plan or there may be a need for them to have an international PMI plan. Grandparents may be keen to put child only health plans in place for their grandchildren.
Key dates to remember;
- Our next PMI coffee morning session is being held on Wednesday 11th December at 10am. Don’t forget your Christmas jumpers!!!
- Our next PMI induction course is being held on Tuesday 10th December
Once again thank you for all your support this year and I look forward to working with you all in the new year.
Bring on 2025!
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Bipin Sandhu
PMI Supervision & Development Manager
UK home insurance premiums have risen by nearly a third in two and a half years
Research carried out by the House of Commons library – found that home insurance premiums rose by a combined average of 31% between January 2022 and August 2024.
With articles like this, what is the perception that consumer’s have about their current insurance policies? We have a duty of care to ensure that when we speak to customers about their mortgage, they have a home insurance policy in place. With the cost of living not looking any easy, we need to make sure that our customers are fully protected from perils.
So what can we do?
- Obtain insurance renewal documents so you know they have a policy.
- Properly educate your clients on why home insurance premiums are on the rise.
- Ensure they have adequate cover, and it hasn’t been over inflated by inflation, or they haven’t undervalued it.
- Find out what in their home is important to them, and reassure them you will protect it.
- Ensure they have all the conditions they think they do, such as their excess.
The providers on our panel, as well as our team at TRM, can help ensure you have all the tools you need to be able to confidently have these conversations.
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Amy Wilson
Head of General Insurance (PMI and GI)
