Every January, we step into a brand new year with bank accounts a little bruised from Christmas, a head full of plans, and a hopeful list of goals that – more often than not – need a little money behind them.
It’s also Financial Wellness Month… a gentle pause button and an opportunity to start fresh on more solid financial footing.
Setting budgets, taking control and making minor changes to our spending habits can all feed into a healthier bank balance with time. And protecting that income is every bit as important as how we manage it.
Aiming to provide some helpful advice and ‘top tips’ is The Mortgage Shop, Portadown’s Philip Kerr.
As a Franchisee and Mortgage and Protection Advisor Philip has over 24 years’ experience in the industry. He opened The Mortgage Shop, Portadown in 2004 after working for his previous company for ten years and in 2015 opened his second Mortgage Shop in Banbridge.
From a Northern Ireland perspective, Philip believes when it comes to finances one of the biggest risks he sees locally is households becoming reliant on one or two incomes… often with relatively high mortgage balances compared to earnings.
Said Philip: “Ensuring there is appropriate protection in place such as life insurance, critical illness cover and income protection can make a significant difference if someone is unable to work due to illness or if the worst were to happen.”
In terms of financial wellness more generally, he said “budgeting and understanding monthly commitments is crucial”, particularly with ongoing cost-of-living pressures.
“I often encourage people to review not just their mortgage, but all regular outgoings and to build even a modest emergency fund where possible,” he continued. “Financial wellness isn’t about having large savings, but about having resilience and a plan.”
In terms of planning for the future, whatever may befall, he added: “Life insurance remains a key part of that resilience.
“In Northern Ireland we still see relatively strong take-up linked to home ownership, but many policies haven’t been reviewed for years.
“Changes in family circumstances, house moves or refinancing are ideal times to reassess whether cover is still suitable and sufficient.”
Finally, Philip explains that speaking to a mortgage adviser is about “much more than just securing a rate”.
He said: “Whether someone is buying their first home, moving, or renegotiating an existing deal, an adviser can help ensure the mortgage fits their wider financial position, highlight potential savings, and make sure protection needs are considered alongside the borrowing.
“This joined-up approach is often overlooked but can be vital for long-term financial wellbeing.”
Contact The Mortgage Shop, Portadown today to book your appointment to speak to an advisor.
