How can I rebuild my financial safety net

How can I rebuild my financial safety net

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Video transcript

Britons have been taking money out of their accounts at the quickest rate for almost 40 years, which could leave some without a safety net to combat a change in their circumstances.

The Bank of England has indicated that we`ve taken £23 billion out of savings over the past year, which works out at around £900 per household. Much of the money has been spent on consumer items as it wasn`t accruing much interest, and this in turn has helped to fuel the country`s economic recovery.

As a knock-on, this could see interest rates rise soon, which will make savings more appealing, but may also lead to larger repayments being due on mortgages, credit cards and other loans.

Debt consolidation could give you the best of both worlds when interest rates go up – it can pay off your unsecured loans and leave you with more to put back into the bank each month, so your savings can benefit from greater interest.

Find out how First Choice Finance can help you do this at firstchoicefinance.co.uk or by calling us on 0800 928 3000 or 0333 003 1505.

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Homeowner Secured Loans
9.8% APRC. Representative example: Borrow £50,000 over 180 months. 60 months at 8.1%, £497.83 pcm fixed at 60% LTV. Then 120 months at 10.1%, £539.89 pcm variable. Total payable £94,656.60. Total cost of credit £44,656.60 (including: £795 lender fee, £985 broker fee & £42,876.60 interest). First Choice are tied to certain loan providers.

Mortgages & Remortgages
8.4% APRC.
Representative Example: Borrow £120,000 over 25 years at 5.99%, £778.86 pcm fixed for 3 years at 60% LTV. Then at 8.75%, £974.86 pcm, variable for 22 years. Total payable £286,416. Total cost of credit £166,416 (including: £985 broker fee, £999 lender fee & £164,432 interest)


Unsecured Personal Loans
REPRESENTATIVE 49.9% APR (VARIABLE)
First Choice are tied to certain unsecured lenders.


THINK CAREFULLY BEFORE SECURING OTHER DEBTS AGAINST YOUR HOME.
YOUR HOME MAY BE REPOSSESSED IF YOU DO NOT KEEP UP REPAYMENTS ON A MORTGAGE OR ANY OTHER DEBT SECURED ON IT.
Security is required on immovable property.



Late repayment can cause you serious money problems. For help, go to moneyhelper.org.uk

Established In 1988. Company Registration Number 2316399. Authorised & Regulated By The Financial Conduct Authority (FCA). Firm Reference Number 302981. Mortgages & Homeowner Secured Loans Are Secured On Your Home. We Advice Upon & Arrange Mortgages & Loans. We Are Not A Lender.

First Choice Finance is a trading style of First Choice Funding Limited of 54, Wybersley Road, High Lane, Stockport, SK6 8HB. Copyright protected.

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