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6 responses from the Newspage community

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Daniel Wiltshire
Actuary & IFA at Wiltshire Wealth
This report feels very optimistic. On the ground, many people I speak to are still struggling due to a combination of high mortgage rates, profiteering utility companies, skyrocketing rents and the highest tax burden since WW2. It amounts to a complete failure of government policy over the past decade. The FCA are in denial.
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Stephen Perkins
Managing Director at Yellow Brick Mortgages
Twelve months ago was certainly rock bottom following months of fallout from the disastrous mini-Budget that saw rates shoot up alongside other costs of living. So while I am sure that, compared to then, things look slightly better now, there is no escaping the economy is still circling the drain and looking to take many households down with it.
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Michelle Lawson
Director at Lawson Financial
There will never be a time when everyone is doing OK. There will always be some that are in a dire situation and some that are financially better placed than others. What is important is that those struggling have access to the help, advice and support that they need. More innovation is needed from lenders for those mortgage prisoners stuck on a high Standard Variable Rate with nowhere to go.
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Darryl Dhoffer
Founder at The Mortgage Geezer
This report isn't necessarily inaccurate, but does frame the information in a way that could be misleading. The report highlights the decrease in numbers struggling compared to the previous year. It doesn't emphasise the fact that it's still significantly higher than pre-cost of living squeeze levels (5.8m in February 2020 vs 7.4m in January 2024). While it mentions new regulations coming into effect in November 2024, it doesn't address the potential for the cost of living situation to worsen and the impact on those struggling currently. The report mentions many avoided talking to lenders despite facing difficulties. It lacks information on the reasons why people hesitate, such as fear of credit score damage and lender distrust. Overall, the report presents the data in a way that emphasizes the positive changes and available help, but it could be more transparent regarding people's ongoing struggles and potential future concerns.
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Denni Tyson
Mortgage and Protection Advisor at Henchurch Lane Financial Services
The FCA have painted a picture of optimism with this report whereas those that I speak to on a daily basis are feeling the sequeeze and nervous of what is about to come. Don't get me wrong, in January 2023, we were in a worst state courtesy of Liz Truss and her gang, but the FCA have painted this as things on the up. They are better, but not on the up until radical changes are implemented by the Bank of England and the base rate.
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Richard Jennings CeMAP
Founder & Managing Director at Richard Jennings Mortgage Services
The article from the FCA highlights an improvement of people's financial circumstances, but with over 7million people still saying they are struggling with making payments, it shows the economy still has a long way to go for the nation as a whole. The key when struggling with finances, for anyone, is to react as early as possible, and communicate with your lenders. It's a hugely worrying and stressful time but lenders will work with you to find a workable solution, as it's in their best interests, too. There are also free services available to help with managing finances, such as Citizens Advice and StepChange.