29 August 2023

Adjusting for affordability

By The Mortgage Lender

The cost of living crisis has impacted 9 in 10 adults in the UK. Record-high inflation and soaring interest rates have pushed up the prices of everything, from food to heating.

Homeowners are feeling the pinch too, with a surge in monthly bills and complexities for renters, remortgagers and first-time buyers.

Our latest research project explores the real-life impact of the cost of living crisis. We spoke to real people, with real stories on their lived experiences and gathered invaluable feedback.

For brokers, it’s a chance to gain practical insight on how to help clients navigate this challenging time.

Our first gathering of research realised the extent people are going to when trying to keep pace with mounting costs. 

Our second survey highlights the increased costs of mortgage renewals, plus the rising cost of monthly mortgage payments.   

In our third survey, we found out that buyers and sellers are halting their plans and worrying about whether they’ll ever be able to afford to move.

And in our final survey we identified a real obstacle for those with complex incomes – securing a mortgage. 

The cost of living crisis has caused significant challenges for all kinds of people at all stages of life. An unstable economy has led to homeowners missing bill payments, taking on debt and creating extreme ways to afford life’s essentials.

Living standards are being compromised and people are emotionally and practically squeezed. So, they need our support more than ever.

You can read our full report now. The mortgage lender report

For adviser use only. Please note this content has been supplied by our lender partner and as such, is their responsibility. No party shall have any right of action against Legal & General in relation to the accuracy or completeness of the information in this article.