With Brexit uncertainty clouding the UK, know what impact it will have on the Brits and their personal finances and how Loan Comparison tool from LoanTube can help. ⭐Read Facts⭐
As the final outcome of the Brexit negotiations remains to be seen, it can be difficult to predict how it will affect the personal finances of us ordinary folk.
But you can bet your bottom dollar that whatever happens in the next few months, it’s going to have an impact on our lives when it comes to the money in our pockets.
Here are a few areas where we Brits may have to dig a little deeper for the things we take for granted every day.
Filling the Kitchen Cupboard
With 30% of our food imported from the EU, it is suggested that the price of our weekly food shop is set to rise. Add the plummeting value to the pound in the event of a no-deal Brexit, major disruption at ports, changes to imports from the EU and the possibility of panic buying of food items, and you can expect to have to find extra money from your household budget to feed the family.
The Roof Over Your Head
At present, the interest rates on mortgages are favourable for those seeking a mortgage or looking to switch. Many lenders are slashing interest rates in a bid to boost a slow property market, but as many homeowners and those wanting to get their foot on the property ladder are cautious, the number of properties sold in the last quarter is at the lowest for three years.
Negotiations for an alternative deal are underway. There’s no saying what will happen in the coming months when it comes to mortgage interest rates. However, if you can switch to a lower rate mortgage product for a fixed period, you could make significant savings.
Running the Family Car
Sadly, the cost of fuelling our car has been impacted by Brexit too. It is predicted that the cost of filling up an average petrol car could rise to more than £70. The average tank of fuel is also rising since the vote to leave. This has made keeping a vehicle on the road more expensive than ever. Insurance premiums are also rising steadily meaning that the family run-around is going to cost more in 2019.
Keeping Warm and Cosy
Fuel and energy prices fluctuate despite the Brexit vote. So, it would be unfair to blame the referendum on the rising prices of household energy. With prices rising while we are in the EU, one tip would be to look for more cost-effective suppliers. It’s great if you could save a little on those energy bills.
So, What Should I Do?
Good question. Because all that’s certain with Brexit is uncertainty. It’s a good idea to review your personal finances to see if there are any areas that you could be either saving money on lending or reducing interest rates.