Across the year, that added up to £7.84 billion [1]. If you’ve ever wondered whether protection insurance is “worth it,” this is the number that answers the question. If you don’t already have cover in place, or haven’t reviewed it in a while, get in touch. It’s a conversation worth having before you need it, not after.

The Numbers Behind the Headline:

• New data from the Association of British Insurers (ABI) and Group Risk Development (GRiD) shows individual protection claims alone totalled £5.15 billion in 2025.
• Insurers paid out an extraordinary 97.9% of all individual claims, a figure that has held above that level for more than a decade.
• Critical illness claims topped £1 billion for the fifth year running, with the average payout reaching £67,000, nearly two-thirds of those claims were for cancer.
• Income protection claims hit a record £209 million, and crucially, 7,600 people were able to return to work last year.
• Perhaps most telling of all: nearly one in five income protection claims were for mental health conditions, a reminder that protection isn’t only about physical illness [1].

Why This Matters to You:

It’s easy to think of protection insurance as something you pay into and hope never to use. But behind every one of those figures is a family whose mortgage got paid, whose income kept coming in, or who didn’t have to worry about money while dealing with something far more important.

Let’s Talk:

Whether you’ve got existing cover that needs a health check, or you’ve never looked at protection insurance before, now is a good time to start. Reach out today, and we’ll walk through your options together, no pressure, no jargon, just clarity on what’s right for you and your family.

The post £7.84 Billion Reasons to Talk About Protection appeared first on Steeples Mortgage Services.

• The NHS worker who kept his promise to his daughter

When Andy Payne lost his wife to cancer, he cut his hours as an NHS theatre practitioner to raise their daughter alone, determined not to let her lose him to work too. Nearly two decades later, at 62, his interest-only mortgage matured, and he was £40,000 short. A lifetime mortgage meant he didn’t have to sell up or move away. He now makes voluntary repayments to keep the balance in check, and his daughter is grown and thriving in her own career.

• The mum who helped her daughter open a bakery abroad

A retired woman in Surrey had already helped one of her daughters buy her first home. When her other daughter dreamed of opening a micro-bakery in New Zealand, she released £400,000 from her property to gift her. It meant watching her daughter start a new life, and, as a bonus, gifting the money now rather than through her estate reduced the family’s future inheritance tax bill.

• The former vet who protected his children’s inheritance

He’d bought his London home in the 1970s for £32,000. Decades later, with little pension to show for his career as a self-employed vet, equity release let him clear his mortgage, boost his retirement income, and reduce the inheritance tax bill his children would eventually face, all while staying in the family home near them.

None of these people used equity release as a last resort out of desperation. Each made a deliberate choice: to keep a promise, help the next generation, protect an inheritance, or stay somewhere they loved. That’s what good later life lending advice looks like, not a rescue plan, but a tool that opens up options.

If you’re wondering whether releasing value from your home could help with a mortgage, a gift, a care cost, or simply staying put for longer, we’d be glad to talk it through, no obligation, no pressure.

The post Real Stories of Later Life Lending appeared first on Steeples Mortgage Services.

Santander’s quarterly Broker Perception Barometer, a survey of 500 mortgage customers, found that nearly two-thirds of borrowers say they simply could not have gone through the homebuying or remortgage process without a broker, and this is now the third consecutive quarter the figure has landed in that range [1][2]. It’s a striking number in an era when digital-first alternatives are supposedly meant to be replacing traditional advice.

Why now? The report points to three forces converging on borrowers’ decision-making: rising prices, ongoing uncertainty over the path of interest rates, and, more unusually, the distraction of a major football tournament this summer [1][3]. Despite the World Cup dominating attention, the research found broker relationships have stayed remarkably resilient.

According to the Broker Perception Barometer, most borrowers said they would still expect their broker to reach out during a match if advice was needed, and around a quarter said they’d rather focus on their finances than the football. We’d love to hear from our customers… did the World Cup sway your financial planning?

The numbers behind why brokers remain indispensable are compelling. Most customers, 84%, said brokers gave them a sense of security in a shifting market, and nearly three-quarters said using a broker gave them greater confidence in their financial decisions [1][2]. On the practical side, most borrowers who bought, remortgaged or transferred products in the past year reported saving money by going through a broker, with average monthly savings running into the hundreds of pounds annually [2][5].

Even with digital mortgage tools becoming more common, most borrowers said they’d still choose a human broker over AI at every stage of the process [2][5].

Markets move, headlines change, and this summer has brought its share of distractions, from interest rate speculation to football fever. But the research is a reminder that in complex, high-stakes financial decisions, expert human advice isn’t a nice-to-have. It’s what most people say they genuinely cannot do without.

If you’re weighing up a house purchase, a remortgage, or simply want a second opinion on your options, we’d love to help. Get in touch with our team today for clear, human advice you can trust, no jargon, no pressure, just honest guidance tailored to your circumstances.

The post Why Two-Thirds of Homeowners Say They Couldn’t Have Done It Without a Broker appeared first on Steeples Mortgage Services.

The FCA’s 2020 market study found that home insurance customers who stuck with the same provider for over five years were paying £287 a year on average, compared with just £165 for new customers buying identical cover. That’s a markup of more than 40%. Since January 2022, insurers have been required to offer renewing customers a price no higher than that charged to new customers for the same risk. But research shows that since the reform, switching still saves UK homeowners £80–£200 a year on average.

We’ve pooled together some common questions to help you get the best insurance and cost for your needs:

Q: How many people do shop around?
Not many. Consumer Intelligence data shows only around 35% of home insurance policyholders switched provider in the first three quarters of 2025. The other roughly two-thirds just let the renewal go through.

Q: Is it worth the hassle?
Yes, because you might be underinsured. It’s when the figure used to calculate what your insurer will pay out no longer matches what it would cost to rebuild your home or replace your belongings. UK construction costs have risen by almost 40% over the past six years, but most people haven’t kept pace. Which? found that only 45% of homeowners had checked or updated their rebuild cost figure in the past two years, and 18% admitted they’d never reviewed it at all.

Q: How would this affect my claim?
If your home is insured for less than its true rebuild cost, most insurers won’t just refuse to cover the shortfall on a total loss. They’ll proportionally reduce any claim you make, even a small one. Insure your home at 80% of its real rebuild value, and a straightforward £10,000 claim could be cut down to £8,000 automatically, regardless of how minor the damage was. One industry estimate suggests around 76% of UK buildings are underinsured, by an average shortfall of 37%.

Q: Should I check my contents insurance as well, or is it just buildings?
Both. Contents policies are usually “new for old,” which means your sum insured needs to rise in line with what you’ve accumulated. Like the new furniture, the new TV, or the bike you bought last spring. Auto-renewal just rolls over whatever figure was on the policy last year, regardless of whether it still reflects reality.

Q: What should I do about it?
Don’t let the renewal sail through unchecked. Most insurers are required to give at least 21 days’ notice before renewal. Use that window to compare the market on price and double-check that your buildings and contents sums insured genuinely reflect today’s rebuild and replacement costs, not whatever figure was carried over from years ago.

Here’s our question for you: When did you last check your home insurance?
We’ll review your cover, compare the market, and make sure your sums insured reflect what your home and belongings are worth today. No cost, no obligation. Peace of mind knowing you’re properly covered and not overpaying for it. Get in touch today to make sure your insurance, and its price, is up to date.

The post Is Your Home Insurance Auto-Renewal Costing You? appeared first on Steeples Mortgage Services.

So, What Does It Actually Cost?

Here’s the number most people get wrong: private medical insurance for a single adult on a comprehensive plan averages just £79.59 a month in 2026, less than most phone contracts. Couples pay around £145.77, and a family of four sits at £166.52. Young, healthy non-smokers can find entry-level cover from as little as £28 a month. Want it cheaper still? Bump up your excess, and you could cut your premium by 20% or more, without sacrificing the cover that matters.

Why Premiums Keep Climbing (and How to Outsmart It)

No sugar-coating here: UK medical insurance premiums have been rising faster than general inflation, with private medical cost inflation running at 8–12% a year. Expect 6–12% increases in renewal rates in 2026 and 2027 if you do nothing.

The fix? Don’t just nod along and pay your renewal. Reviewing your policy every two to three years, and genuinely comparing the market, can claw back a real chunk of that drift. Just one rule: talk to an adviser before you switch, because changing insurer can affect how pre-existing conditions are treated on a new policy.

What’s In – and What’s Out

PMI is built for acute conditions: the things that come on suddenly and respond well to treatment, like a hernia, cataracts, or a new injury. Expect cover for private consultations, diagnostics, surgery and inpatient stays.

What it won’t touch: chronic, ongoing conditions like diabetes or asthma, anything pre-existing conditions, or A&E emergencies. That’s still the NHS’s job. Want mental health, dental or optical thrown in? Most insurers offer it as an add-on, typically for an additional 10–15% of your premium.

Paying more than you should? Or not sure if PMI is even worth it for you?

We’ll compare the whole market for you, for free, and find cover that fits your life and your budget. Get in touch today. It costs nothing to find out.

The post Here’s What Private Medical Insurance Really Costs in 2026 appeared first on Steeples Mortgage Services.

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Research published in 2026 by CIExpert, the most comprehensive study of its kind, drawing on the views of 10,000 consumers, found that around seven in ten people had seen or heard nothing about Income Protection in the past year. The same proportion had had no exposure to Critical Illness Cover. This represents an enormous protection gap, and it has barely moved since the equivalent study in 2024.

Three Pillars of Financial Protection

Life Insurance, Critical Illness Cover, and Income Protection are three distinct but complementary products and understanding how they work together is key to building a robust financial safety net.

Life insurance pays a tax-free lump sum to your family if you die during the term of the policy. It is the cornerstone of financial protection. It ensures that a mortgage can be repaid, debts can be cleared, and your family’s standard of living can be maintained. Critical Illness Cover pays a tax-free lump sum if you are diagnosed with a serious condition such as cancer, heart attack or stroke. Policies typically cover 40–50 listed conditions. Income Protection pays a regular monthly income, usually 50–70% of your gross salary, if you are unable to work due to illness or injury. Unlike critical illness cover, it is not limited to a specific list of conditions: it covers any illness or injury that prevents you from working.

The Survival Gap – and Why It Matters More Than Ever

Cover is far more affordable than most people expect. Policies can often be determined solely by the answers in your application form, without a medical examination. And the earlier you arrange cover, the lower your premiums will be. Don’t be part of the 70% who have never considered their protection options. Speak to us today for a personalised review of your life insurance, critical illness and income protection needs. It takes less than an hour and could make all the difference when it matters most.

A Note for the Self-employed and Business Owners

If you run your own business, the stakes are even higher – there is no employer sick pay to fall back on. But there are also significant tax advantages available to you. Relevant Life Insurance, Executive Income Protection and Key Person Insurance are all company-friendly products that could save you substantial sums while delivering vital protection.

The post The Protection Gap appeared first on Steeples Mortgage Services.

What is changing?

1. Upfront sales packs

Sellers and estate agents will be expected to provide key property information from the start. This should help buyers make informed decisions earlier and reduce surprises later in the process. They include:

• Property condition
• Leasehold costs and obligations
• Chain status
• Other essential legal and ownership details

2. Earlier binding agreements

The government plans to introduce measures that make it harder for parties to walk away from a transaction without good reason, potentially reducing the number of collapsed sales.

3. New standards for estate agents

A new Code of Practice is planned, alongside consideration of mandatory qualifications for estate agents.

4. Digital homebuying

The reforms place a strong emphasis on technology. The aim is to reduce paperwork, speed up communication and cut fraud risks. It includes:

• Digital property logbooks
• Digital sales packs
• Electronic signatures
• Digital identity verification
• AI-assisted conveyancing

What could this mean for buyers?

For first-time buyers in particular, the reforms could bring:

• Greater certainty during the purchase process
• Faster transactions
• Fewer unexpected costs
• Better visibility of potential issues before making an offer

The government estimates homebuying times could be reduced by around four weeks and save first-time buyers an average of £650.

What could this mean for sellers?

Sellers may need to do more preparation before listing their property, but the trade-off could be:

• More committed buyers
• Fewer fall-throughs
• Faster completions
• Reduced risk of transactions collapsing late in the process

Why is reform needed?

According to the government, the average home purchase currently takes around 120 days, with roughly one in three transactions falling through. This is estimated to cost sellers £400 million annually and the wider economy up to £1.5 billion each year.

The bigger picture

The reforms form part of the government’s wider housing agenda, led by Keir Starmer, Steve Reed and Rachel Reeves. While the proposals will take time to implement and many details are still to be confirmed, the direction of travel is clear: a more digital, transparent and efficient homebuying process.

Are you looking to buy soon? Let’s chat about what these changes mean for you and how we can provide individual, personalised advice.

The post Could the New Government Updates Help You Buy? appeared first on Steeples Mortgage Services.

Real wages are growing again, just barely. ONS figures for the three months to March 2026 show regular pay rose 3.4% year-on-year, against CPIH inflation of 3.3% — meaning earnings are edging ahead of prices, even if only modestly. It’s not a windfall, but it marks a meaningful shift from the sharp real-terms wage falls of 2022–23, when inflation regularly outstripped pay by several percentage points.

Mortgage rates continue their downward drift. The Bank of England base rate has fallen to 3.75% from its August 2023 peak of 5.25%, and major lenders are reducing fixed rates in June. For the roughly one in five UK mortgage holders still sitting on a Standard Variable Rate, averaging around 7.13% this June, the gap between inertia and action remains substantial.

Consumer confidence, while still negative, has stopped falling. GfK’s long-running confidence index sat at -23 in May, up from April’s -25. It’s not exactly buoyant, but the direction has turned, and personal financial confidence has, in places, held up better than views on the wider economy.

Property wealth is working harder than ever. The equity release market grew 11% in 2025 to £2.57 billion, and the Financial Conduct Authority has launched a fresh market study into later-life lending in 2026. This is a sign that regulators are taking property-based retirement income increasingly seriously.

None of this amounts to an all-clear. Inflation pressures haven’t fully cleared, and confidence remains fragile. But for anyone reviewing their mortgage, weighing up protection cover, or thinking about what their property could do for their retirement, the numbers this July are more favourable than they’ve been in some time.

Want to know what these trends mean for your finances? Get in touch for a free, no-obligation review — we’ll cut through the headlines and tell you what genuinely applies to you.

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