Over the past 10 years, the UK has gone through a financial crisis, a recession and three Prime Ministers. But in just five years the country has played host to the Olympic Games, a Royal Wedding and a referendum on the future of Scotland. Clearly a lot can happen in five years, never mind a whole decade.
Research from TSB* has found that the speed of change in people's lives is rapidly increasing too. As such, TSB is helping Brits prepare for life's uncertainties with a Fix and Flex mortgage that gives homeowners the stability of a 10 year fixed rate mortgage with the benefit of being able to leave after five, should their situation change.
Getting a new job, moving home, buying a house and co-habiting with a partner are consistently ranked as the top four priorities for people in the medium and long term however the speed of change is now increasing.
- Almost two fifths (38%) of people have switched jobs in the past five years, while well over half of workers (57%) have changed roles in the past 10 years.
- Moving house is the second most popular life change with a third of consumers (35%) changing address in the past five years, compared to one in two people (49%) over the past 10 years.
- Almost exactly the same number of home-movers have become home-owners in the same time period (34% in the past five years, 48% in the past ten years), whilst more people are choosing to co-habit with their partner. More than a quarter (28%) of couples moved in together in the past five years, compared to just over a third (35%) in the past 10 years as a whole.
The data shows that men and women are equally matched in terms of making important life choices quicker than they used to, with where people live having a more significant impact on their decision making.
- One in three (29%) Londoners have relocated to the capital in the past five years, whilst over a third (36%) of Londoners decided to move to the city in the past 10 years. Home-owners in the East Midlands are least likely to relocate with almost nine in ten (88%) staying local over the past five years.
Clearly there is a lot to consider when it comes to making long-term life decisions which impact people's finances, but fortunately help is at hand from TSB.
Unlike most 10 year deals, Fix and Flex offers the reassurance of a fixed rate over a longer term yet allows homeowners to remain flexible by enabling them to refinance or leave the mortgage after five years, whatever life throws at them.
In addition, the Fix and Flex mortgage also allows overpayments, up to 10 per cent of the balance each year for the first five years then unlimited after that, without additional charges, and is portable for those moving to a new home; the top two criteria valued by people, when considering a 10 year mortgage.
Key features of Fix and Flex
- Market leading rates from 3.44%.
- Mortgages available up to 90% loan-to-value.
- No product or application fees.
- Mortgage is portable for those moving to a new home.
Ian Ramsden, Mortgages Director, TSB, says: "Our research shows that people have concerns a 10 year fixed rate mortgage will limit their flexibility should their personal or financial circumstances change in the future.
"We know that for many, the pace of life is increasing and people want the peace of mind a ten-year fixed mortgage payment can offer, but also want to keep their options open, should there circumstances change. These people will certainly benefit from Fix and Flex."
Appointments with qualified TSB mortgage advisors are available in branches across Britain, alternatively people are welcome to apply by telephone, or begin their application online.
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Notes to editors
Table of life changes according to TSB research*
|Over the past 5 years||Over the past 10 years|
|1||Got a new job||38||1||Got a new job||57|
|2||Moved house||35||2||Moved house||49|
|3||Bought a house||34||3||Bought a house||48|
|4||Co-habited with a partner||28||4||Co-habited with a partner||35|
|5||Reduced working hours||25||5||Reduced working hours||34|
|6||Got a new partner||20||6||Got a new partner||30|
|=||Been made redundant||19||8||Got married||26|
|8||Got married||18||=||Separated from a spouse||26|
|=||Children left home||18||=||Been made redundant||26|
|9||Separated from a spouse||17||9||Children left home||23|
|10||Children went to University||16||10||Children went to University||19|
*TSB research based on a Onepoll survey of a representative UK sample of 2,000 UK homeowners polled 9-15 April 2015.
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