What is a recession and what does it mean?

With Chancellor, Jeremy Hunt, recently declaring that the UK is officially in a recession many of us may have started to re-assess our finances. But what is a recession And what does it mean for those financial outgoings?

A recession is when 2 successive quarters of the year (a period of 6 months in total) have faced economic downturns, and given global ‘purse pinching’ has been on the increase for that period, we have no officially entered a recession in the UK.

Larger expenses such as your mortgage can be discussed with your qualified mortgage broker, but don’t forget to consider what other expenses are exiting your bank account and seek support and advice if necessary.

We care about your financial wellbeing and are here to support your financial queries should you have them. In turn these reassurances and conversations can support your mental wellbeing too, so please do not be afraid to reach out.

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YOUR HOME (OR PROPERTY) MAY BE REPOSSESSED IF YOU DO NOT KEEP UP REPAYMENTS ON YOUR MORTGAGE OR ANY OTHER DEBTS SECURED ON IT.

A FEE MAY BE CHARGED FOR MORTGAGE ADVICE. THE EXACT AMOUNT WILL DEPEND ON YOUR CIRCUMSTANCES.

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