PARADIGM MORTGAGE NEWSLETTER AUTUMN 2024 www.paradigm.co.uk/mortgages
CONTENTS 4 Paradigm Mortgage Services Introduction from Paradigm Richard Howes 6 Halifax Talk about energy efficiency with first-time buyers to plant the sustainability seed 8 Green Finance Institute A deeper shade of green: What's next for green mortgage market 12 Paradigm Black History Month Melissa Lackenby 14 Paradigm Understanding the impact of Alzheimer's on Mental Health Riona Mulherin
For Intermediary use only. Content correct at time of publishing. YOUR MORTGAGE WILL BE SECURED ON YOUR PROPERTY AND YOUR HOME MAY BE REPOSSESSED IF YOU DO NOT KEEP UP REPAYMENTS ON YOUR MORTGAGE. Authorised by the Prudential Regulation Authority and regulated by the Financial Conduct Authority and Prudential Regulation Authority. Firm reference number: 157260. Assess many types of complex income Airbnb considered Top slicing available harpendenbs.co.uk/intermediaries SCAN THE CODE TO VISIT OUR INTERMEDIARIES PAGE HOLIDAY HOME/SECOND HOME • We consider a range of incomes, including pension, trust, investment and maintenance as well as 100% of bonuses, overtime and commission (2 years proof required) • We consider latest years income for self-employed applicants • No maximum age • 75% LTV available on IO and 80% available on repayment HOLIDAY LET • 90 days personal usage allowance per annum • Airbnb considered • We lend in town and city centres as well as coastal areas • We lend on properties above commercial units • Top slicing • Minimum income of £30,000 required • Up to 3 properties on one title considered • 75% LTV available on IO and 80% available on repayment If it’s complex, we might find a way Best Local Building Society
Hello, and welcome to our third quarterly newsletter for the year! As usual, we have tried to fill this edition with informative and educational articles which hopefully get you thinking about areas which could help you to grow your business and consider different opportunities. Obviously, as we enter Q3 the ‘big push’ is on from Lenders to secure business for either a good finish to 2024 or to give them a head start in 2025. This is good news for the market and for borrowers, as the Bank of England appear to have played their part with the recent base rate cut - with perhaps one more to follow giving confidence to borrowers and Lenders alike, and after all the housing market is predicated on confidence, so this must be a good thing. Such confidence appears to be reflected in house prices too; they are forecast to rise by 2.5% this year on the back of the recent bank rate cut if further reductions follow, according to Savills. UK house prices rose by an average of 2.7%, to £288,000, in the year to June, according to the Office for National Statistics (ONS). This was unchanged from the 12 months to May, and was the fourth month in a row with an annual increase in prices, following eight months of annual falls in prices. There is plenty to consider in the market currently, one area that caught my eye was the recent information on adviser income; reported revenue from regulated mortgage broking fell 13% from £1.58bn in 2022 to £1.37bn last year, data from the FCA showed. The FCA’s retail intermediary market data for 2023 showed that the commission earned from mortgage business amounted to £1.06bn, down from £1.23bn in 2022. The FCA data showed this was across 4,104 firms, compared to 4,277 businesses transacting mortgages in 2022. So its been a tough year compared to the previous halcyon days, and I would suggest a reason for the drop in income is the Product Transfer (PT) market which sees advisers doing the ‘right thing’ by their clients, but paying a heavy price for it by several of our lending partners whose remuneration strategy seems to be to ignore the commercial realities of their main distribution source for lending. PTs are very topical currently, given those who took out 2 year products just after the now infamous Truss budget will be coming up for renewal, and the good news is the rates will be lower for them ironically. But also as the PT market next year according to CACI’s data could be in the region of £400 million. The BTL market is front and centre of this as well, according to research from Foundation Home Loans in their Q2 2024 ‘Landlord Trends’ report, a third of landlords are planning to remortgage or go through a PT in the next 12 months. In fact, the survey indicated that landlords are expecting to refinance around two-and-a-half deals on average; within those that are refinancing, 38% have one mortgage to refinance, 34% have two deals due to refinance, 12% have three products, 8% have four deals and 7% have over five mortgages maturing. Foundation Home Loans said that landlords have £654,000 in total on average, equal to around £125,000 per BTL mortgage. Indeed, the whole proc fee area is fascinating when you start to look at it. In many recent meetings, our CEO Bob Hunt has been championing greater transparency in terms of network and mortgage club proc fees, and Richard Howes Director of Mortgages Paradigm Mortgage Market Update 04 AUTUMN MORTGAGE NEWSLETTER
asking for an equilibrium in fees as it does not exist currently. We know many Lenders have the management information to make educated and reasoned decisions in this area, but a fear of falling out with a customer set or not being prepared to have such internal discussions to make a change seems to be driving behaviors which are at odds with fair value. It would be great for the market to have a discussion on fees, both for new business and PTs (some Lenders don’t seem to have an issue in paying networks and clubs the same proc fees for PTs but not for new business). Indeed, in the area of BTL, should limited company BTL attract a higher fee than standard BTL business given its complexity and the work brokers are having to undertake here? We all know that the market is changing, there is more work to be done by advisers with their clients, and clients have high expectations, it’s time this was rewarded properly. Activity and events in August appear to be have had a positive effect on the market, indeed the mortgage intermediary sector has returned to previously held norms, following a rise in business volumes, research from IMLA found. The Mortgage Market Tracker report from IMLA showed that mortgage brokers were processing an average of 102 cases in the year to June, the highest level of business since 2021. This coincided with 29% of advisers saying they were ‘very confident’ about the future in Q2, and 65% reporting themselves as ‘fairly confident’. There was optimism towards the market as a whole, as the share of mortgage advisers describing themselves as either ‘very confident’ or ‘fairly confident’ in the intermediary sector rose from 88% in Q1 to 94% in Q2. There was a more noticeable improvement in the confidence levels mortgage advisers had for their own business, with 54% saying they were ‘very confident’ and 43% ‘fairly confident’. Mid-August saw the first shots in a potential ‘rate war’ expected for H2 and previously referenced in this commentary led by 4 of the big 6 Lenders. Started by NatWest with a disappointing 05 AUTUMN MORTGAGE NEWSLETTER direct to consumer proposition only, Nationwide, Coventry BS, Halifax and HSBC countered with adviser led products at under the magic 4% barrier. However, these products do little to stimulate the market as a whole, as all 3 products are aimed at homeowners with large deposits, (60/65%% is the LTV). But it’s a start and as First Time Buyers are the lifeblood of the market I am sure they will not be forgotten! According to figures from Moneyfacts, average fixed mortgage rates on a two and five-year term have decreased by 0.21% and 0.18% respectively to 5.56% and 5.2%. The report found that the average two-year fixed rate is at its lowest level since February 2024 and the average five-year fixed rate is at its lowest level since March 2024. Moneyfacts said that the average fixed mortgage rate on a two-year term is 0.36% higher than its five-year equivalent, adding that two-year fixed rates have been higher than their five-year equivalent since October 2022. From a market perspective, Some 20,207 home moves were predicted to occur on 30th August, four times more than the average, a report has found. According to research from HomeOwners Alliance and Reallymoving, August was the most popular month for home moves in the last 12 years, making up 12% of moves. This was followed by September and July with 10% each. Almost a third of moves happen in the late summer or early autumn. January and February were the least popular at around 6%. The report found that there are around 1.9 million home moves per year in the UK, which is over 5,000 per day. The data showed that 30th August was expected to be the most popular day to move, and around 220,000 home moves were expected in August. So it’s clear - there is plenty to go at and plenty to do, as ever! Here at Paradigm we remain committed to working with you in areas where you want to explore or reaffirm so we can help your business, please get in touch with any requirements you may have. I hope you enjoy this issue and thank you to our sponsors for helping us put this together. 1 Mortgage Solutions article
We all know that affordability is really important to first-time buyers. So, it might feel like time wasted discussing sustainable housing to trying to save a deposit for their first place to call home. However, affordability and sustainability aren’t mutually exclusive. First-time buyers can boost their buying power and purchase a home that’s cheaper to run and better for the planet. That’s because most of the UK’s affordable home ownership schemes, like First Homes and shared ownership, are offered on newly built homes, which are more energy efficient (average EPC B rating) than older homes. Plus, an increasing number of lenders are offering enhanced mortgage deals for more efficient properties. Younger borrowers are arguably more invested in tackling climate change – after all, they’ll be living with the consequences of it for longer. But, even if your first-time buyer client isn’t able to fully commit now, they may be open to making energy-efficient home improvements in the future. That’s a conversation which could help build a longer-term relationship and lead to a potential future business for you when the time is right. So, it always makes sense to discuss green issues with first-time buyers from the off. The sustainability shift The new-build sector is at the forefront of sustainable housing technology and on track to achieve the Future Homes and Buildings Standard from around 2025. These homes will produce 75% less carbon emissions than under the old regulations and be ‘zero carbon ready’, meaning they won’t need further retrofitting as the electricity grid decarbonises through sustainable power generation. Some builders are ahead of the regulatory curve and delivering the expected Future Homes and Buildings Standard early. For example, we’re working with Keepmoat on a development in Nottingham, where Future Homes and Buildings Standard new builds are already being bought by homeowners. This provides us with insight into how sustainable new homes work, are valued and what they cost to run, as well as the ‘lived experience’ of families on a day-to-day basis. Many other builders are also testing cuttingedge sustainable technology and working on joint initiatives is invaluable to us. We’re always keen to talk to private developers, funders and local authorities on potential affordable, sustainable home ownership projects. Working together We all have a part to play in creating a sustainable housing market and Halifax is working hard to support the shift. We’re the largest funder in the new-build sector, helping developers build energyefficient homes as well as providing first-time buyers with funding to purchase them. Talk about energy efficiency with first-time buyers to plant the sustainability seed 06 AUTUMN MORTGAGE NEWSLETTER Amanda Bryden Head of Halifax Intermediaries
We support the government’s affordable homeownership schemes, which are dominated by first-time buyers, who account for 83% of historic Help to Buy purchase (Help to Buy Wales is only for A or B rated homes), 76% of shared ownership sales, and the First Homes Scheme is only available for first-time buyers. We also use our cross-industry relationships to bring the housing market together, fostering better communication on sustainability between brokers, estate agents, surveyors, developers, lenders and government. The green revolution At Halifax, we already reward first-time buyers for choosing energy-efficient homes and are keen to develop even more helpful propositions. Last year we introduced EPC data capture on applications to give us a better understanding of the energy efficiency of our mortgage book to help us design green lending solutions. We invest in new technology, such as our Home Energy Savings Tool, to help brokers and your clients find out how they can improve their home’s energy efficiency, and what it will cost. We’ve also teamed up with Octopus Energy to help clients cut the cost of installing an air source heat pump, as well as supporting its ‘zero bills’ homes initiative, which offers a five-year tariff with no costs to those purchasing energy-efficient homes. We’ve developed a partnership with Effective Home, where our customers can access a trusted firm to install solar panels and battery packs. And, together with Crisis, we’re calling for one million new, affordable homes to be built for those on the lowest incomes and are actively involved in projects with Local Authorities to help deliver these homes. How brokers can help We know energy efficiency may not always be the biggest priority for first-time buyers. They really want to know how much they can borrow to get the home they have their heart set on and what it will cost. But that initial conversation is still a great opportunity to briefly run through the benefits of choosing a sustainable home, including: • Costs less to run and keep warm • Provides access to mortgages, which might be cheaper, have lower fees, or more generous lending criteria • The home is future proofed against the expense of extensive home efficiency improvements • Good for the planet • Available through affordable homeownership schemes (such as shared ownership) which could boost buying power. Of course, you need to be balanced and realistic because affordability may well trump eco-credentials for many. New properties carry a premium compared to older homes, which may not always be offset by any of the benefits above. We’ve also worked with developers on the Own New Rate Reducer Mortgage, where the developer incentive is rolled into a lower mortgage rate to help affordability. By increasing your knowledge about what’s available in this market and staying up to date with homeownership schemes and green mortgages, you can become the trusted authority for your clients. Helping your customer create a plan for their home, as well as their mortgage, will deepen relationships for the long term. Tackling the climate crisis is a huge challenge, but one we can and must rise to. Because, by creating sustainable and affordable homes, we can support more people onto the property ladder, build communities and help people benefit from all the advantages homeownership brings. For the use of mortgage intermediaries and other professionals only. The information contained in this article is the property of Lloyds Banking Group plc and may not be reused or publicised without our prior permission. The information provided is intended to be for information only and is not intended to be relied upon. This information is correct as of January 2024 and is relevant to Halifax products and services only. If you do not have professional experience, you should not rely on the information contained in this communication. If you are a professional and you reproduce any part of the information contained in this communication, to be used with or to advise private clients, you must ensure it conforms to the Financial Conduct Authority’s advising and selling rules. Halifax is a division of Bank of Scotland plc. Registered in Scotland No. SC327000. Registered Office: The Mound, Edinburgh EH1 1YZ. Bank of Scotland plc is authorised by the Prudential Regulation Authority and regulated by the Financial Conduct Authority and the Prudential Regulation Authority under registration number 169628. 07 AUTUMN MORTGAGE NEWSLETTER
The green mortgages market has grown rapidly in the last five years. In 2019 we had four green mortgage products, now we have 61 and counting. This dramatic rise – catalysed by the Green Finance Institute’s (GFI) Green Mortgage Campaign – came partly in response to anticipated regulatory changes aimed at lender back books. But it went further than that; there was also a dawning realisation across industry that this was only going to get bigger, so why not get ahead of the curve? Fast forward to 2024, and the measure of progress is less about the quantity of products coming to market, and more about the quality of innovation. What might be dubbed ‘first generation’ green mortgages – i.e. products that reward existing energy efficient homes through rate discounts and other features – have paved the way for more sophisticated solutions targeting a deeper impact on consumer decisionmaking. Examples include the Perenna and Octopus Zero Bills mortgage, and green lending propositions from Danske Bank, Accord and Leeds which factor energy efficiency into affordability calculations, effectively letting consumers borrow more for a greener property. If this tailored approach to affordability sees wider adoption, lenders wouldn’t have to artificially manufacture green incentives; the market would do it for them. Alongside this, we have seen the emergence of integrated solutions that make retrofitting a seamless part of the financing journey. Proponents of green adviser education have long been saying ‘brokers shouldn’t have to become retrofitting experts’. But most consumers still need hand-holding through the process, and financial firms are ideally placed to bridge the signposting gap. Green is also breaking out of its silo. More lenders are offering incentives for green home improvements to all customers as standard, such as the Halifax Green Living Reward launched last month . This typifies the shift we’ve been seeing from ‘products’ to ‘propositions’ – where, rather than consumers having a binary choice between green vs. mainstream, there’s a ‘green thread’ running through all available options. What does all this mean for the intermediary sector? While we have seen great progress, it’s fair to say momentum has slowed in other areas. With a cost-of-living crisis, an energy crisis and interest rate shock for many households rolling off fixed mortgage rates, it’s easy to see how sustainability fell down the sector’s priority list. But the apparent lull is deceptive. Rather than losing steam, the market is taking stock and maturing. The new Labour Government has made climate policy central to its five missions, and intends to work with banks and building societies A deeper shade of green: What's next for the green mortgage market? 08 AUTUMN MORTGAGE NEWSLETTER Chloe Timperley Green Mortgage Campaign Lead Green Finance Institute
‘to provide further private finance to accelerate home upgrades and low carbon heating’ under its Warm Homes plan. Most lenders either already have or are currently developing green home finance offerings, and industry is waking up to the fact that finance alone (even at 0%) isn’t enough to tempt consumers towards big-ticket green home improvements. Consumers are hitting an information barrier that is stalling action. This is where brokers have a huge opportunity to add value. In the UK, we know that circa 90% of mortgage distribution is intermediated. Customers rely heavily on brokers to walk them through the homebuying journey and act as a central go-between; joining up and speeding along all parties and processes involved. A broker may not be a conveyancing, surveying, investment or tax expert, but they do need to know enough to flag unmet needs beyond their regulatory remit and point consumers in the right direction. If brokers want to maintain and strengthen their ‘one-stop shop’ status with mortgage borrowers, a working knowledge of green home improvement and financing options will be a vital string to add to their bows. Why do we know this? Recent polling from YouGov revealed that public support for Net Zero has risen to 74%. NatWest’s Greener Homes Attitude Tracker found that 67% of homeowners are planning green home improvements in the next decade, whilst 23% intend to take action in the next 12 months. Zooming out, the UK is still legally bound by emissions targets under the Paris agreement. To meet this, the Climate Change Committee has estimated that the domestic retrofit challenge will require a £250 billion spend between now and 2050. As the UK Green Building Council puts it, we need to retrofit two homes every minute for the next 25 years to stay on track. In short, the urgency to act has only intensified. What should brokers do? Whilst the market awaits further clarity on 09 AUTUMN MORTGAGE NEWSLETTER the new policy direction, now is the ideal time for brokers to focus on education, and starting low-stakes conversations with consumers to put home energy efficiency on their radars. The GFI has a wealth of free educational resources on its Green Mortgages Hub, including the Lender and Broker Handbooks on green home technologies and a green mortgage market database. The Green Mortgage Advice Initiative (GMAI) website also offers a growing repository of training webinars, tools, resources and insight aimed at mortgage advice professionals. Education providers like the Chartered Institute of Banking have launched generalist sustainable finance qualifications, and in 2024 the GFI launched the first sector-specific Certificate in Green Mortgages, accredited by the London Institute of Banking and Finance (LIBF). It’s easy to get distracted by the barriers – the flawed Energy Performance Certificate (EPC) system, the lack of consensus on retrofit best practice; and this is before even touching on the need to start futureproofing homes against extreme heat and heightened flood risks alongside measures to reduce emissions. But these are all problems other sectors and governments can solve. Rest assured: solutions will come. And when they do, brokers need to be ready to seize the opportunity if they want to be the ones consumers turn to for help navigating this complex landscape. Remember: just two years ago, 7% of homeowners said they were thinking about green home improvements in the next three years. Now 23% are considering it within the next 12 months. Change is coming – and it may come sooner than you think.
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In celebration of Black History Month, which takes place next month, we sat down with Melissa Lackenby, our Events Manager, to discuss her experiences, perspectives, and insights on diversity and inclusion in the financial services industry. Drawing from her personal journey and professional experiences, Melissa offers valuable insights into the challenges and opportunities facing Black individuals in this sector. We’ve decided to put the same questions that will also feature in our Black History Month podcast with Richard Goppy and Michael Brown, to Melissa Lackenby, our Events Manager to share her perspective on this important celebration. Here’s what she had to say... Q. Are there any historical figures or events in Black history that have influenced you, whether they are personal or professional? I suppose the most inspirational figure for me was my dad, he came over from Barbados to England when he was just 19 years old. Although my uncle was already here, my dad left his mum, along with the rest of his family, to come to England during the Windrush. When I think back to what I was like at 19 years old, I’m not sure I could have moved across the world to what was really the unknown for him. He worked hard every day, ensuring that we always had the best; not everyone can say they were able to spend the 6 weeks holiday in the Caribbean, but we did, and that was always down to my father’s work ethic. My dad always instilled in us about the importance of getting an education and working hard. He would say that we had work to hard because we are Black, and although I don’t think I ever fully understood why, it was something that pushed me and my brother in life. It raised us with a little fight in us, working hard to make sure we got what we deserved. Black History Month: A Conversation with Melissa Lackenby 12 AUTUMN MORTGAGE NEWSLETTER Melissa Lackenby Events Manager Paradigm
Q. Research from the Black Talent Charter in collaboration with Bain & Company, shows that despite ongoing efforts to diversify, the finance and the professional sectors, which include consulting, accounting, law and finance, currently employ less than half the percentage (2%) of the Black British working population, which is 4.4%. So what do you think could be done to improve this statistic and increase representation in our industry? I think the most important thing that can be done is getting the message out there to show that anyone can work in the financial services industry. We need to tackle the stigma surrounding the industry, and I think that the only way to do this is to face the facts and figures. We know that the industry is predominantly White and male, and I think talking about this helps raise awareness and ultimately will help to drive positive change in terms of achieving greater diversity. Q. Research from Black Talent Charter shows that fewer than 1% of senior leadership in financial and professional services are Black. What qualities do you think are essential for leadership within the financial services industry, particularly for promoting diversity and mentoring those who want to climb the ladder? Being open to listen to new perspectives and ways of doing things, looking at people for their talent not for a statistic. People in leadership shouldn’t have any bias, whether that’s based on gender, race, sexuality, cultural background or anything else. Q. Are there any success stories you have had that highlight the impact of greater diversity in the workplace? I don’t really have a success story as such, however, I would say that personally in my work life I haven’t faced any discrimination based on the colour of my skin, is that a success story? I suppose it is in a way. I’ve been given opportunities and managed to work my way into positions that I have wanted, whether that be because of my work ethic, luck or a sign that times are changing in a positive way. 13 AUTUMN MORTGAGE NEWSLETTER Q. How can we encourage more Black individuals and of course other minority groups, to consider a career in financial services? I think there is plenty that can be done; we should be shouting from the rooftops about the opportunities that exist, talking about the changes in the industry, talking about the opportunities for growth and progression, and the sharing the wide variety of roles that exist (e.g. I am in event management, but within financial services – you don’t have to be giving advice to be in the industry!). One of the things that stood out for me was the Diversity and Inclusion forums from Mortgage Solutions, I think working for a business that has a membership with professional body shows that they are aware of issues that exists and want to be part of the change. Q. Finally, how can people support and celebrate Black History Month within their workplace and community? Or do you have any materials such as films they could watch if they wanted to learn more? Acknowledge it, talk about it, don’t let the month pass by. By celebrating this month, we raise awareness. We are openly educating ourselves about things from the past and how we want and need to move forward. Black History Month doesn’t just raise awareness for Black people it highlights the need for diversity and inclusion of all. We all want for a better future and this is just one way to encourage this; more awareness increases the likelihood of change. I don’t want to make any suggestions for films. Most films concentrate on American Black history. Slavery, Martin Luther, Rosa Parkes, Malcolm X, which is just one side of Black history. I would suggest people get involved in their local communities. For instance, the reggae carnival in Coventry had a dedicated Windrush exhibition people could visit for free. That’s English Black history that only a small amount of the UK population is aware of.
This month, it’s World Alzheimer's Day (21st September) and in the Solihull office for Paradigm, we have selected Alzheimer's Society as our chosen charity of the year. I thought I would, therefore, look at Alzheimer's and its impact on mental health for my article this month. Before I begin, I must start by saying that this is a topic very close to many of the team’s heart – and I’m sure many on yours too. We will be undertaking a huge challenge to try and raise valuable funds for Alzheimer's Society; we’re aiming to walk or run the same distance as walking to Munich from our Birmingham Office, which equates to 744 miles (1197km)! Why Munich you may wonder? Well, this is where Alzheimer’s was first discovered and researched in the early 1900s by Alois Alzheimer. If you would like to donate we’d be extremely grateful, you can do so here. As you will know, I often like to start with some statistics, so, did you know? • 1 in 3 people born in the UK today will be diagnosed with dementia in their lifetime • 1.4 million people are expected to be living with dementia by 2040 • Dementia is the UK's biggest health and social care crisis Alzheimer's disease is a progressive neurological disorder that leads to the degeneration and death of brain cells, causing memory loss, cognitive decline and other behavioural changes. It is the most common cause of dementia. The impact of Alzheimer's extends beyond the individuals diagnosed with the disease, and can profoundly affect the mental health of both the sufferers, their loved ones and their caregivers. The impact on Alzheimer's patients For those diagnosed with Alzheimer's, the journey is often fraught with emotional and psychological challenges. As the disease progresses, individuals experience a decline in their ability to remember, think and make decisions. This cognitive decline can lead to feelings of frustration, confusion and helplessness. The loss of independence can also be a significant source of distress for Alzheimer's patients. Social interactions may also become challenging, resulting in isolation and loneliness. The stigma associated with dementia can further exacerbate these feelings, making it difficult for patients to seek support and understanding from others. Many patients also experience anxiety and depression as they struggle to come to terms with their diagnosis and the changes in their abilities. The impact on caregivers Caring for someone with Alzheimer's can be demanding, stressful and overwhelming. Caregivers, who are often family members, face a range of emotional and psychological challenges as they navigate the complexities of the disease. The constant need for care and attention can lead to chronic stress, anxiety, and depression for individuals doing their best Understanding the impact of Alzheimer's on Mental Health 14 AUTUMN MORTGAGE NEWSLETTER Riona Mulherin Director of Marketing & Operations Paradigm
to support a loved one with Alzheimer's. One of the most significant challenges for caregivers is the emotional toll of watching a loved one deteriorate. The gradual loss of the person's memory and personality can be heartbreaking, leading to feelings of grief and sadness. The demands of caregiving can also lead to physical and mental exhaustion. Many caregivers neglect their own health and well-being, prioritising the needs of the person with Alzheimer's over their own. This can result in burnout, a state of physical, emotional, and mental exhaustion that can have serious health consequences. Supporting mental health and wellbeing for Alzheimer's patients and caregivers Addressing the mental health needs of both Alzheimer's patients and their caregivers is crucial for improving their quality of life. For patients, early diagnosis and intervention can help manage symptoms and provide access to support services, although it can be a slow process to get a diagnosis. Cognitive therapies, medications and lifestyle changes may be able to help delay the progression of the disease and improve mental wellbeing. Encouraging social interactions can also help reduce feelings of loneliness or isolation. There are often local community support groups that can offer a safe space for patients to express their feelings and connect with others who are going through similar experiences. 15 AUTUMN MORTGAGE NEWSLETTER For caregivers, seeking support and respite is vital. The responsibility for care should not lie with just one person, and caregivers should not hesitate to ask for help from family, friends or professional services. Support groups and counselling can also be beneficial for caregivers, providing a space to share experiences, seek advice and receive emotional support. It may be easier said than done, but those providing care should also prioritise their own health and wellbeing by maintaining a healthy lifestyle, getting regular exercise and taking time for self-care. If you know someone who is caring for someone with dementia, perhaps you can encourage them to take breaks and time for themselves, and you could step in to deliver support and assistance whilst they do? Alzheimer's disease has a profound impact on the mental health of both those diagnosed with the disease and their caregivers. Being aware of what others may be going through and offering support during this time can be invaluable when someone is struggling. I would highly recommend taking a minute to listen to our latest Paradigm Podcast which delves into this in more detail; Aimee Carnwath talks with our Director of Membership, Richard Goppy, Mortgages Technical Director, Christine Newell, and special guest Claire Askham, Head of Mortgage Sales from Buckinghamshire Building Society. Together, they discuss their experiences with Alzheimer's and the importance of open conversations in nurturing understanding and support. Have a listen here! It's clear that understanding and addressing some of the mental health challenges outlined above is essential for improving the quality of life for both patients and caregivers. By providing support, resources and understanding, we can help alleviate the emotional and psychological burden of Alzheimer's disease and create a more compassionate and supportive environment for all those affected. There is a wealth of information available via the Alzheimer’s Society website here, if you wish to research this further.
www.paradigm.co.uk/mortgages 0330 053 6061 [email protected]
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