"Pembrokeshire is not like big cities. It’s all very word of mouth"
Pembrokeshire’s homeowners are feeling the pinch of rising interest rates and economic shifts, especially those forced into remortgaging at significantly higher rates. Alyson Horton (pictured), an independent mortgage adviser with over four decades of experience, has observed the effects firsthand.
And in this small, word-of-mouth-driven market, the need for practical financial strategies has never been greater.
“Pembrokeshire is not like big cities,” Horton explained. “It’s all very word of mouth. A lot of the clients I have, I know personally. When remortgaging, I always ask clients for an up-to-date credit report. I recommend using tools like Check My File, which aggregates data from Experian, Equifax, and TransUnion, so we know exactly what their financial outgoings are.”
The sharp rise in remortgaging—11% of households in Pembrokeshire last year—has translated into an average increase of £114 in monthly payments. For many, this hike is a substantial burden. Horton’s process begins with a granular review of her clients’ finances.
“I ask for their latest three months bank statements and a pay slip. The bank statements show their spending patterns—fuel, food shopping, monthly incidentals like eating out and takeaways—while pay slips reveal their wages and any overtime. From there, I use a budget planner to map out their monthly commitments.”
The budget planner is often an eye-opener for her clients.
“When we lay it all out, people begin to see where they can cut back,” Horton said. “Most will eliminate unnecessary spending themselves. For younger clients, it might be subscriptions like Amazon Prime or Spotify, but for older clients, it could be charitable donations or political contributions. Everyone has different priorities.”
However, it’s not always as simple as cutting non-essentials. Horton acknowledges the complexities that underlie her clients’ financial choices.
“Sometimes, clients tell me there are mental health issues in the family, and that might mean they can’t cancel certain services that bring them comfort, like Netflix or Spotify. I work with them to identify what’s manageable without adding more stress,” she said.
Horton’s decades in the industry, dating back to the pre-regulation era, give her a unique perspective on managing client needs through turbulent times.
“I’ve been in this job since I was 17,” she added. “I feel like I’m not just a mortgage adviser; I feel I am their financial adviser. My job is to help clients make sure all their commitments—from mortgages to credit cards—are met.”
For those struggling to meet rising payments, Horton often advises extending mortgage terms to pensionable age, a move that can ease financial pressure.
“It’s a simple conversation with the lender,” she explained. “Parents of younger clients might push back, saying, ‘You need a 25-year mortgage’, but I highlight the benefits of a longer term. Sometimes, I suggest a split mortgage, part repayment, part interest-only, or even an interest-only option for up to 12 months.”
She points out that lenders are often more flexible than people realise—provided there are no arrears.
“The minute you have mortgage arrears, your options disappear,” she said. “I include this in my suitability reports, and I emphasise it to every client.”
The turbulence caused by last year’s mini-budget added urgency to many of Horton’s cases.
“I had clients wanting to end their fixed-rate mortgages early, willing to pay hefty early repayment charges just to lock in a new fixed rate,” she recalled. “They were coming off rates as low as 1.74%, facing jumps to nearly 6%. The mortgage charter introduced later was a lifeline, allowing refixing six months before a deal’s expiry.”
Horton is also proactive about addressing other debt burdens.
“When clients are due to remortgage, I always ask if they’ve reviewed their credit cards and loans,” she said. “Can they consolidate their debts? Are there better rates available? Perhaps a 0% balance transfer card? I also suggest looking at ways to boost income—overtime at work or even a second job.”
Creativity is key, and Horton’s advice sometimes includes unconventional strategies. “My own son, like others in Tenby, has started Airbnb-ing a spare room,” she said. “You can bring in £60-80 a night, and it’s especially lucrative in tourist-heavy areas. Renting a room isn’t suitable for everyone, especially families with young children, but for some, it’s a great way to ease financial pressure.”
The emotional toll of financial stress is not lost on Horton. She keeps the lines of communication open with her clients, many of whom she considers friends.
“In Pembrokeshire, it’s about being accessible and proactive,” she said. “If clients feel they can reach out to me before things spiral out of control, we can usually find a solution.”
Horton also emphasises the importance of staying ahead of market trends and adapting strategies.
“I recently advised two clients that I would appeal their mortgage valuations, which were borderline for better rates,” she said. “By using recent sale prices, we successfully improved their loan-to-value ratio and secured them cheaper deals.”
In a challenging environment where the cost-of-living continues to rise, Horton’s approach is both compassionate and practical.
“I live in a small seaside resort,” she said. “The people here rely on tailored advice and trust. My role is to guide them through these tough times and help them regain control of their finances.
“It’s about understanding that financial struggles aren’t just numbers on a page—they’re about people, their lives, and their peace of mind.”
