Author's Posts

Photo source: Flickr https://bit.ly/2HaW8uD

What is remortgaging?

Remortgaging is the act of moving your loan from one lender to another or negotiating a new rate with your existing lender. You might be able to find a cheaper deal elsewhere, letting you save a bit more each month and pay it off faster. Or you could extend the length of your mortgage, allowing you to pay less each month (but taking longer to pay off completely and paying more interest over the length of your mortgage).

So if you’re looking to pay off other debts*, shorten the length of your mortgage or simply reduce how much you’re paying, you may want to consider remortgaging your home.

The process of remortgaging is fairly simple, but figuring out whether it’s the right financial decision isn’t. We do recommend speaking to a financial adviser further before making a final decision.

Why you may consider remortgaging:

  • The value of your property has increased (significantly) since you took out your mortgage, putting you in a lower ‘loan-to-value’ band that opens you up to lower rates.
  • Your existing lender won’t allow you to pay more towards your mortgage, even when you can afford it.
  • Your existing deal is coming to an end and your lender will place you on an SVR (standard variable rate).
  • The Bank of England rate is going to increase, as this can affect your mortgage.

Why you may consider staying with your current lender:

  • You’ve suffered credit issues or failed to pay debts (since starting your mortgage).
  • If an early repayment charge payable on an existing product exceeds the cost of any savings that could be made by remortgaging.
  • You’ve only got a small amount left to pay; switching lenders so late on in the process means you may not save that much.
  • Your work situation has changed; perhaps you’re now self-employed or no longer working. This could affect a lender’s decision either way.

What to do when deciding to remortgage

Do your research

Comparison sites are handy for finding current deals, but they don’t always explain in certain terms what’s right for you and your particular circumstances. If you are unsure, we suggest consulting with a mortgage adviser who can make the process as easy as possible and find the right rate for you.

THINK CAREFULLY BEFORE SECURING OTHER DEBTS AGAINST YOUR HOME. YOUR HOME MAY BE REPOSSESSED IF YOU DO NOT KEEP UP REPAYMENTS ON YOUR MORTGAGE.

Read more

Photo source: Tradesmenjobs.co.uk https://bit.ly/2EPWf8T

Whether you’re planning a whole new refurbishment or just simply looking to fix an electrical problem, you’ll always be in need of a quality tradesman. But due to the increasing number of review websites, how do you know which to trust?

There are many UK websites out there that can assist you in finding the right person to help you carry out the work you need doing. Here are the three main websites to keep an eye out for:

 

Mybuilder.com

All you must do is simply post the details and requirements of the job you need to be carried out then sit back and wait for a response from a qualified tradesman. Once you have received a quote you get to choose yourself based on the tradesmen profiles and previous reviews which can come as extremely handy as you can see for yourself how previous clients rated their performance on the jobs they had carried out previously. All reviews are confirmed by the website as true and bad reviews are never removed.

 

Plentific

Plentific allows you to complete searches for tradesmen based on your postcode and job details. You can then either make contact with the tradesmen or instead post the job and wait for them to come to you. If you choose to post the job, the website’s concierges handle the process personally, obtaining quotes and assisting you in finding the right tradesman.

 

Ratedpeople.com

Ratedpeople.com is incredibly similar to Mybuilder.com, again all you need to do is post details of the job you’d like to be carried out and wait for a qualified tradesman to respond.  These tradesmen pay the website for the opportunity to provide a quote to you; the website will then provide you with a shortlist of tradesmen where you can choose your preferred tradesman based on their quotes and reviews.

The website completes checks on tradesmen’s ID, credit status, accounts, public liability insurance and qualifications. However, do note that they surrender responsibility of what the tradesmen say and do advise authenticating their credentials before enlisting them to work.

 

Generally, you are able to trust these online tradesmen review sites. Tradesmen with lots of reviews provide you with a better idea of what they are like and the level of service they can provide. Just remember that these websites are funded by the tradesmen they are featuring. We advise doing your best in getting everything out of your tradesmen, including as accurate as a quote as you can get and what they can offer to the job you need completing.

Read more

Are you looking forward to investing more in your future home? Extra budget should mean you have to be more careful at the property you are prospecting.

We found a useful guide when searching for a luxury property on Property Division.

-> Location is key. Check out the neighborhoods’ houses!

-> Carefully analyze space layout, design and architecture.

-> Extra-large kitchen should equal luxury.

-> High-end finishes must be genuine!

What do people look for when buying a luxury home?

Check out our recommendations for a great luxury home! You’ll know they’re exactly what you are looking for!

Read more

Saving up to buy your first home is a challenge that can at times, feel impossible. If you’re a future first time buyer looking for tips on saving for your first home, read some of our advice below:

Correct preparation

It’s important to think about what you need to do before you even start looking at properties, such as saving for a deposit. The general rule of thumb is to save at least 5-20% of the value of the property you want to buy.

So if you’re looking to purchase a home that costs £200,000, you’ll need to save at least £10,000 (5%). But saving more than that will grant you access to a larger range of more affordable mortgages.

But keep in mind that deposits and monthly mortgage payments won’t be your only outgoings, you’ll also need to invest in surveys, removal costs, building insurance, stamp duties, and solicitor fees.

It might go without saying, considering what we outlined above, but saving a little extra per month goes a long way in speeding up the process. Perhaps give up a gym membership and exercise at home, or skip your daily coffee; it’s not easy, but in the end it will certainly be worth it.

Taking care of your money also helps you build a better credit rating, which will open you up to a wider range of mortgages later down the line.

Explore your options

The government has several schemes that assist first time buyers onto the property ladder, including:

Shared Ownership – this is where you purchase a share of your property from the landlord (usually a housing association or the council) and rent the remaining share.

Help to Buy – this is where the government makes a 25% contribution to what you have saved. If you save money into a Help to Buy: ISA, for every £200 you save, you will receive a government bonus of £50. However keep in mind that this scheme is only applicable for New Build properties.

Rent to Buy – this is a government scheme which aims to ease the transition from renting to buying, providing subsidized rent for a certain number of years in rent to buy homes. After the time has passed, you have the option to buy the property, or enter a part rent/part buy shared ownership scheme.

Read more

Are you thinking of adding some extra-luxury to your home? Are you just thinking because you do not have the budget to have high-end looks in your house?

Well, we think this could help:

Best of High End Looks

13 clever ways to fake high-end looks in your home.

Posted by Hometalk on Sunday, 8 April 2018

We are sure you can apply at least two of these ideas in your home. Maybe make the letting place look nicer before a viewing…

Read more

You have probably heard that first impressions are vital but did you know that within 15 seconds a buyer has already developed an opinion of your property? This is why creating the right first impression is critical to achieving a successful sale.

Photo source: Flickr https://bit.ly/2EuJksz

FROM YOUR DRIVEWAY…

Ensure the front garden looks its best – mowed lawns, weed-free flowerbeds and an uncluttered access to the front door. Make sure your house number or name is clearly visible from the road. Leave plenty of room for potential buyers to park.

A WARM WELCOME…

Be ready, turn the heating on and light fires in winter. Open curtains and turn on lights because people react favorably to brighter properties. Appeal to the senses with fragrant flowers, there are many ways to create an exciting interior with surprisingly little money.

FAMILY PETS…

Its preferable for your pets to remain outside during viewing. Where possible make sure your carpets and furniture are hair free.

THE CHEF’S PRIDE OF PLACE

Your kitchen can have a major impact on the sale of your house. It should be well organised with tidy cupboards and worktops. Make sure its is virtually spotless and smells fresh. And keep your tea towels in the drawer not over the hob.

SPACIOUS BATHROOMS

It’s imperative this room looks bright, clean and tidy. Dripping taps, discolored carpet, dirty tiles or evidence of a leaking shower unit should be addressed. Make sure the toilet seats stays down.

TIDY BEDROOMS

Clean and tidy bed linen gives the impression you care about the presentation of yourself and the property you live in. Remove any evidence of washing or ironing to allow your room to look larger and more spacious. Clear the toys and make the beds.

D.I.Y.

Don’t allow your property to let you down, ensure any loose tiles, missing handles or broken windows are mended or replaced. If you are unable to do the task simply ask us to recommend an expert. Bad D.I.Y stands out more than you think to a buyer.

PRESENTATION

The positioning of furniture in each room can give the impression of either clutter or space. If necessary, remove some furniture from your main rooms. living, dining, and master bedrooms to allow ease of viewing. Touching up paint and re-sealing wallpaper can improve the quality of presentation. First impressions are vital.

YOUR BUYER LOOKS INTERESTED?

Buying a new home is a big decision and expense. By understanding the buyer’s need to visualize themselves living in your home you can dramatically increase its sale-ability.

Let buyers look around at their own leisure.

Have all essential guarantees on hand and be prepared to answer any questions that arise.

Read more

Buying a property for the first time can be a daunting process, but so long as you have the right knowledge and know the rules you have to follow, it’s a straightforward process. Below, we’ve consolidated the main things you need to prepare and consider, to make sure your home-buying journey goes as smoothly as possible.

1. Things to consider before the hunt begins

It’s definitely wise to find out how much mortgage lenders are willing to give to you before you start home hunting, so you know what price range you can be aiming for. Visit a few and they will give you a rough estimate, based on deposit size, income and other variables.

Explore a variety of different areas – not just with online research, such as crime rate, transport links and amenities, but by physically having a walk around local areas and getting a feel for them before you decide which works for you.

It’s also worth spending some time improving your credit report before you get to the home-hunting stage, as this will influence how much lenders are willing to give to you. Being on the electoral roll, having a credit card with safe spend amounts on it and steady, regular bill payments over the years will all improve your rating. The rating will also tell you what’s counting against you, so you can improve this before you get to buy your property.

2. Get your finances in order

Have you got all your finances in order? Costs you’ll need to consider are:

  • Deposit – this is usually 5% – 20% of the property price and the more you pay upfront, the better mortgage deal you can get.
  • Stamp duty – if you’re a first-time buyer, you will only pay stamp duty after the first £300,000 of your property on a property up to the value of £500,000.
  • Legal fees – ask friends or family for a trusted solicitor.
  • Service charges – if you’re moving into a leasehold development, make sure you can afford the annual service charges for maintenance of shared areas.
  • Survey cost – once you’ve picked a home and made an offer, you’ll pay for a survey to check there are no underlying issues you missed.
  • Removal costs – look into the level of removal help you need. If you have a lot of furniture and you need manpower, this can be quite expensive and something you haven’t accounted for in your budgeting.
  • Extras – it’s worth putting aside some funds for the cost of redecoration or furnishings you need immediately after moving into your new home.

3. Property particulars

Explore this blog of questions it’s important to ask when you’re viewing the property, but the most important one when you’re buying, is to ask how much lease is left on the property if it’s a leasehold. If it’s less than 75 years, you may struggle to get a mortgage. Other important questions to ask would be around the age of appliances, what work has been done on the property in recent years and what spaces are shared in a leasehold property and what the service charges are for these.

 

4. Mortgage time

You’ll need to get your paperwork in order next, so first stop is an approval in principle from your mortgage provider which lasts for 30 days. In this time, you must decide on a mortgage provider and can make an offer on a property.

When submitting paperwork for a mortgage, you’ll have to provide evidence of your income, and information about your outgoings, such as any debt, household bills and other costs, so that the mortgage provider can assess your situation and make sure you’re reliable before they agree to lend to you.

 

5. Offer, Exchange, Completion

Within a couple of days of submitting your claim for a mortgage, you will receive an offer which outlines the rules of your mortgage. You will then exchange paperwork with the home seller through your solicitor. Then, on the completion date you will officially take ownership of the property after you have made the payment to the seller.

Read more

Selling your house, especially if it’s your first home, is a big decision and not one to be taken lightly. Before you go buying your next house, make sure you’re ready to sell your current one first. I don’t mean applying a new coat of paint and trimming the hedges, although that certainly helps the sale price. I mean other things you might not have thought of. Here are 9 key things you need to consider when selling your house.

Photo source: Pixabay http://bit.ly/2FX1ic8

1. Your Finances

First, consider your financial situation. Where will you live after you sell your house? If you’re moving out to an apartment first, there will be a period of a few months where you’ll be paying a mortgage and rent. Can you afford that? You’ll need to have some extra funds put aside to help cover you for those months.

2. The Price

Hand in hand with your finances, comes the price you want for your house. What you bought the house for and what you want to get out of it are irrelevant. What matters is the current real estate market in your community. An appraiser will accurately tell you the true value of your home. Don’t ignore their recommendation and market the house at too high a price or you’ll put off buyers. Remember, those buyers have realtors who can tell them if a house is priced too high.

3. Paperwork

Don’t let your house sale be held up due to missing or incomplete paperwork, ensure it’s all in place from the word go. Are there any issues with the house that would prevent you from selling it? For example, what if you owe more than the house is worth? This will slow the process down as the bank will need to approve the sale price. What if you discover that your mortgage has a prepayment penalty? Talk to your lender and ensure there’s going to be no issues and that you have everything you need in place to help your sale go smoothly.

4. Your Realtor

You will have plenty of choices when it comes to choosing a realtor. There is certainly no shortage of realtors in your area looking to sell your house. After all, they earn a living off the commission. You can either choose a big name company like remax or 21st or instead hire a local realtor. There are pros and cons to each approach. A big company would have the resources to get your house out there in front of a lot more people. Yet the local realtor truly knows the community like no other.

5. Your Likely Buyer

When getting your house prepared for the big sale, consider your target market. Do you live in an area with a lot of young families or conversely is it mostly peopled by downsizers? Think about the likely buyer of your home and stage the house accordingly.

6. De-clutter

The first step to making your home appealing is to de-clutter and depersonalize the space. Look at your home with fresh eyes and take down decorative items specific to you (like family photos) and de-clutter each room to maximize the space. Simply leave enough furniture in each room to show its purpose.

7. Finish Odd Jobs

Finish all of those odd jobs you’ve been meaning to get around to, from fixing dripping taps to cleaning moldy grouting. The houses which sell quickest are those which don’t need work done to them. Leave small jobs undone, and potential buyers will worry what else you haven’t done.

8. Refresh

A fresh coat of paint can do wonders to brighten up and refresh a dated home. Choose white or cream to maximize the sense of space, and to appeal to as broad a range of people as possible.

9. Clean

Nothing is a bigger turn-off to potential buyers than a grubby property – so pop on your rubber gloves and start cleaning. The less a potential buyer has to do, the more they can imagine themselves living in your property.

Read more

Brilliant – you have found a property to rent! Whether you’re renting for the first time, or already an experienced tenant, you need to ensure you understand your responsibilities.  Being aware from the outset of what is expected of you can prevent confusion and issues further down the line.  So, what exactly are your responsibilities?

Financial

It may sound obvious, but one of your key financial responsibilities is to ensure that you pay your rent in full and on time every month.  Depending on your tenancy agreement, you may also be responsible for all the utility costs and council tax associated with the property.  It may be worth getting an estimate of such costs prior to signing the tenancy agreement so that you can truly understand your long-term financial commitment.

Upkeep

Although you may not own the property, you are the custodian while it is in your care.  This means it’s your responsibility to ensure that the property is maintained, so you need to inform your landlord or letting agent as soon as possible should something require repair.

Although your landlord is required to ensure repairs are undertaken swiftly, the upkeep of the property is very much in your hands.  From changing light bulbs to keeping the garden in good condition, you need to ensure that you take good care of it.

Cleaning

Everyone lives differently, but no matter what your lifestyle it is essential that you keep the property clean and tidy at all times.  This is even more important when it comes to the end of your tenancy, as the property needs to be left spotless; from the fridge to the bathroom, it all needs to be clean. If you fail to keep and leave your property clean and tidy the landlord is entitled to deduct money from your deposit and we know that’s the last thing you would want to happen.

Subletting

Subletting is not allowed during your tenancy unless you have a prior agreement with your landlord or letting agent.  If you’re considering subletting, we strongly advise that you speak to your letting agent as soon as possible so that an open and frank discussion can be had and a decision made.  There’s no guarantee that your landlord will agree to subletting, but if you proceed without their approval you will be in breach of your tenancy agreement.

Access

Your landlord may wish to undertake periodic checks on their property, and you must allow them access.  These checks could be to plan long-term repairs, or checking on works that may have been undertaken prior to your tenancy. It’s always beneficial to be on good terms with your landlord, and one way to nurture a positive relationship is to be flexible when they request access.

Read more