Author: timdurman

Chances are that you will have seen the news headlines in recent weeks – inflation remains way above the Bank of England’s target rate of 2%, meaning that interest rates are continuing to rise for far longer than originally expected. This is ultimately impacting mortgage rates making the cost of home ownership even more expensive, and that’s on top of contending with the current Cost-of-Living crisis.

A challenging market

According to Moneyfacts¹, the interest rate on the average 2-year fixed-rate mortgage deal has now increased to 6.01%, and with 5-year fixed deals not far behind at 5.67%, on average. This means that homeowners who are remortgaging this year are set to pay potentially hundreds of pounds more each month on mortgage repayments compared to their older deals, brokered when rates were considerably lower.

Analysts are now forecasting that the situation may get worse next year, with the average household remortgaging in 2024 set to pay up to £2,900 more per year on mortgage repayments due to the increased rates².

What’s behind these increases?

As you may have seen, The Bank of England has consistently increased Interest Rates since 2021 in an effort to reduce consumer spending and increase saving, to counter the high levels of inflation across the UK economy, which has been especially noticeable in the increased prices for everyday groceries and energy bills.

However, the increase in interest rates does not appear to be helping curb inflation as quickly as experts forecast², which has now started to drive a round of increases in mortgage rates, as many key lenders have been withdrawing their old products and re-launching with higher rates.

More challenges lay ahead

There is a bleak outlook to the market right now, especially as the Bank of England confirmed that over 1.3m households were due to remortgage their properties before the end of 2023, and will experience the shock of the new higher rates, having previously taken out a mortgage when rates were around 2% or lower³.

To give an example of what this can feel like, the average mortgage holder is looking at a £200 increase in their monthly repayments if their mortgage goes up by 3 percentage points, according to the Resolution Foundation think tank research on the topic.³

What can you do?

The most important thing is not to stick your head in the sand. If you think you may have some difficulties in paying the mortgage, then we advise that you contact your lender immediately. If you fall behind your mortgage payments by 90 days, then your lender can start proceedings to repossess the property, however there are avenues of assistance that can prevent you reaching this stage.

By speaking to your lender, you may be able to make a plan for the payments you owe, or even to create a forbearance agreement with your lender, to allow a short-term solution to catch up on your payments.

We recommend that as well as speaking to your lender if you are struggling, please do not hesitate to reach out to us and let us know if you have any challenges, we can take a look at your specific circumstances and offer practical advice that can hopefully assist in your situation.

Your home may be repossessed if you do not keep up repayments on your mortgage.

Sources

1. BBC (2023) Mortgage rates: Average two-year fix now above 6%. Available at: https://www.bbc.co.uk/news/business-65931132 (Accessed 19th June 2023)
2. SkyNews (2023) Mortgage crunch: Annual repayments set to rise by almost £3k next year. Available at: https://news.sky.com/story/annual-mortgage-repayments-set-to-rise-by-2-900-on-average-next-year-says-think-tank-12904111 (Accessed 19th June 2023)
3. SkyNews (2023) Mortgage misery: What is causing the crunch, will it get worse and what can you do if you are struggling? Available at: https://news.sky.com/story/mortgage-misery-what-is-causing-the-crunch-will-it-get-worse-and-what-can-you-do-if-you-are-struggling-12904191 (Accessed 19th June 2023)

All the information in this article is correct as of the publish date 29^th June 2023. The opinions expressed in this publication are those of the authors. The information provided in this article, including text, graphics and images does not, and is not intended to, substitute advice; instead, all information, content and materials available in this article are for general informational purposes only. Information in this article may not constitute the most up-to-date legal or other information.

The idea of moving home can be very exciting, but in today’s economic climate, it pays to keep an eye on just how much it costs.

According to research^[1][2], the average cost of moving home in the UK can be between £12,000-£14,000, when you factor in the wide range of costs, from Stamp Duty to estate agent fees, conveyancing, surveys and more.

A breakdown of some of the most common costs can be found here:

Key average home moving costs recorded in 20222
Stamp duty	£6,500
Estate agent (sale of your existing)	£4,544
Conveyancing	£2,003
House survey	£   456
Removals	£   649
Energy performance certificate (EPC)	£     55
Total	£14,207

These figures are based upon averaged data recorded by Reallymoving for a home move in the UK last year, and can show some of the costs that you may not have initially bargained upon, but can be quite sizeable.

Stamp Duty

When moving home, Stamp Duty is likely to be the highest cost you will face. You will pay Stamp Duty Land Tax (SDLT) on the agreed price of your new property on any value over £250,000 in England and Northern Ireland. More details about Stamp Duty can be found on the Government website – https://www.gov.uk/stamp-duty-land-tax

The rules are slightly different for Scotland and Wales, in Scotland it is known as Land and Buildings Transaction Tax – https://www.gov.scot/policies/taxes/land-and-buildings-transaction-tax/, whilst in Wales it is simply known as Land Transaction Tax – https://www.gov.wales/land-transaction-tax-guide.

It’s useful to familiarise yourself with the applicable tax for your new property, especially as it represents a significant amount. We would always advise you seek independent legal advice/confirmation from your solicitor/conveyancer, but as a good starting point, more information can be found on the Calculate Stamp Duty Land Tax (SDLT) link – https://www.tax.service.gov.uk/calculate-stamp-duty-land-tax/#/intro

Conveyancing sorts out the legal aspects of the sale and purchase when you engage a solicitor or licenced conveyancer to handle your move from one property to the new one.

Valuation Your lender will insist on a valuation of the new property to ensure that the sale price and the valuation are realistic and also to spot any obvious issues with the property. Unless it is a new property with a new build guarantee, it is advisable to also arrange to have a survey done of your new property which is more comprehensive, should highlight any potential underlying issues and may be a good way to avoid unexpected repair costs further down the line. Also, you may be able to re-negotiate the purchase price to factor in any costly current or future repairs.

Estate agent fees

According to the latest research by Home Owners Alliance, the average fee for an estate agent in 2023 is typically 1.42% of the sale price, plus VAT. For an example, a property that sells for £275,000 would mean an estate agents fee of £3,600.³

These are just a few of the most common fees that you are likely to encounter, but a more detailed listing can be found at the Reallymoving website here – https://www.reallymoving.com/removals/guides/cost-of-moving-house

Where possibly, it is recommended to shop around for the key services you need when moving home to maximise the savings where you can, areas such as conveyancing, surveys, removal costs and estate agent fees are all negotiable, so it’s worth contacting a range of firms to obtain multiple quotes before committing, and you could save yourself a considerable sum.

Sources

1. Halifax (2023). How much does it cost to move house? Available at: https://www.halifax.co.uk/mortgages/help-and-advice/moving-house-costs.html (Accessed 20th June 2023)
2. ReallyMoving (2023) Cost of moving house. Available at: https://www.reallymoving.com/removals/guides/cost-of-moving-house (Accessed 20th June 2023)
3. Home Owners Alliance (2023) Estate agent fees – and how you can save in 2023. Available at: https://hoa.org.uk/advice/guides-for-homeowners/i-am-selling/how-much-should-i-pay-the-estate-agent/ (Accessed 20^th June 2023)

All the information in this article is correct as of the publish date 29th June 2023. The opinions expressed in this publication are those of the authors. The information provided in this article, including text, graphics and images does not, and is not intended to, substitute advice; instead, all information, content and materials available in this article are for general informational purposes only. Information in this article may not constitute the most up-to-date legal or other information.

Is your property getting too small for you? Perhaps you have a growing family or you just need more space to accommodate a home office setup?

The obvious idea may be to move to a larger property, however, the present economic situation with increased mortgage rates means that the prospect of moving home can be very expensive indeed, so a simpler and cheaper alternative is to make the most of your existing home to increase space and make it feel less of a squeeze.

The cheapest way to start is to declutter. Most of us never stop to recognise how much ‘stuff’ we accumulate over the years. Take some time to take an inventory and decide what you can put into a car boot sale and how much can be taken to the tip. Rationalising your belongings will free up a lot of space and make you wonder why you did not do it before.

Here are a few suggestions for where to maximise the space you have:

Use Under Stair Storage

Lots of people have made the move to storing their things under the stairs with built-in cupboards and storage units. Depending on what you plan to put away in there can determine how you build the space. For example, if you are storing blankets, towels and bedsheets, you could consider using pull out shelves for easy access.

Use Multifunctional Furniture

Multifunctional furniture is a great way to create space in smaller rooms. For instance, if you have no room for a permanent table in the kitchen, then consider using a drop down table with space for kitchen utensils. Another multifunctional option to use are Ottoman style storage units, these can come in many formats, including under bed storage.

Use Your Attic Space

Attics can be renovated into extra rooms. A loft conversion can add one to two more bedrooms depending on how large of a space you have. Not only does this leave you with a bigger home, but it adds value to the property. Have it as a storage space to create more room in the rest of the house, use it as an office or even just as a place to watch TV.

Use Outdoor Spaces & Outbuildings

If your property features outdoor spaces such as garden, this can form an ideal location to maximise your storage. For example, a cycle locker could prove a good, secure solution to avoid bikes cluttering up the hallway or and a well-organised shed or garage with storage racks can help you store more items in the same space to reduce clutter.

We take great care to insure valuable items around us – whether it’s cars, pets or mobile phones, but if something were to happen to you or your partner – for how long could you continue to pay the bills?

A report from Legal and General¹ has shown that the amount of time we think we can survive and maintain our lifestyles may be a lot less than we think, and the amount of savings held by the average UK household is significantly less than what may be needed if the main source if income was lost.

Some interesting facts revealed:

• The average UK consumer is just 19 days from the breadline
• 42% of employed adults believe they could only survive a month or less on their savings
• 60% of households have less than £5k savings and 16% have no savings at all
• The average person stated they would need £12k+ savings to feel secure, but the average household has less just £2.5k savings
• It would take 10 years for the average household to save up the equivalent of their gross annual income
• 53% say they can’t afford to save after covering day-to-day living costs
• 45% aren’t confident that they are saving enough for their retirement – that’s over 14 million working adults

There’s some very shocking statistics within the findings, so it does make you think about your own situation, how long do you think you could last?

Losing an income may be closer than we think – whether it’s a sudden job loss or redundancy, through to a serious illness or worse, life can change very quickly and your ability to earn and maintain your lifestyle can be seriously impacted in a short time.

To help maintain a peace of mind, there are a range of protection options out there that can help you and your family mitigate against the worst happening, and we would be happy to help you find the most suitable options for your individual circumstances.

As a starting point, let us give you a quick overview of what cover is out there:

• Protect your income if out of work – we can all feel secure in our jobs, but you never know what’s around the corner. Policies are available that aim to protect policyholders from losses of income due to being involved in an accident, getting a sickness that forces the person to stop working or involuntary unemployment. Something that could help significantly if you are facing the burden of household running costs alone.

• Protect against serious illness / critical illness – if you or your family become seriously or critically ill, this could have a huge impact on your daily life, especially as any extended period off work puts additional financial burden and stress during a difficult time. Serious Illness cover / Critical Illness Cover could potentially pay out a sum if you are diagnosed with or undergo a medical procedure for one of a list of specified critical illnesses set out by your provider, during the length of your policy. This can then be used to help with childcare costs, household bills or maintaining your standard of living if you take time off work to recover from illness.
  
• Protect your family against a death – no one wants to think about it, but sometimes the worst can happen – and often at the most inconvenient time. Think of life insurance as a way to protect your family should the worst happen to you. A policy could minimise the financial impact on your family after you’ve gone, with a lump sum payout that could be used in a number of useful ways, such as to clear mortgages, cover household bills and childcare costs, and to provide welcome assistance at an emotionally challenging time.

Seek advice

There are whole range of policies and options online, and it can be overwhelming to work out which may be the most suitable for your circumstances, so we would encourage you to book an appointment with us, we will listen to your exact circumstances before giving advice to help you make the right decision for you and your loved ones.

Sources

1. Legal & General (2023) Deadline to Breadline 2022. Available at: https://www.legalandgeneral.com/landg-assets/adviser/files/protection/sales-aid/deadline-to-breadline-report-2022.pdf (Accessed 15 Jun 2023).

All the information in this article is correct as of the publish date 29^th June 2023. The opinions expressed in this publication are those of the authors. The information provided in this article, including text, graphics and images does not, and is not intended to, substitute advice; instead, all information, content and materials available in this article are for general informational purposes only. Information in this article may not constitute the most up-to-date legal or other information.

No one has been immune to the unwelcome increases in the cost of energy over the past year – with gas price increases of 129.4% and electricity going up by 66.7%, according to the Office of National Statistics¹.

However, there may be some light on the horizon, with forecasts that energy bills are expected to fall by nearly £450 from July as the Government’s Energy Price Guarantee takes effect².

Despite this, the high energy prices can cause significant challenges for the average household, so we have gathered together some advice and guidance which may provide further assistance to help save money on energy bill:

1. Check if you are eligible for any government grants or schemes to help you pay for your energy bills

https://www.smartenergygb.org/about-smart-meters/advice-for-those-worried-about-energy-bills/grants-and-schemes#grantsNschemes

2. Take regular meter readings, or get a smart meter

https://www.smartenergygb.org/about-smart-meters/advice-for-those-worried-about-energy-bills#regularmeterreadings

3. Contact your energy supplier to see how they can help

https://www.smartenergygb.org/about-smart-meters/advice-for-those-worried-about-energy-bills#contactenergysupplier

4. Make your home more energy efficient

https://www.smartenergygb.org/about-smart-meters/advice-for-those-worried-about-energy-bills#homemoreefficient

5. Talk to someone for advice

https://www.smartenergygb.org/about-smart-meters/advice-for-those-worried-about-energy-bills#talktosomeone

As ever, facing the issue as soon as possible rather than ignoring the problem has to be the best course of action. As demonstrated, there are resources available to everyone but there is no substitute for immediate action.

* Source: Office for National Statistics

Sources

1. Office of National Statistics (2023) Cost of living insights: Energy. Available at: https://www.ons.gov.uk/economy/inflationandpriceindices/articles/costoflivinginsights/energy (Accessed 22nd May 2023)

• BBC News (2023) Energy bills predicted to fall from July by nearly £450. Available at: https://www.bbc.co.uk/news/business-65655866 (Accessed 22nd May 2023)

All the information in this article is correct as of the publish date 25^th May 2023. The opinions expressed in this publication are those of the authors. The information provided in this article, including text, graphics and images does not, and is not intended to, substitute advice; instead, all information, content and materials available in this article are for general informational purposes only. Information in this article may not constitute the most up-to-date legal or other information.

The late-Spring period is a busy time for remortgages this year – according to data from USwitch, over 371,000 of us are due to be coming up for a remortgage on our homes between April and June 2023, so chances that this may be you right now, or it’s coming up soon.

We’re here to help you for every step of the way, and we’ve put together a brief guide on how you can get yourself ‘remortgage ready’, so that together, we can make this as simple and straightforward as possible for you.

Why might I need a remortgage?

One of the most common reasons for a remortgage is that the term granted on an initial mortgage deal is coming to an end. Most mortgages are granted on an initial two-year or five-year period, and once this expires, many lenders will put you onto their default Standard Variable Rate (SVR) which can mean that you end up paying more than you need to, as the interest rate is sometimes higher than can be sought elsewhere.

For this reason, we’d advise that you get in touch with us, firstly, if you are in any doubt as to when your initial mortgage term expires, and secondly, for us to help you find a rate that may be more suitable for your own individual circumstances.

This can involve either a full remortgage, finding a new product with a new lender, or we can help arrange a product transfer, which is where we can put you onto the most suitable mortgage product with your existing lender. Either way, we’d recommend that you come to us for bespoke, professional advice on the most appropriate deal that fits your exact circumstances, especially as there’s so much at stake.

How to get Remortgage Ready

There are a range of easy steps that you can take which will help make the remortgage process as smooth as possible:

• Plan ahead – allow some time for a remortgage to take place, ideally contact us around 3 months ahead of your existing deal expiring to give a good amount of time to find the most suitable deal for your circumstances, and we’ll keep in touch at every stage of the process to keep you informed on what you need to do next.
• Plan your finances – just as for applying for your first mortgage, it pays to make sure your finances are truly in order. Check your credit score, don’t apply for any new credit, avoid any large purchases, avoid payday loans or overdrafts at all costs to boost your chances of quick acceptance for a remortgage. It also helps to bear in mind an estimate of your existing property’s value – have a look around at property websites to get a good idea of recent market prices.
• Get your documents in order – just as for your first mortgage, documents will be required to prove your identity, current address and proof of income – save time by gathering your documents together upfront. This can include your last 3 month’s bank statements and payslips, proof of any bonuses, your latest P60 tax form, official ID (such as Passport) and proof of your address, such as utility bills with your name and address visible.
• If you’re self-employed – you’ll need to show additional proof of income with three years history. You can aid your application by showing future workload and incoming revenue stream.

This should give you a good headstart on having the key documents and info you need ahead of a remortgage. We’re here to support you every step of the way, so if there’s any queries you have, just ask us and we’ll be happy to help.

YOUR HOME OR PROPERTY MAY BE REPOSSESSED IF YOU DO NOT KEEP UP REPAYMENTS ON YOUR MORTGAGE.

There may be a fee for mortgage advice. The Financial Conduct Authority does not regulate some forms of buy to lets.

Sources

1. USwitch (2023) UK Mortgage Statistics 2023. Available at: https://www.uswitch.com/mortgages/remortgaging/remortgage-statistics/ (Accessed 23^rd May 2023)

All the information in this article is correct as of the publish date 25^th May 2023. The opinions expressed in this publication are those of the authors. The information provided in this article, including text, graphics and images does not, and is not intended to, substitute advice; instead, all information, content and materials available in this article are for general informational purposes only. Information in this article may not constitute the most up-to-date legal or other information.

Pensions will rise by 10% this year¹ but the cost of maintaining the state pension is becoming unsustainable for the UK Treasury. For those of us who have maintained our belief in the automatic right to a pension when we reach retirement age, we may have to dial back our expectations.

The Government has recently published a report on the sustainability of the state pension² in the future and it does not make optimistic reading. The major finding simply states that in its current form, the state pension is too costly. Either the state pension age will have to rise rapidly, which is likely to hit the under 40s especially hard, or the ‘triple lock’ – the automatic mechanism that ensures pensions increase in line with whichever is higher — prices, earnings or 2.5 per cent, will need to be axed.

No action is expected on this until after the next General Election in 2024, and this will be a controversial topic for the Government of the time, especially as the decision will affect so many, for years to come. The current minimum age of retirement in the UK is 66 years, depending on your current age³. It’s likely that the younger you are, the longer past 66 you will be entitled to receive the state pension, but you can check your present status on the Government website at https://www.gov.uk/state-pension-age

The time you can receive your pension will rise to 67 between 2026 and 2028. In fact, between 2010 and 2028 women will actually have seen the state pension age increase by seven years⁴.

If you were born after 5^th March 1961 and are 62 or younger today, you will not be entitled to a payout until you are at least 67. The next increase to age 68 is not planned until 2046 but with the growing recognition that the state pension is becoming unaffordable, it is rumoured that the Government is considering bringing that forward. As it stands, someone currently aged 45 or younger won’t get their state pension until aged 68⁴.

The Government aims to limit the rise in state pension costs between now and 2070 to 6 per cent of GDP (Gross Domestic Product). In order to achieve that either the state pension age will have to go up or the ‘triple lock’ will have to be scrapped and millions of pensioners would see their standard of living fall as incomes fail to keep pace with the cost of living⁴.

Sources

1. The Time Money Mentor (2023) State pension increases 2023. Available at: https://www.thetimes.co.uk/money-mentor/article/state-pension-increase/ (Accessed 22^nd May 2023)
2. HM Government Department for Work & Pensions (2023) State Pension Age Review 2023. Available at: https://assets.publishing.service.gov.uk/government/uploads/system/uploads/attachment_data/file/1147389/state-pension-age-review-2023.pdf (Accessed 22nd May 2023)
3. Gov.UK (2023) Check your State Pension age. Available at: https://www.gov.uk/state-pension-age (Accessed 22nd May 2023)
4. Beard, J. (2023) When will you get your state pension?. Available at https://www.thisismoney.co.uk/money/pensions/article-11961943/So-state-pensions.html (Accessed 22nd May 2023)

All the information in this article is correct as of the publish date 25^th May 2023. The opinions expressed in this publication are those of the authors. The information provided in this article, including text, graphics and images does not, and is not intended to, substitute advice; instead, all information, content and materials available in this article are for general informational purposes only. Information in this article may not constitute the most up-to-date legal or other information.

Many of us may not believe that our families would be likely to be liable to pay inheritance tax (IHT) when we die, but a new report highlights that more of us will have to pay the tax before the residue can be passed on to our families¹.

HM Revenue & Customs (HMRC) reported a 24% increase in the number of estates paying IHT in the 2022-23 tax year. That is nearly double what it was in the 2018-19 tax year. Currently, your estate pays nothing on the first £325,000 when you die. This sounds a lot but when you consider that the average price of a house is now £310,000 in England according to HM Land Registry², it is not such a stretch to see how homeowners especially might be caught in the IHT trap.

To recognise the rises in property prices, in April 2017, an additional allowance was introduced to help reduce inheritance tax liability, named ‘The Residence Nil Rate Band’³.  To help understand what this could mean, we’ve put together a very simplified case study example to illustrate how it can work.

A married couple or civil partnership could already leave an estate valued at a maximum of £650,000 (£325K each) before incurring Inheritance Tax, but with the introduction of the ‘Residence Nil Rate Band’ this allows them to add a further allowance of £350,000 (£175,000 each per person) on top of this amount. Altogether, potentially £1 million could be left to their heirs without incurring Inheritance Tax.

This is just a simplified case study, and it assumes that there are no other gifts made to their children, etc, but it goes to show the kind of amounts that can be left to heirs before incurring Inheritance Tax can be surprising.

Because of the amount of complexity in this area, we would always recommend that you seek professional advice from a qualified Independent Financial Adviser before making any decisions in this area to ensure that your estate is kept intact and that your family is catered for as per your wishes.

The main reason for bringing this to your attention is that IHT was originally designed as a tax that only the wealthy would pay, however, successive Chancellors have frozen allowances at their current levels since 2019. The current freeze will be reviewed in 2028, by which time more and more families will find that the estates of loved ones are likely to fall into the IHT trap.

Don’t be caught out!

Sources

1. International Adviser (2023) 24% Rise in Number of Inheritance Tax Payers. Available at: https://international-adviser.com/24-rise-in-number-of-inheritance-tax-payers/ (Accessed 22^nd May 2023)
2. Office for National Statistics (2023) UK House Price Index: January 2023. Available at: https://www.ons.gov.uk/economy/inflationandpriceindices/bulletins/housepriceindex/january2023 (Accessed 22nd May 2023)
3. Gov.uk (2023) Work out and apply the Nil Rate Band for Inheritance Tax. Available at: https://www.gov.uk/guidance/inheritance-tax-residence-nil-rate-band (Accessed 22nd May 2023)

All the information in this article is correct as of the publish date 25^th May 2023. The opinions expressed in this publication are those of the authors. The information provided in this article, including text, graphics and images does not, and is not intended to, substitute advice; instead, all information, content and materials available in this article are for general informational purposes only. Information in this article may not constitute the most up-to-date legal or other information.

Spring is finally with us, and with thoughts turning to holidays, it’s important that we don’t just walk out of the door with the buckets and spades in hand and forget to make sure that our homes and belongings are as secure as they can be.

Going on holiday

• Don’t advertise you are away!

Take care when posting social media updates about your holiday – it’s easy to unwittingly give thieves all the information they need to know about when you’re away from home and for how long. Make sure your settings are set to private, and ideally wait until you’re home before posting those gorgeous holiday pics.

• Adopt the ‘buddy’ system

Ask a neighbour to keep an eye on your house, pick up any post or packages and even water the plants outside. You can then reciprocate when it is their time to go on holiday.

•  Light timers and smart lighting you can operate from an app

Even in the summer, invest in inexpensive timers which you can use with your indoor lights to come on for part of the hours of darkness. Cheap, simple and effective. Smart lighting both inside and outside, a more expensive addition, but an extra layer of security, can also act as effective deterrent.

• Turn off your hot water/heating

Unless it is a winter holiday and you need to keep the house and your pipework from freezing up, turn off/turn down your hot water and central heating. This can help to save you money and reduces the likelihood of any water leaks, or worse, whilst you are away.

Staycations

Whether you are staying at home and just planning day trips or making the most of the sunny weather at weekends, here are a few more tips to keep your property safe.

• Windows and doors

Tempting though it may be to open all of your windows and doors when it is hot to keep the house cool, it also is an open invitation to potential thieves, particularly at night. Better to be uncomfortable than robbed, so keep your downstairs windows closed at night.

• Keep it locked

Spending time in the garden means that you might not hear signs of a break in. Make sure access doors are kept locked to avoid unwanted visitors.

• Remove temptation

Many break ins are opportunist crimes rather than part of some grand plan. Leaving valuables in plain sight near open windows, even near cat flaps and letterboxes increase the likelihood of opportunist crime. It only takes a second to reach in and steal.

• Burglar alarm

Not exactly original but highly effective as a deterrent, particularly against the opportunist thief. Seeing a large coloured alarm box on a property will deter the majority of would be thieves. Even a decoy alarm box has the power to deter. 

• Neighbourhood Watch

Your neighbours are your best defence. The Neighbourhood Watch scheme is highly effective at minimising crime, and if there isn’t one in your road, take the initiative and set one up, your local Police force should have useful tips and guidance on their website.

• Check your buildings and contents policy

How long has it been since you reviewed your policy and what is covered? If you’re going away for an extended period of time, take extra care to make sure you are still covered.

There are a number of reasons why you may wish to remortgage, however it’s always worthwhile seeking advice to check whether the mortgage you hold is right for your current situation.

If your current deal is coming to an end
Most mortgages are granted on an initial deal (fixed, tracker or discounted variable) that lasts for between two and five years. Many lenders will then put you onto their Standard Variable Rate (SVR).

Since you took out your mortgage, with repeated rises in interest rates in recent times, it’s likely that the rates now are higher than the rate on your original mortgage deal. Therefore, it’s likely that if your mortgage lender places you on their SVR, then you could end up spending more than you need to on your mortgage repayments.

We would encourage you to book a no-obligation appointment with us to look at your exact situation to see if there are other available deals that may be more suited to your requirements. We’d recommend that you contact us at least three months before your existing deal is about to end, to ensure adequate time to find the most suitable deal for you.

If you’re looking to find a more suitable mortgage
Interest rates have risen constantly for the last eighteen months, so it’s likely that the marketplace has changed since you took out your last deal, and it may not be right for you. Furthermore, your own circumstances may have changed, your income, your outgoings, your lifestyle or your family for example – all these elements can have a big impact on whether you’re able to commit to your regular monthly outgoings.

With such a complex set of changes in recent times, it is vital to see professional mortgage advice to establish whether you are still on the most suitable mortgage deal for your circumstances. It might be that you are seeking to make a change, but with our advice we can present you all of the facts and details of any hidden costs you may not be aware of, before making a decision that could have serious consequences for you and your family.

If you’re seeking to raise capital
You might want to borrow more money for a number of reasons – for example to pay for home improvements, to fund a car or simply to consolidate credit card and loan debts into a more manageable lump sum.

A remortgage could be a suitable option to do it but whatever the reason you want to borrow, we can help advise on the deals that can fit your own specific circumstances and give you the advice you need to make an informed decision to realise your own financial goals.

Your home may be repossessed if you do not keep up repayments on your mortgage.

All the information in this article is correct as of the publish date 27th April 2023. The opinions expressed in this publication are those of the authors. The information provided in this article, including text, graphics and images does not, and is not intended to, substitute advice; instead, all information, content and materials available in this article are for general informational purposes only. Information in this article may not constitute the most up-to-date legal or other information.