Author: timdurman

Spring is a great time for moving home, however property viewings can be an overwhelming experience, so we’ve a few top tips to help you focus on the most essential items.

1. Don’t be pressured into not taking the time you want to view the property
Make sure you spend a fair amount of time viewing a property – 20 to 30 minutes at least – Don’t feel you must rush because the estate agent is looking at their watch.

2. Look at the structure of the building
Make sure you walk around the outside of the house to check the exterior. Look for damp and hairline cracks in the walls, missing or loose tiles on the roof and broken guttering. If you find signs of a problem, ask questions to find out what the cause is and whether it will be fixed.
Always have an independent house survey done so an expert can conduct more thorough checks.

3. Look and smell carefully
The seller doesn’t have to tell you about problems – in fact, they may even try to hide them. Common coverups include painting over damp and hiding wall cracks or floor problems with furniture or rugs.

Damp can give off a musty whiff even if you don’t see physical signs, so be on your guard for unusual smells, including air freshener.

4. View the property more than once
Even in a fast moving market, it’s best to go and see the property more than once if possible. The more times you view, the more likely you are to spot potential problems.
We’d recommend viewing the property two to three times, at different times of day, to find out how the light, traffic and surrounding noises change.

5. Confirm what land is included with the property
If there’s any uncertainty over who owns a garden or parking space, make sure you find out the answer and get it confirmed in writing before committing to buy the property.

6. What is included in the sale?
Always ask the seller what furniture or white goods will be included in the sale.

7. Try to take someone with you
Take someone you trust along with you. They can share their opinion on what they make of the property.

8. Have a professional survey done
Mortgage lenders only request that you have a ‘valuation survey’ carried out. You should always have your own independent survey carried out in order to uncover any hidden issues with the property you’re buying.

9. Find out how energy efficient the home is
Every property being sold must have an energy performance certificate (EPC). It details information about a property’s energy use and typical energy costs, as well as recommendations about how to reduce usage and save money.

10. Investigate the neighbourhood
Spend at least half an hour walking around the general area to see how close the things that matter to you, such as cafés, schools, transport links or local shops, are. Also, revisit the area at rush hour and when the pubs close, and on weekends and weekdays.

11. Talk to the estate agent
If the property you’re viewing is a serious contender, talk to the estate agent to find out more about the property and why it’s being sold. The estate agent is legally obliged to tell you if they know of any serious problems with the property.

12. Don’t be afraid to keep asking questions
At the end of the day, sellers and estate agents are trying to get you to buy a property. Therefore, they may not be forthcoming in telling you all the ins and outs.
So, questions are crucial in getting the full picture on what you’re buying. Don’t let the estate agents dictate the viewing, make sure you keep them on their toes and find out every nugget of information, with email or telephone follow ups.

Missing just a couple of payments can have pretty serious consequences, but what exactly happens?

A shortfall equivalent to two or more months’ repayments means you are officially in arrears.¹

A failure to pay your mortgage will trigger a report by your lender to the major credit bureau and they could lower your credit score, which will make it more challenging to seek credit elsewhere. After your grace period (this is usually one week to fifteen days after the payment due date) a late fee will be added on to the payment you failed to make.

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

What to do, and what not to do

The most important thing is not to stick your head in the sand. Talk to your lender as soon as you think you may have some difficulties. If you fall behind your mortgage payments by 90 days, this is considered as defaulting on the loan, and 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.

Your lender’s obligations

Within 15 working days of falling into arrears, your lender must:

• Tell you how much your arrears add up to
• List the missed payments
• Explain how much is outstanding on the mortgage
• Outline any charges

Your lender must then treat you fairly by considering any requests about changing how you pay, perhaps with lower repayments for a short period.

Any arrangement you come to, the FCA points out, will be reflected on your credit file – affecting your ability to borrow money in the future – as will any missed payments.¹

Your lender might also suggest or allow you to extend the term of the mortgage or let you pay just the interest for a certain period of time.

If in doubt, please do get in touch with us as well as your lender if you think you may be struggling, help is at hand.

For additional assistance, you can also visit the Citizens Advice website which contains further detail about what to do – https://www.citizensadvice.org.uk/debt-and-money/mortgage-problems-debt-and-money/

Sources

1. BBC News (2023) Mortgages: What happens if I miss a payment? Available at https://www.bbc.co.uk/news/business-63486782 [Accessed 25 Apr 2023]
   

All the information in this article is correct as of the publish date 27^th 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.

It’s getting to that time of year when the weather is starting to improve, Spring is in the air and you may be thinking about moving home in the months ahead. We’ve put together some helpful tips on simple Spring cleaning tasks that may make a big difference in helping your home sell quickly.

Clean and de-clutter everywhere
It might sound basic, but a clean home can make a big difference when it comes to appealing to your potential buyers. Give your place a thorough clean for best results – wash walls, clean behind furniture, clean your paintwork and the windows. It’s also an opportunity to think twice about what you actually need and take the moment to donate any unwanted items to charity shops, or recycle what you can’t use.

Apply a coat of fresh paint
Kerb appeal is everything, when it comes to setting those important first impressions for potential purchasers. Some simple maintenance here can make all the difference – if your front door or garage door needs a makeover, then it’s the ideal time to do it. Similarly, paint any window sills that have flaking paint and bring them back to new condition.

Whilst the painting gear is out – look around elsewhere inside to see if anything else can be freshened up too. It’s a commonly-advised topic, but painting over brightly-coloured decoration with more neutral tones does help to present prospective buyers with a blank canvas that they can imagine themselves in.

Give your bathroom and kitchen a makeover
Bathrooms and kitchens can really sell a home – so try and focus your energy on making these look tip top. Firstly, look to de-clutter each room, and give each a deep-clean to really give the effect that they are almost new. This includes cleaning the grouting between tiles, cleaning the inside of each kitchen cupboard, and even as basic as cleaning the oven prior to prospective purchasers visiting – it all helps present your home in the best possible light.

Thoroughly clean all carpets and floors
Consider deep-cleaning your carpets and floors to remove any noticeable stains, and bring them back to their original condition. It may prove easier to bring in a professional cleaning team with specialised tools for certain types of flooring.

Tackle all the DIY jobs
If there’s a small DIY job that’s been nagging for a while – get it done! It may be something extremely simple, but a broken door handle or lightbulb that needs replacement can give buyers the idea that you don’t care for your home, so be sure to dedicate a few hours to fixing up the little tasks in order to reap the rewards later on.

Create a home office
With hybrid working being commonplace in 2023, a home office space is a valuable commodity, and so do try and showcase this feature where you can. Add a desk, adequate light and a smart-looking plant to bring out the best and show your potential buyers how they could easily fit in working from home.

Spring clean the outdoors
If your home has a garden, then this will certainly add to the value – ensure that it’s tidy and shows potential buyers the opportunity for this space, whether it’s growing plants, a nicely-mowed lawn or weeding the patio area to show there’s space for a BBQ, the possibilities are endless.

It’s an ideal time to sort out the garage too – chances are like many these days, if you have a garage, it’s more likely to be storing junk than a motor vehicle. Sort though the clutter and get rid of what you don’t need. Clear as much floor space as possible to show potential buyers what they can do with the space, and the storage options available.

Similarly, if you have any outbuildings, sheds, cabins, or home-bars – then give these a spring clean and just show the possibilities that they can offer buyers.

Make your house smell attractive
Smell is a much under-rated sense and one that can be used to great effect. Make sure your home gets plenty of fresh air with a daily airing and invest in some air fresheners with the same fragrance to dot around your home, but take care not to go over the top and give a pleasant welcoming smell for prospective buyers.

Generally in life, if you’re struggling with something, the best thing you can do is talk to someone. The same can also be recommended if you find yourself struggling to pay your mortgage – speak to your lender or your mortgage adviser as soon as you can.

We are here to help listen to your exact situation and are ready to offer advice and guidance based on your circumstances, with the aim to help you through what can be a very stressful and challenging time, especially as the Cost of Living crisis rumbles on.

Never have any fear of reaching out if you think you may be in trouble, or just unsure of what the future holds. What’s more, the regulator, the Financial Conduct Authority (FCA) has recently set out updated guidance on how it expects mortgage lenders to treat their customers when they are unable to pay their mortgages.

There are a variety of tools and options that lenders can use to support customers in difference circumstances. These can include options such as extending the term of the mortgage, switching to interest only for a temporary period, moving to a different interest rate or making reduced monthly payments for a temporary period¹.

At the same time, it’s worth bearing in mind that making changes, even temporary ones, may result in higher monthly payments in future or paying back more overall. Mortgage borrowers should consider carefully any steps they take and customers who can keep up with their payments should continue to do so.

For this reason, whilst you should speak to your lender, we also recommend contacting us at the same time to talk through anything related to your mortgage, your monthly payments or even if you are concerned how you could be affected if rates were to rise further – we are here to help. We will be able to look at your specific circumstances, explain everything that you need to know and help you make decisions that are the most appropriate for you.

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

Source

1. Financial Conduct Authority (2023). FCA confirms help for mortgage borrowers struggling with payments. Available at: https://www.fca.org.uk/news/press-releases/fca-confirms-help-mortgage-borrowers-struggling-payments (Accessed 27 March 2023)

All the information in this article is correct as of the publish date 30^th March 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.

Have you ever lost a purse or wallet, or worse still, had one stolen? It can happen to anyone and is more common than you might expect. In today’s world where many of us don’t carry cash, thieves targeting credit cards, debit cards and mobile phones can cause havoc with your finances in a very short time.

Apart from the loss and potential for identity theft, it is also a stressful situation for the victim. We have all got that sinking gut feeling when we can’t find a wallet or purse and the massive relief when it turns up where we left it! But when you have exhausted all of the options as to where it was put, what do you do?

Contact your bank, building society or credit card issuer to notify that it’s lost or stolen as soon as you can. They will freeze the card and cancel it immediately to prevent additional transactions taking place.

Upon reporting the stolen card, your bank or credit card issuer will carry out a fraud investigation and refund any money lost as part of the process.

In this age of contactless card transactions, it is easy for thieves to make a flurry of smaller transactions immediately after taking your card, so it pays to be vigilant and check your card statements thoroughly for any transactions that you do not recognise, and report these to your card issuer at the earliest opportunity in order to be reimbursed. As a general tip, it’s worth being mindful of the number of cards you are carrying about your person, this will make it easier to identify if one or more has been stolen or lost, and have the key contact details of your bank or credit card issuer to hand should the worst happen and you need to get in touch to report a stolen card.

If you have ever been in a position where something you have bought or a service you have experienced was not up to the standard you expected, as a consumer, you have rights. When buying goods and services, you’re protected by The Consumer Rights Act 2015. Here are some of the things you are protected against:

• Faulty goods.
• Poor service.
• Problems with contracts.

You are entitled to expect a replacement or your money back if goods you have bought are not working. Many of us are not good at making a complaint and some sellers don’t make it easy for unsatisfied customers, especially if you have bought something online. They rely partly on customer inertia and also by drawing out the process for resolution.

Poor service is more difficult to resolve. Successful resolution relies on making sure there is enough evidence and it is important to keep a full record of calls, emails and letters to back up your case.

However, the first thing to do is to put the wheels in motion by logging a complaint with your provider. Your provider should have a formal complaint process that you can request a copy of. Often, you can find it on their website. You need to follow the company’s complaint process to give them an opportunity to fix any issue.

If you are not getting the result you expect, you can :-

• Contact the Ombudsman Service (www.ombudsman-services.org) which can assess your case and advise on your next course of action, especially if it is about your treatment by energy suppliers.
• Contact the Citizens Advice consumer service (www.citizensadvice.org.uk) which provides free and independent advice about your consumer rights at any point during your complaint.
• Alternatively, you can make use of the County Court if you have a case against a provider and you are not getting financial satisfaction. (https://www.gov.uk/make-court-claim-for-money)

A recent example was of the man who successfully won a case against airline Wizz Air when his flight had been cancelled on the day of travel and had cost him thousands of pounds to replace with another airline. He went to the County Court and was awarded the money he was owed plus interest. Bailiffs actually went to Luton Airport to enforce the award and made sure the money was paid¹.

Sources

1. BBC (2023) Man sent baliffs to Luton Airport for Wizz Air refund. Available at: https://www.bbc.co.uk/news/uk-england-beds-bucks-herts-64999557 (Accessed 28 March 2023

Are you happy with your current mortgage? If so, then that’s excellent news. However, if it’s been a long time since your mortgage was last reviewed, or the end term is coming up soon, then a remortgage may not be far away.

Your circumstances may also have changed in the years since your current mortgage was arranged, so it’s always worthwhile seeking advice to check whether the mortgage you hold is right for your current situation.

Things to consider;

• If you have a fixed rate deal and it is coming to an end, you will likely end up on your lender’s standard variable rate (SVR) once the fixed period has ended.
• If you have a variable rate deal* you may be worried about rising monthly costs. If you are concerned, you may find a fixed rate deal will give you peace of mind with fixed monthly costs. However, it might be worth weighing up the pros and cons of costs of remortgaging, and note that fixing into a rate means you may not be able to benefit in reductions in the future.
• If your share of the property’s value has grown* because the price of your property has gone up, lenders may be able to offer you better terms. A lower loan-to-value (LTV) could help you to access a lower rate by remortgaging, but it’s worth considering your options as a whole.
• If you want to borrow more money*, remortgaging by using the equity in your property can sometimes be a popular way to raise finances, however there may be cheaper ways to borrow.
• If you want more flexible features* – Your existing mortgage deal might have strict terms regarding overpayment and will prohibit you from paying more than the contracted monthly amount. If you’d like to repay more quickly, a remortgage could allow you to switch to a deal that allows a certain amount that you can overpay without incurring fees. Other features, you might want to look for include having the ability to apply for ‘payment holidays’ when cashflow is tight.

*IMPORTANT – If you are currently in a deal that is not due to end and decide you wish to remortgage to another lender, there may be high early repayment charges to leave.

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

Speak to us to discuss your options further, we can help talk you through your circumstances and can offer our experience and knowledge of the market and products available.

All the information in this article is correct as of the publish date 23^rd February 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.

At a time when mortgages are in the spotlight, or because of the difficulties around being able to afford a mortgage as a first-time buyer, where do you go? The normal and first instinct might be to turn to your bank or building society – as they will have their own products. However, it could be a good option to look at a wider range of options, depending on what it is you’re looking to do. As we have access to a wide range of lenders, we can take a look at the options available to you and provide a tailored service to match your individual needs.

Even before you find a house, a discussion with us could help you decide how much you could afford, how to much to save for a deposit and when you do find a property, provide a recommendation for a product that is suitable for your individual needs.

Once the mortgage application has been accepted, we’ll follow up with the lender to ensure that everything is going according to plan and keep you informed of progress at each stage of the exciting journey. We’ll also deal with your legal representative to make sure that all the legal aspects of the property transaction, aiming to ensure they are delivered on time and with minimum hassle.

We’ll also be able to help you with keeping your home yours, should the worst happen. We can talk through your circumstances to help you find the most suitable range of protection cover that fits your needs now, and for the future ahead.

In a nutshell, seeking advice on a mortgage can help, saving you time, effort and giving peace of mind that you’re getting the bespoke advice for your own situation, as well as protecting you and your family for all life can throw your way.

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 23^rd February 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.

With the Bank of England Base Rate still going up, it looks odd to see mortgage rates coming down when logic dictates that they should be following the Base Rate. Yet as the Bank of England raised interest rates by 0.5% to 4% on the 2^nd of February, a lender had just announced a five-year fixed rate mortgage at 3.95% for five years¹.

Please note that where Rates are referred to in this article, they may be subject to further criteria or an assessment of your finances before applying and may not be available after this article is published.

One of the main reasons behind the Base Rate increases has been the Bank of England seeking to counter inflation.. The Bank of England hopes that higher rates will slow economic activity, which in turn will reduce prices and lower the rate of inflation². For those of us with mortgages on variable or tracker rates, it means that the monthly cost of our mortgages will go up, while those on fixed rates are shielded from any immediate change in monthly repayments. However, when their fixed rate periods end, it is likely that refinancing to an equivalent fixed rate will be difficult to emulate, depending on when the mortgage was taken out and refinancing could cost more.

Market analysts forecast that mortgage rates and borrowing costs will start to soften and fall during the year, even though Bank Rates may peak at 4.5% later this year. Some even forecast that Rates will stay above 3.25% for the next three years, despite inflation starting to dip³, yet this can be hard to predict.

Part of the reason for the reduction in mortgage rates seen already is that lenders have already factored in Bank Rate rises to their calculations, and that some lenders are keen to encourage buyers back to the housing market, or assist those looking for the certainty of a fixed rate mortgage at a time of volatility. Competition is high and we are likely to see further lenders looking to compete by lowering their fixed rates.

According to figures from the Office of National Statistics, 57% of mortgages coming up for renewal in 2023 were originally at rates of below 2%, which means that many householders should prepare for the difference when looking to remortgage now. The Office of National Statistics believes that the average rise in mortgage repayments will be around £250 more per month, whilst a £300,000 mortgage may see the repayments rise by as much as £661 per month⁴.

Though the figures can look intimidating, this is a trend that we have seen recently in the market, and so should not come as too much of a shock. If you wish to discuss your mortgage circumstances – contact us today to see how we can help.

If you are struggling to keep up on your mortgage payments, please contact your lender in the first instance or use the services of free, not-for-profit advice services such as MoneyHelper or StepChange.

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

Sources

1. IFA Magazine (2023) Virgin Launches a 5-year fixed rate at 3.95% – reaction. Available at: https://ifamagazine.com/article/virgin-launches-5-year-fixed-rate-at-3-95-reaction/ [Accessed 21Feb 2023].
2. Bank of England (2023) Why have interest rates in the UK gone up?. Available at: https://www.bankofengland.co.uk/explainers/why-are-interest-rates-in-the-uk-going-up [Accessed 21 Feb 2023].
3. iNews (2023) When will mortgage rates go down? How recent interest rates affect lenders and when mortgages could change. Available at: https://inews.co.uk/inews-lifestyle/money/property-and-mortgages/when-mortgage-rates-go-down-interest-lenders-mortgages-change-2130939 [Accessed 21 Feb 2023]
4. Office of National Statistics (2023) How increases in housing costs impact households. Available at: https://www.ons.gov.uk/peoplepopulationandcommunity/housing/articles/howincreasesinhousingcostsimpacthouseholds/2023-01-09 [Accessed 21 Feb 2023].

All the information in this article is correct as of the publish date 23^rd February 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.

If you are thinking of selling your home, there is an important list of ‘to-do’s that should be followed to ensure that you get the right price and the transaction completes at a time that suits you.

 Choosing the right estate agent

Of course, personal recommendations are extremely helpful but a good agent should be proactive on your behalf, know the area in which you live intimately and have a list of likely buyers to introduce and be able to present your property in the best light. Remember, going with the one who promises the highest price does not guarantee a sale at the level you are looking for.

Don’t rely on your estate agent

Having said how important it is to find the right estate agent, don’t sit back and expect them to do all the heavy lifting.

Check out other properties’ asking prices

Look at what other houses in your area are selling for. View online the most recently sold properties in your postcode to give you a good idea of an asking price.

Make your property clutter free

If you have a lot of furniture it can make the rooms look smaller than they are. Pack away (where possible) extraneous furniture and other fixtures that make the property look cluttered. For example, work surfaces in the kitchen should be clear to make the space look bigger and more attractive to potential buyers.

Clean up and make minor repairs

Make a point of cleaning the house. If you have time, cleaning the carpets can have a dramatic effect on the atmosphere and look of the property. Having a good clean up, helps make your home more sellable. Also, places, where paint has flaked off through constant use, could use a paint refresh. Check and see whether there are any other small repairs that need doing or scuff marks that need a touchup. Making an effort will make your home look better and the offers you get will reflect the care you have taken.

Giving a good first impression

What do people see as they come to the front door? Don’t forget the garden and the front of the house. Look at the outside of your house as if you were looking at it for the first time. Are there any bushes or trees that need trimming? Are the windows clean, has the grass been cut? As you go through the front door, does the scene before you make you feel that if you were a buyer, you would want to buy your home?

Up to date with paperwork

Do make sure that all your relevant paperwork is up to date such as gas safety certificates or sign offs for building work you might have undertaken. Having everything up to date will mean a faster resolution.

Conveyancer

Make sure that your legal representative is keeping up with the conveyancing of your property. They might not need chasing up, but there is no harm in making sure that they know you are on the ball and expecting a fast resolution.

If you want everything to go smoothly with your sale, it pays to be proactive.

All the information in this article is correct as of the publish date 23^rd February 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.