Category: News

With A-Level results delivered, excitement is building as families across the UK prepare to send their children off to university. But amidst the flurry of packing and planning, have you considered how to protect your child’s expensive gadgets and treasured possessions?

Don’t Let Your Teen’s Dreams Be Ruined by Theft!

University life can be incredibly exciting, but it comes with risks. From shiny new laptops to pricey smartphones, your child’s belongings could be worth thousands – and they’re a prime target for thieves. Shared student halls and unfamiliar surroundings can make them vulnerable to theft, damage, or loss.

This is where contents insurance becomes essential. Imagine the horror of your child calling home, their laptop stolen, coursework gone! The right insurance cover could be the safety net they need, allowing them to focus on studies, not stress.

Lock Up or Lose Out! A Simple Habit That Could Save Thousands

Here’s a sobering fact: many insurance policies won’t cover theft unless there’s evidence of forced entry¹. That means if your child forgets to lock their door, they could be left high and dry. Make sure your child locks their door every time they leave the room! It’s a simple habit but one that could save them – and you – from a costly disaster.

Check Your Home Insurance – They Might Already Be Covered

Before rushing to buy a new policy, check your existing home insurance. Many policies may cover items temporarily removed from the home², which could apply to students living away at university. But beware! There are often limits and conditions:

• Where It Applies: Coverage usually applies in student halls or rented flats.
• Home Address Clause: Your home must remain their main permanent address.
• Policy Limits: Ensure the coverage limit is enough for all their valuables.
• Impact on Claims: Any claim could affect your home insurance premiums – a crucial point to consider.

Specialist Student Insurance – A Must for Peace of Mind?

If your home insurance doesn’t suffice or you prefer separate coverage, it could be worth considering specialist student contents insurance. These policies are designed to cover the gadgets and gear your child needs most, from laptops to bikes.

Accidents Happen – Protect Against Mishaps!

University life can be hectic, and accidents are bound to happen. Accidental damage cover can save the day when your child spills coffee on their laptop. And don’t forget personal possessions cover – it protects items like smartphones that your child takes outside their accommodation.

Secure Their Future – and Your Wallet

Sending your child off to university is a milestone moment. Ensuring they’re protected extends beyond their studies to safeguarding their belongings. Whether through your home insurance or a specialist policy, the right cover can help to offer peace of mind for both of you.

Sources

1. UCAS (2024) Check if you’re covered by your parents’ home insurance. Available at: https://www.ucas.com/money-and-student-life/money/budgeting/how-save-money-uni/check-if-youre-covered-your-parents-home-insurance [Accessed 22 Aug 2024]
2. Citizens Advice (2024) Household contents insurance. Available at: https://www.citizensadvice.org.uk/consumer/insurance/types-of-insurance/household-contents-insurance/ [Accessed 22 Aug 2024]

All the information in this article is correct as of the publish date 29^th August 2024. 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.

Please be aware that by clicking on to any of the above links you are leaving our website. Please note that neither we nor HL Partnership Limited are responsible for the accuracy of the information contained within the linked site(s) accessible from this page.

Owning a property is likely to be one of the most significant financial decisions you’ll ever make. Whether you purchased your home recently or some time ago, ensuring that your Will accurately reflects your property ownership is crucial. This often-overlooked step is vital to protect your assets and ensure they are distributed according to your wishes.

Reflecting Your New Asset

Chances are that your property is likely one of your most valuable assets. Whether it’s your first home, a second property, or an investment, it’s essential to include specific instructions in your Will about what should happen to it after you pass away. Without updating your Will, your property might not be distributed according to your intentions, leaving your loved ones uncertain and potentially unprotected.

Adjusting Beneficiaries and Provisions

When you own a home, it’s important to reconsider who you want to benefit from your estate. You might decide to leave your home to a specific family member or ensure that your partner or children have the right to live in it after your death. Updating your Will allows you to clearly express your wishes and avoid any potential disputes or misunderstandings later on.

Selling a Property

If you’ve sold a property that was mentioned in your Will, it’s crucial to update your Will to reflect this change. Outdated references to a property you no longer own can create unnecessary complications during the probate process, potentially causing confusion and stress for your beneficiaries.

The Impact of Family Changes

Buying a property can often coincide with major life events, such as getting married or welcoming a new family member. These changes are also key moments to review your Will. You may need to add new beneficiaries, such as a spouse or children, or rethink how your assets are divided to ensure your growing family is well taken care of.

Regularly Reviewing Your Will

The UK government recommends reviewing your Will every five years or whenever significant life changes occur¹. This includes buying or selling property, experiencing family changes, or significant financial shifts. Regularly updating your Will ensures that it accurately reflects your current wishes and circumstances.

Protecting Your Loved Ones

Keeping your Will up to date is one of the most important things you can do to protect your loved ones and ensure your estate is managed according to your wishes. It can provide peace of mind, knowing that your property and assets will be distributed as you intend.

If you’ve recently made changes to your property portfolio, or if it’s been a while since you last reviewed your Will, now is the perfect time to act. Don’t leave it to chance—contact us today, and we can refer you to one of our partners who can help you update your Will and safeguard your family’s future.

Sources

1. Gov.uk (2024) Making a will. Available at: https://www.gov.uk/make-will/updating-your-will [Accessed 22 Aug 2024]

All the information in this article is correct as of the publish date 29^th August 2024. 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.

Please be aware that by clicking on to any of the above links you are leaving our website. Please note that neither we nor HL Partnership Limited are responsible for the accuracy of the information contained within the linked site(s) accessible from this page.

With prime holiday time approaching fast, many will have already booked breaks at home or abroad. With prices of holidays rising, it makes sense to insure your holiday so that you are not out of pocket should the unexpected happen.

Unforeseen events can ruin your break before you even take off, so taking appropriate action to cover yourself and your family is not only good sense but may also save you money to be insured.

According to the Consumer Council¹, a good insurance policy should cover you for:

• Missed flight departures / connections
• Cancellation or restriction of your holiday caused by an unexpected event, e.g. illness
• Illness, injury or death while you are away
• Repatriation – getting you back home
• Loss, theft or damage to your belongings or luggage
• Liability for accidents to others
• If the airline goes out of business
• Natural disasters, natural events e.g. volcanic ash clouds and severe weather
• Political instability
• Security risks

Of course, you can pick and choose what features are important to you as not every policy will be as comprehensive and it is just as important that you know what your policy does not cover, as well as what it does.

Common exclusions
Travel disruption caused by natural disaster, volcanic ash, civil unrest or
terrorism may not be included

• Claims for a pre-existing medical condition or illness at the time of taking out your policy that has not been declared
• Alcohol and drug related incidents
• Missing valuables from check-in luggage

Global Health Insurance Card (GHIC) and travel insurance
If you are travelling to Europe, the European Health Insurance Card (EHIC) is no longer valid, although it will still be valid in the EU until it expires². You can apply for a Global Health Insurance Card (GHIC), free of charge from the NHS, in addition to taking out travel insurance. The GHIC allows travellers to access healthcare in most European countries at a reduced cost or sometimes free of charge.

However, it is not an alternative to travel insurance and it does not cover the following:-

• getting you back to the UK (repatriation)
• private medical treatment
• dental treatment in some countries

How do I get a GHIC?
You can apply online at https://www.nhs.uk/using-the-nhs/healthcare-abroad/apply-for-a-free-uk-global-health-insurance-card-ghic/

You should apply at least 2 weeks before travelling to make sure the card arrives on time. Also, if you are already covered via a bank account or home insurance, do check to see if it is sufficient for the holiday or journey you are planning to take.

Sources

1. The Consumer Council (2024) Travel Insurance. Available at: https://www.consumercouncil.org.uk/sites/default/files/original/Travel_Insurance_Factsheet_-_5.12.14.pdf [Accessed 17 Jul 2024]

• NHS (2024) Get healthcare cover abroad with a UK GHIC or UK EHIC. Available at: https://www.nhs.uk/using-the-nhs/healthcare-abroad/apply-for-a-free-uk-global-health-insurance-card-ghic/ [Accessed 17 Jul 2024]

All the information in this article is correct as of the publish date 25^th July 2024. 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.

Please be aware that by clicking on to any of the above links you are leaving our website. Please note that neither we nor HL Partnership Limited are responsible for the accuracy of the information contained within the linked site(s) accessible from this page.

With holiday season in full swing and many of us looking at leaving our homes for a week or two in search of the sun, the thoughts of advertising your home as a holiday-let to make a bit of spare cash may seem quite appealing.

The appeal and the caution

If you’re comfortable with the concept of strangers spending time in your home, possibly lounging on your furniture and poking through your collection of knickknacks and houseplants, then renting out your property on the likes of Airbnb, Booking.com, Vrbo, Homestay and the like has seen a real boom in recent years.

However, as easy as it may be to list your home on these websites, there could be some serious consequences for your mortgage if you haven’t done your homework first.

Holiday lets and your mortgage lender

Different lenders have different rules regarding Airbnb and similar holiday-let platforms, and many existing residential mortgages currently prohibit letting the property without the lender’s permission – which includes Airbnb.

Alternatively, some lenders may allow homeowners to let their property with certain conditions, or for certain timescales – the devil is in the detail, and the small print that you’ll have signed when you applied for your most recent mortgage.

Therefore, before listing your home – it’s important to consult your documentation and to contact your mortgage lender to inform them that you wish to do this. As your mortgage adviser, we are able to assist if you have any specific queries on your circumstances, so just let us know if you need any guidance here.

Additional considerations

Alongside the mortgage, there are other implications of letting your home out – for example taxation and home insurance too.

Using your home to generate an additional income can leave you liable for extra tax and National insurance if you are earning over the current thresholds¹, and more about taxation can be found on the Government website here – https://www.gov.uk/renting-out-a-property/paying-tax. If you do have queries on the tax implications, it’s always worth seeking an independent tax adviser before taking any action.

Consulting your home insurer is also crucial before listing your property on Airbnb. Your insurer might charge a one-off fee or increase your premium, or you may be able to obtain specialist cover online.

Conclusion

Whilst letting your home out via Airbnb or the other online holiday let platforms may not be as straightforward as one might reasonably expect, it can be a way to increase your income and make more use of your otherwise-vacant property while you’re elsewhere. Just ensure that you’ve conducted the sufficient checks on your mortgage policy and that you’re up to speed on the exact implications for both tax and home insurance, and then you can start to delve into the world of holiday lets.

Think carefully before securing other debts against your home or property. The Financial Conduct Authority does not regulate some forms of Buy to Lets. Your property may be repossessed if you do not keep up repayments on a mortgage or other debt secured on it.

Sources

1. Gov.uk (2024) Renting out your property. Available at: https://www.gov.uk/renting-out-a-property/paying-tax [Accessed 17 Jul 2024]

All the information in this article is correct as of the publish date 25^th July 2024. 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.

Please be aware that by clicking on to any of the above links you are leaving our website. Please note that neither we nor HL Partnership Limited are responsible for the accuracy of the information contained within the linked site(s) accessible from this page.

Wherever you go on the high street or online, you will see ‘Buy Now Pay Later’ (BNPL) schemes advertising that you can buy that item you want or need now and pay back the money borrowed, plus interest, over several weeks or months. Some providers add a sweetener by giving the borrower an initial interest free or fee-free period.

BNPL schemes can be seen as offering flexibility for those who can take advantage of the interest free period, giving them more time to use the credit interest free before paying the debt off. Equally, being able to divide up the cost of purchase into equal parts and paying off the agreed amount over a fixed period (even with interest added) can make sense…provided payments can be kept up.

Problems really start when people can’t keep up payments because, unless they are able to get the situation resolved, interest is then added to the total, and they can find themselves in a spiral of debt. Many people are routinely resorting to deferred payment schemes, like BNPL, to buy household essentials.¹

Any consumer who misses payments risks seeing their case turned over to debt collectors. A survey of 2,507 UK adults using BNPL, carried out by the Behavioural Insights Team and the Money & Pensions Service (MaPS), showed that one in five (19%) had used it for essentials.¹

This included groceries (11%), toiletries and hygiene (8%), household bills (5%) and fuel (4%).¹

There are an estimated 10.1 million BNPL customers in the UK and MaPS says that although it can be very useful, people need to consider it as carefully as any other credit product and use it in the right way.

The poll also revealed that over half of users (55%) currently have an outstanding payment, while 33% have at least two. Of those with payments outstanding, more than half (55%) owed more than £100, while one in seven (14%) owed over £500.¹

Rocio Concha, the director of policy and advocacy at Which?, said: “BNPL schemes can offer speed and convenience at the checkout, but our research shows that many users do not realise they are taking on debt or consider the prospect of missing payments.”²

The consumer body said that, “given the immediate risk,” BNPL firms should make their terms and conditions more accessible now. It added that affordability assessments should be carried out for all transactions before regulation is introduced.²

The impact of the cost-of-living crisis will no doubt have pushed consumers into taking on more debt, and as other consumer credit lenders withdraw from the market, this will have affected the increasing volumes of BNPL schemes in recent times.³

At present, the Financial Conduct Authority does not have oversight of unregulated BNPL but the former Government introduced a consultation on introducing a draft legislation which could seek to bring more consumer protection in this area, however this is currently on hold due to the recent change in Government.⁴ 

However, recent Consumer Duty regulation from the Financial Conduct Authority does require BNPL firms to evidence to them that their services are delivering good consumer outcomes and not encouraging consumers to take on debt they can’t afford.⁵

At the end of the day, BNPL schemes offers consumers flexibility by allowing them to spread the cost of purchases over multiple interest-free payments, making it easier to manage expensive items, but it’s important to be aware and mindful of the risks – potential interest and late fees if payments are missed and the ease of accumulating debt if not managed responsibly.

Sources

1. Money & Pensions Service (2024) One in five Buy Now Pay Later customers using it for essential items. Available at: https://maps.org.uk/en/media-centre/press-releases/2023/one-in-five-buy-now-pay-later-customers-using-it-for-essential-items# [Accessed 16 Jul 2024]

• The Guardian (2022) Buy now, pay later customers unaware of debt risks, warns Which?. Available at: https://www.theguardian.com/money/2022/jan/06/buy-now-pay-later-customers-unaware-of-debt-risks-warns-which [Accessed 16 Jul 2024]
• Grant Thornton (2024) What’s next for BNPL in 2024?. Available at: https://www.grantthornton.co.uk/insights/whats-next-for-bnpl-in-2024/ [Accessed 16 Jul 2024]
• Gov.uk (2024) Closed Consultation – Regulation of Buy-Now Pay-Later: consultation on draft legislation. Available at: https://www.gov.uk/government/consultations/regulation-of-buy-now-pay-later-consultation-on-draft-legislation [Accessed 16 Jul 2024]
• Financial Conduct Authority (2023) Consumer Duty sets higher standards for financial services customers. Available at: https://www.fca.org.uk/news/news-stories/consumer-duty-higher-standards-financial-services [Accessed 16 Jul 2024]

All the information in this article is correct as of the publish date 25^th July 2024. 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.

Please be aware that by clicking on to any of the above links you are leaving our website. Please note that neither we nor HL Partnership Limited are responsible for the accuracy of the information contained within the linked site(s) accessible from this page.

For prospective landlords, understanding the rental yield can be crucial for making informed decisions about the property you intend to purchase and let out.

What is the Rental Yield?

The rental yield represents the annual income you earn from a rental property relative to its purchase price and operating costs – and is a figure that is always shown as a percentage. The rental yield can vary in different parts of the country, and for a wide variety of reasons.¹

There are two types of rental yield²:

• Gross yield – factoring in only the property’s purchase price and rental income
• Net rental yield – including additional expenses such as maintenance and property management costs

When choosing a property that you intend to let out, it’s important to consider both types of yields, alongside other relevant factors before arriving at your final choice.

Why is Rental Yield Important?

Before you jump into buying a property to rent out, you’ve got to figure out if it’s a worthwhile venture.

If your rental income doesn’t cover your costs, or you’re just breaking even, unexpected expenses like fixing a broken boiler or a leaky roof can impact your finances.

So looking at the potential rental yield can help you to do the maths and establish if the property is likely to deliver on your expectations before committing to buying.

How to Calculate Rental Yield²

Gross Yield

1. Times your monthly rental income by 12 to find your annual income.
2. Divide that figure by the property purchase price or current value.
3. Then, multiply the figure by 100. The end figure is your gross rental yield as a percentage.

Net Rental Yield

1. Times your monthly rental income by 12.
2. Subtract your annual costs – like mortgage payments, maintenance and any insurance, fees or taxes.
3. Divide that by the property’s purchase value or current price.
4. Times that figure by 100 to get your percentage.

Top Regions for High Rental Yields

As one might expect, the rental yield of a property can vary across the country due to a range of factors, including local property prices, rental rates and much more. A recent survey conducted by Zoopla¹ revealed the areas with the top rental yields in the UK:

1. North East: With an average gross yield of 7.65%, the North East stands out due to low property prices and rising rents. Cities like Sunderland, County Durham, and Darlington offer excellent opportunities.
2. Scotland: Scotland offers an average yield of 7.48%. Key cities include Aberdeen, Dundee, and Glasgow, with yields around 8%.
3. North West: Yielding an average of 6.66%, this region includes cities like Burnley and Blackburn, providing strong returns for landlords.
4. Wales: With a 6.43% average yield, cities like Swansea and Cardiff are attractive due to moderate property prices and increasing rental demand.
5. Yorkshire and the Humber: This region, averaging 6.38%, includes high-yield cities like Hull and Barnsley.

Additional Factors to Consider

Whilst rental yield is important, it’s also vital to consider other factors such as tenant demand, local market trends, and future property value growth when searching for your ideal buy-to-let property too.

When it comes to location as well, it’s worth bearing in mind how accessible the property is to you, in case of having to attend to carry out any maintenance, property checks or dealing with any urgent issues raised by tenants as well, or whether you’d be contracting a locally-based property management company to carry out any work on your behalf.

Conclusion

Thorough research is key when it comes to identifying the right buy-to-let property for you – and finding the right balance between property value, potential rental income, likelihood of future property value growth and convenience in where the property is physically located in the UK.

Most importantly, if you have ambitions to purchase a buy-to-let property, it’s worth seeking bespoke mortgage advice at each step of the way, to help allow you to create accurate plans, forecasts and guidance on the kind of borrowing that you may be able to access to help become a buy-to-let landlord.

Think carefully before securing other debts against your home or property.

The Financial Conduct Authority does not regulate some forms of Buy to Lets. Your property may be repossessed if you do not keep up repayments on a mortgage or other debt secured on it.

Sources

1. Zoopla (2024) The highest yielding areas for buy-to-let property in the UK. Available at: https://www.zoopla.co.uk/discover/property-news/best-buy-to-let-locations/ [Accessed 16 Jul 2024]
2. NatWest (2024) Rental yield: What is it and why is it important? Available at: https://www.natwest.com/mortgages/buy-to-let/buy-to-let-mortgage-guide/why-rental-yield-is-so-important.html [Accessed 16 Jul 2024]

All the information in this article is correct as of the publish date 25^th July 2024. 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.

Please be aware that by clicking on to any of the above links you are leaving our website. Please note that neither we nor HL Partnership Limited are responsible for the accuracy of the information contained within the linked site(s) accessible from this page.

With voting taking place next week for the General Election, many homeowners and prospective buyers are wondering how the results might impact their mortgages.

The election could bring significant changes to economic policies, interest rates, and housing market regulations, all of which can influence mortgage rates and lending criteria. Understanding these potential impacts can help you make informed decisions about your mortgage.

Economic Policies and Interest Rates

One of the primary ways a general election can affect mortgages is through changes in economic policies. Different political parties have varying approaches to fiscal and monetary policies, which can influence the Bank of England’s decisions on interest rates. For example, a government focused on increased public spending might lead to higher inflation, prompting the Bank of England to raise interest rates to control inflation. Higher interest rates typically lead to increased mortgage rates, making borrowing more expensive for consumers¹.

Conversely, a government that prioritises austerity and reducing public debt might result in lower inflation and interest rates, potentially making mortgages more affordable. However, this could also lead to slower economic growth, which might impact employment and wage growth, affecting borrowers’ ability to secure and repay mortgages².

Housing Market Regulations

The general election can also lead to changes in housing market regulations. Political parties often propose different policies aimed at addressing housing shortages, affordability, and homeownership rates. For instance, one party might focus on building more affordable housing and offering subsidies or tax incentives to first-time buyers. Such policies can increase the supply of homes and make it easier for people to get on the property ladder, potentially stimulating the housing market³.

On the other hand, another party might propose stricter regulations on property investments, such as higher taxes on second homes or foreign investments in real estate. These measures could cool down the housing market, leading to slower price growth or even price declines in some areas. Changes in the housing market can directly affect mortgage lenders’ risk assessments and the availability of mortgage products⁴.

Market Sentiment and Consumer Confidence

Elections often bring uncertainty, which can impact market sentiment and consumer confidence. Before and after an election, there can be fluctuations in financial markets as investors react to potential policy changes. This volatility can affect mortgage rates, particularly fixed-rate mortgages, as lenders price in the risk of economic instability⁵.

Consumer confidence also plays a crucial role. If the election results lead to uncertainty or concerns about economic stability, potential homebuyers might delay their purchase decisions, leading to a temporary slowdown in the housing market. Conversely, a clear and decisive election outcome that instils confidence in economic stability can boost the housing market, as more people feel secure in making significant financial commitments like taking out a mortgage⁶.

The Value of Mortgage Advice

Regardless of the outcome of the general election – one thing remains certain, that it’s never been more important to seek professional mortgage advice for your circumstances, and this is where we are able to help you with bespoke advice tailored to your own situation.

We’ll keep an eye on the market – whether it’s changing interest rate decisions from the Bank of England, new economic policies or housing initiatives that may be applicable to you, simply keep in touch and we’ll be able to keep you informed of the major updates that affect you when it comes to making your next decision on your mortgage.

Think carefully before securing other debts against your home. Your home may be repossessed if you do not keep up repayments on a mortgage or other debt secured on it.

Sources

1. Bank of England. (2023). Monetary Policy Report. Available at: www.bankofengland.co.uk [Accessed 20 Jun. 2024].
2. Office for National Statistics. (2023). UK Labour Market Overview. Available at: www.ons.gov.uk [Accessed 20 Jun. 2024].
3. Ministry of Housing, Communities & Local Government. (2023). Housing supply; net additional dwellings, England: 2022-23. Available at: www.gov.uk [Accessed 20 Jun. 2024].
4. Financial Times. (2023). UK election 2023: Economic implications and market reactions. Available at: www.ft.com [Accessed 20 Jun. 2024].

Please be aware that by clicking on to any of the above links you are leaving our website. Please note that neither we nor HL Partnership Limited are responsible for the accuracy of the information contained within the linked site(s) accessible from this page.

All the information in this article is correct as of the publish date 27^th June 2024. 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 can often seem like you’re running out of space, no matter how large your home is. We’ve put together a few nifty tips for some neat storage ideas that might work in your property.

1. Utilise the Back of Doors

Using the backs of doors for storage is often overlooked. Simple hangers or over-the-door racks can transform this space into a functional storage area for cleaning supplies, accessories, or even shoes. In the kitchen, a spice rack or a place to hang utensils can make all the difference.

2. Custom Shelving for Nooks

Custom shelving is perfect for making use of awkward spaces or unused vertical areas. Whether it’s a narrow alcove in the living room or a corner in the kitchen, bespoke shelves can store books, kitchenware, or decorative items, providing both storage and style.

3. Alcove Home Office

Transform an unused alcove into a compact home office. Installing open shelves above a small desk or using a fold-down desk can create a functional workspace without taking up much room. This is an excellent solution for those working from home but lacking a dedicated office.

4. Window Spaces

The space under windows is often wasted. Consider adding a bench with storage underneath or installing built-in cabinets. Windowsills can also be used to display books, plants, or decorative items, making them both functional and aesthetically pleasing.

5. Lazy Susans

A Lazy Susan (a rotating tray) can revolutionise cupboard storage, making it easy to access items at the back. They are particularly useful in kitchen cabinets for organising spices, condiments, and other small items, as well as under sinks for cleaning supplies.

6. Wall-Mounted Bikes

For cycling enthusiasts, wall-mounted bike racks can save valuable floor space in a garage or hallway.

7. Under-Bed Storage

Utilise the space under your bed for storing out-of-season clothing or extra bedding. Storage boxes or drawers that slide easily under the bed can keep items dust-free and accessible. Beds with built-in storage offer even more space for bulky items.

8. Under Stairs Storage

The area under stairs is often underutilised. Installing drawers that pull out from under the steps or creating a side-access storage space can be an excellent way to store shoes, cleaning supplies, or other household items.

9. Pegboards

Pegboards are versatile and can be used in various rooms for additional storage. In the kitchen, they can hold pots, pans, and utensils. In a craft room, they can organise tools and materials, keeping everything within easy reach.

10. Radiator Shelves

Radiators can waste wall space, but adding a shelf above them turns them into useful storage or display areas. These shelves are perfect for books, plants, or decorative objects that can tolerate some heat.

11. Curtain Closets

If you’re short on closet space, consider using curtains to create a makeshift closet. Install a rod or shelves in an alcove and use a curtain to hide your clothes, creating a tidy and stylish solution.

12. Floor-to-Ceiling Shelving

Maximise wall space by installing floor-to-ceiling shelves. This works well for storing books, decorative items, and other belongings, turning your walls into functional storage areas.

13. Storage Seating

Furniture with built-in storage, such as ottomans or benches, is a practical choice. These pieces can store blankets, toys, or other items, keeping them out of sight while providing extra seating.

14. Above-Sofa Shelving

Use the wall space above your sofa for additional shelving. This can be a great spot for books, plants, and decorations, adding both storage and visual interest to your living room.

15. Storage Baskets

Storage baskets are an inexpensive and versatile way to keep your home organised. They can be used in any room to hold miscellaneous items and can be easily tucked away under tables or shelves.

16. Sink Units

In small bathrooms, a sink unit with storage can help keep toiletries and cleaning supplies organised. These units can be fitted around existing sinks, providing additional space without major renovations.

17. Skinny Spaces

Narrow spaces in kitchens can be optimised with pull-out pantries or slim cabinets. These solutions make the most of every inch, storing items like spices, cutting boards, and pantry staples.

18. Suitcase Storage

Empty suitcases can be used for storing seasonal clothes or other items. This keeps them out of the way and makes use of otherwise wasted space.

19. Hooks Everywhere

Hooks can be added to walls, furniture, and the backs of doors to create additional hanging space for tools, bags, or kitchen utensils. Self-adhesive hooks are a great option for renters or those who don’t want to drill holes.

20. Drawer Organisers

Drawer organisers keep items tidy and easily accessible. These are perfect for kitchens and offices, ensuring that everything has its place and is easy to find.

Implementing these clever storage solutions can transform your home, making it more organised and spacious. Whether you’re adding shelves, hooks, or using furniture with built-in storage, these tips can help you make the most of your space.

Have you got someone in the family who’s just a driving test away from qualifying to drive? If you have, you will probably be aware that passing the driving test is not the only barrier to being able to take to the roads alone.

If you haven’t done so already, looking at insurance for your newly fledged driver is likely to be a distinctly gut-wrenching exercise. Even if they have saved enough money for a first car, the cost of insurance for the first year could be as much as the cost of the car itself in some cases.

Recent figures from Confused.com suggest that the average cost of insurance for someone aged 18 years old is as much as £3,162 per year – and furthermore, drivers aged between 17-20 years old have seen average insurance costs rise by more than £1,000 compared to figures from 2023.¹

Is there a cheaper option?

For parents, adding their son or daughter to their own car insurance policy is an option, although there are two important factors to consider.

Firstly, having a new and inexperienced driver on a policy may increase the price – so mum and dad should be prepared to see their own insurance premium rise.

Secondly, if the new driver is listed as a named driver on someone else’s policy, they can’t be the main driver. Putting children on your insurance with the intent of them using the vehicle as their own and driving it for the majority of the time can be considered ‘fronting’.²

Fronting is illegal and is seen as a method of fraud. If you’re suspected of fronting, your car insurance could be declared void as a result.²

However, here’s five practical tips that may help reduce the cost of new driver insurance:

1. Setting a higher claims excess

By increasing the voluntary excess amount that is paid towards a repair in the event of a claim, new drivers may be able to help reduce their overall premiums – but it’s important that they’re able to afford to pay out the initial excess before deciding to do this.

2. Opting for insurance with ‘black box’ telematics

New drivers may be able to save money on their insurance through the use of a telematics box, installed by the insurance company to monitor driver behaviour and reward safe and responsible driving. Data from insurance firm Adrian Flux suggests that new drivers may be able to save as much as 60% on their car insurance premiums with a black box fitted.³

3. Adding an older named driver to their first car insurance policy

By adding an older named driver to the policy, this could help lower premiums for new drivers. However, the caveat here is that it is important that the older driver does use or intends to use the car to avoid invalidating the insurance at a later date.

4. Choose a cheaper car

As one might imagine, the choice of make and model of car can make a big difference to the price of insurance for new drivers. Cars are ranked by insurers in groups, ranking from 1-50 – those in group 1 being the cheapest. A survey by motoring firm Carwow revealed that the top 5 cheapest cars to insure in 2024 include the Volkswagen Polo, Hyundai i10, Volkswagen Up!, Kia Picanto and the Dacia Sandero.⁴

5. Ensure that the car is safe and secure

Insurance providers like to know that the vehicle being insured is likely to be as secure as possible to avoid the risk of theft. This concerns security inside the vehicle, and where it is stored when not being driven.

If the car is fitted with an alarm, immobiliser or another security device, this may help in reducing the cost of insurance for new drivers. Much like car insurance groups, Thatcham Research has categorised alarms – the higher the rating of the security system in the vehicle, the more money could be saved on the car insurance premium.²

When the car is being driven, where is it left? The new driver will be asked for this information when comparing car insurance quotes. If the vehicle will be kept in a garage overnight, or parked on the driveway, that could result in a saving on the insurance policy compared to street parking.²

Sources

1. BBC (2024) Young drivers face £3,000 cost for car insurance. Available at: https://www.bbc.co.uk/news/business-67991154 [Accessed 18 Jun 2024]
2. RAC (2024) How to reduce new-driver car insurance costs. Available at: https://www.rac.co.uk/drive/advice/how-to/reducing-the-cost-of-insurance-for-new-drivers/ [Accessed 18 Jun 2024]
3. Adrian Flux (2024) The pros and cons of black box insurance. Available at: https://www.adrianflux.co.uk/learner-drivers/pros-cons-black-box/ [Accessed 18 Jun 2024]
4. Carwow (2024) 15 cheapest cars to insure in 2024. Available at: https://www.carwow.co.uk/best/cheapest-cars-to-insure-0115#gref [Accessed 18 Jun 2024]

All the information in this article is correct as of the publish date 27^th June 2024. 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 in debt, or have a family member who is, it can be the loneliest place to be and no matter how resilient you are, eventually it will wear you down. However, there are strategies you can adopt to alleviate the situation and get yourself back on track.

• Talk to someone. Acknowledging the burden and seeking help is the first step towards breaking out of the frightening spiral. A professional debt adviser can help you discover your options. There are a number of different organisations such as Citizens Advice Service (www.citizensadvice.org.uk) and the National Debtline (www.nationaldebtline.org) who can offer immediate support with advice.

• Make a list of your debts. Open any correspondence that you have been ignoring and tally up everything you owe. Decide, with help from the organisations above, which debts are most pressing and prioritise them.

• Be proactive. Get in touch with those companies to whom you owe money. Not only will it help you feel more in control, but it gives you a chance to seek an agreed payment plan to pay a set amount per month that you can afford and start reducing your debt.

• See what you’re entitled to. If your income has been reduced because of the loss of your job for example, there may be benefits that you are entitled to claim that could help your situation. Organisations such as Moneyhelper (www.moneyhelper.org.uk/en/benefits), provided by HM Government, can show you what you can get and how to apply.

• Debt Respite Scheme (Breathing Space) – You can get temporary respite in England & Wales from creditors for up to 60 days by applying via a debt adviser. They cannot add interest or charges to your debt, or contact you, and no enforcement action can be taken against you during the ‘breathing space’. Find out more about it here –https://www.gov.uk/options-for-dealing-with-your-debts/breathing-space

If you’re struggling with debt, don’t suffer in silence. There are organisations out there specifically to help you, and if you need assistance, we can help to point you in their direction – just let us know.

Think carefully before securing other debts against your home. Your home may be repossessed if you do not keep up repayments on a mortgage or other debt secured on it.

Please be aware that by clicking on to any of the above links you are leaving our website. Please note that neither we nor HL Partnership Limited are responsible for the accuracy of the information contained within the linked site(s) accessible from this page.

All the information in this article is correct as of the publish date 27^th June 2024. 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.