Category: News

With the vast majority of us plugged into social platforms, the risk of encountering digital swindlers is only a tap away.

However, these fraudsters adopt smarter tactics to mask their intentions, often leveraging familiar logos, counterfeit terms of service, and mimicked website URLs to entrap you.

Often, these schemes involve tempting you to click links where you input your details. Yet, doing so might hand over your personal data to unknown entities or unintentionally spread the fraudulent post among your contacts. Your contacts may then fall prey to the scam, interpreting the shared message as an authentic endorsement.

Below are five techniques which can help in recognising these digital traps:

Sounds Too Good to be True

Deceptive individuals exploit financial anxieties, luring victims with promises of instant relief. They typically dangle irresistible bargains, such as drastically slashed prices or investments promising unrealistically high returns. Your first move? Conduct an online search of the offer. If a business or brand promotes a deal on social media, it’s highly probable they’re also featuring it on their official website.

Suspicious Links Arrive in Your Inbox

Always be cautious of unrecognised links. Before you take the plunge, scrutinise them carefully. Malicious links might contain software that compromises your Facebook login and personal data. In extreme cases, you could find yourself locked out, with fraudsters seizing control of your account and targeting your contacts.

If an unfamiliar email alerts you about a suspicious login attempt, never use its links. Instead, directly access the app to review security measures. Fraudulent emails may lead you to counterfeit login pages, capturing your credentials in the process. This gives them access to all linked personal data, facilitating identity theft. More worryingly, if your account is linked to financial details, there’s a risk of monetary loss.

Avoid clicking dubious links in messages. Fake sites may sport domain names mimicking established brands to appear trustworthy. Also, while a padlock symbol next to a URL suggests encryption, it’s not fool proof – as they can be faked or purchased.

Questionable Brand Representation

Digital imposters often masquerade as reputable brands. Analyse the post for any branding discrepancies. Pay attention to logos and the overall quality of presentation.

For unfamiliar brands, inspect their profile. Does it exude professionalism or seem haphazard? Delving into reviews can provide added reassurance.

Persistent Posts

Repeatedly spotting the same post shared on multiple mediums? It might be cause for concern. They might be unwittingly disseminating a scam. Always trust your gut. Sometimes, it’s preferable to forego an enticing offer rather than compromise your data. For online purchases, consider the seller’s legitimacy and opt for face-to-face transactions when feasible.

Demands for Bank Transfers Should an online transaction ask for direct bank transfer payments, proceed with caution, especially if you don’t personally know the seller. Purchasing a counterfeit or non-existent item via credit or debit card offers some avenue for recourse. However, bank transfers provide minimal protection, leaving you vulnerable to losses.

One knock-on effect of the rise in mortgage rates has been a noticeable increase in the amount of buy-to-let properties being sold, as landlords find their mortgages more expensive to afford and representing a less-worthwhile return on investment. Latest available data for April & May this year shows that as many as 25,000 rental properties were sold, compared to 22,000 for the months preceding.¹

As property is sold, landlords may be liable to pay Capital Gains Tax (CGT) if the sale of the property means that the profits exceed the UK Government limits on what an individual can earn before taxation is due.

Recent figures from HMRC highlight a notable 20% increase in CGT payers during the 2021-22 fiscal year. Around 394,000 individuals encountered this tax, predominantly due to sales that yielded financial gains, such as those from a second property or investment assets.²

According to these statistics, the tax authority amassed a staggering £16.7 billion in CGT, representing a 15% growth from the previous record.

Over the last decade, there has been a significant increase in taxpayers liable for CGT. With tax-free allowances on the decline, this pattern is set to continue.²

While CGT covers profits from assets such as shares, secondary residences, and various other belongings, it isn’t solely the domain of the immensely wealthy. A striking 45% of the total CGT derived from gains exceeding £5 million. However, a substantial 214,000 individuals paid it on gains of less than £25,000.³

Demystifying Capital Gains Tax

CGT is levied on profits made when selling an asset, determined by subtracting the purchase price from the sale price.

Various reliefs are accessible depending on the asset type, and there’s an annual CGT exemption for individuals. This was previously set at £12,300 but reduced to £6,000 in 2023, with a further anticipated reduction to £3,000 by 2024.⁴

For those in the higher and additional tax brackets, the CGT rates stand at 28% for property gains and 20% for other assets. For basic rate taxpayers, CGT rates vary between 10% and 18%, contingent upon their total taxable income and the asset nature.

Repercussions for Buy-to-Let Landlords

Landlords must brace themselves for CGT on profits when divesting from any property other than their primary residence. This includes both second homes and let properties.

According to recent data, 139,000 taxpayers declared 151,000 residential property sales in the 2022/23 tax year. This led to a combined tax liability of £1.8 billion, markedly higher than the figures from 2020/21.¹

This uptick suggests an increasing number of landlords are leaving the property market, perhaps because of more restrictive tax measures that make buy-to-let investments less enticing.³

Several CGT reliefs are available to landlords, though they are increasingly limited. One relief is extended to landlords who have let out a property they previously occupied. Here, CGT is levied only on the appreciation during their non-occupancy period. The ‘lettings relief’, however, has seen curtailments, thus diminishing its utility for numerous landlords.⁵

Seek specialist advice

The world of Capital Gains Tax can be complex, however we would recommend seeking expert advice from a qualified financial adviser before making any decisions on the subject, whether you are considering selling a second home or buy-to-let property, or are interested in making an investment in property at this time.

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

Sources

1. The Guardian (2023) Number of landlords selling up in UK grows as mortgage rates surge. Available at: https://www.theguardian.com/business/2023/aug/14/number-of-landlords-selling-up-in-uk-grows-mortgage-rates-surge-buy-to-let (Accessed 22nd August 2023)

• UK Government (2023) Capital Gains Tax Commentary. Available at: https://www.gov.uk/government/statistics/capital-gains-tax-statistics/capital-gains-tax-commentary–2#:~:text=The%20total%20amount%20of%20tax,all%2Dtime%20high%20of%20394%2C000. (Accessed 22^nd August 2023)
• Money Week (2023) Capital gains tax receipts rise as landlords cash in on property. Available at: https://moneyweek.com/moneyweek.com/personal-finance/tax/CGT-bills-rise (Accessed 22nd August 2023)
• The Times Money Mentor (2023) UK capital gains tax rates and who pays it. Available at: https://www.thetimes.co.uk/money-mentor/article/guide-capital-gains-tax/ (Accessed 22^nd August 2023)
• UK Government (2023) Tax when you sell your home. Available at: https://www.gov.uk/tax-sell-home/let-out-part-of-home (Accessed 22nd August 2023)

All the information in this article is correct as of the publish date 31^st August 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.

One of the great reasons for taking a holiday is to relieve the stresses and strains of daily life, but if the thought of organising it and making it to your destination without tearing your hair out fills you with dread, here are some tips that will help smooth the path to an anxiety-free vacation.

Get yourself covered!   You may feel that you can get along without insuring against something going wrong. Whether it is medical,  belongings being stolen, or not being able to go due to an emergency family event, for example, it is important that you have peace of mind.

• Research the insurance you are getting and make sure it covers what you think it does.
• Take a copy of the cover with you, so you have contact numbers in the event you need help.
• Have your EHIC, or get a GHIC, if travelling to Europe. If you hold a current European Health Insurance Card (the EHIC entitles you to access state-provided health care when visiting the EU) this remains valid until its expiry date. After then, or if you do not have an EHIC, you will need to apply in the same way (through NHS online) for a Global Health Insurance Card (GHIC). Neither the EHIC or the GHIC is a replacement for travel insurance as it will not cover you for all medical costs, or the cost of emergency repatriation back to the UK.

Make a list  

It may sound simple but making a list of what to pack can really help with ensuring that you take everything you need, and nothing gets forgotten in the rush to throw everything in the suitcase before the trip! Similarly, a list creates a great point of reference to make sure you’ve left nothing behind when you re-pack ready to return home.

Stay powered up

Mobile phones are increasingly becoming essential travel companions for holidays – for everything from airline boarding gate passes to digital payments and battery-draining social media apps, the need to stay charged is important. Solar-powered USB charging banks can be ideal to power-up on the go or on the beach, whilst one simple hack for avoiding having to buy too many overseas power adaptors can be to bring UK-standard extension leads with multiple plug sockets attached.

Check weight and size of luggage

If you are travelling by air, check the luggage weight restrictions. They can vary between airlines. Also cabin luggage needs to conform to your airline’s size guidelines. Each airline differs in this respect, so check carefully as  having a bag size outside the specifications or that does not fit can mean extra expense if it has to be put in the hold.

Shop around!  

Getting to the airport can cost a significant sum also, so it’s worth thinking about whether you’ll be getting a lift or using public transport, compared to the cost of travelling by car and parking at the airport itself. If being dropped off, be prepared for most UK airports to charge for drop-offs at the airport, in many cases, the cheaper option is frequently to be dropped at the Long Stay parking areas and to travel by the provided park & ride bus system, but consider the time it will take to get to your terminal, as well as trying to get the cheapest deal.

Car hire  

For a stress-free experience, it’s worth booking your hire car before you go on holiday. It can help to make the process of leaving the airport a much smoother affair and get you into the holiday spirit even faster!

Join a loyalty programme

Many airlines and travel firms run their own loyalty schemes, by taking some time to research and join up in advance, you can often earn points or air miles that can help fund future holiday activity and make your trips away a little less stressful. Your day-to-day spend can often earn you benefits that you’ll reap whilst on holiday – such as the chance to trade points for flight cabin upgrades, the ability to select seats ahead of others or complimentary airport lounge access, amongst other benefits from the wide range of different loyalty programmes out there.

With the news this month that average mortgage rates have now reached their highest level in 15 years – 6.66%¹, and that over a million people are facing a hike of £500 a month in their mortgage repayments by 2026², it highlights the importance of seeking professional mortgage & protection advice in such a volatile market.

If you’re looking to move home, or have a remortgage coming up soon, then it’s highly likely that your monthly mortgage repayments will be much larger than what you’re used to, however, with the complexity of the deals available, we are ready to help find the most suitable deal for your circumstances, for when the time comes.

Plan ahead & speak to us

Given that mortgage repayments are likely to rise, the wisest thing you can do is to plan ahead to see how this impacts your finances, and identify if there’s anything you need to change now, which will benefit you much more when it’s time to move to the new deal.

You’ll most likely be contacted by your lender, offering deals and opportunities to change your mortgage, but we would recommend seeking our advice before making any decisions.

As your mortgage & protection advisers, we are here to support you through the challenging times. Book an appointment with us to review your existing deal, and we’ll be able to look across the mortgage market across deals from a wide range of lenders, and have access exclusive deals that are not available on the high street.

We’ll take time to look at your exact circumstances and build an understanding of your goals, which will help us to find the most suitable mortgage for you. In such a turbulent and fast-changing time, you need to be sure that you are making the most appropriate, well-informed decision for your situation, so we are ready to give you the advice you need for when you need it.

What to do if you’re struggling

We know that times are tough right now, so if you are worried about meeting your existing mortgage repayments, then we want to do what we can to point you in the right direction to get help at the earliest possible opportunity.

Start by talking to your mortgage lender and make them aware that you are struggling. There are a range of measures that they may offer to help with a situation, such as switching the mortgage to interest-only for a temporary period or reducing monthly payments for a set timescale, for example.

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 carefully consider any steps they take and customers who can keep up with their payments should continue to do so.

For this reason, as well as speaking to your lender immediately, 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 about 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. 

Sources

BBC News (2023). Mortgage rates soar to highest level in 15 years. Available at: https://www.bbc.co.uk/news/business-66153812 (Accessed 17 July 2023)

BBC News (2023). Mortgage payments set to jump by £500 for one million households.  Available at: https://www.bbc.co.uk/news/business-66172954 (Accessed 18 July 2023)

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

Times are hard right now, and with costs going up across the board, we’ve compiled a few money-saving tips that motorists can try to extract the maximum economy from your car and save a few pounds along the way.

Maintenance – It stands to reason that to get the most fuel economy out of your vehicle you need to ensure that the engine and running gear are running at maximum efficiency. Missing regular car servicing may well cost you more money over time, as cheaper, minor maintenance jobs are likely to develop into more major issues if left unchecked for a long period of time.

Tyres – Easy to forget, but having tyres inflated to the factory settings is a must if you want to maximise efficient fuel consumption. Over-inflating tyres can be equally as bad for fuel economy as under-inflating, so it’s important to follow the manufacturer’s recommended settings, which can be found in your vehicle’s user manual, or often printed on the sticker inside the driver’s door frame.

Light right foot – Excessive speed is the biggest fuel guzzling factor, so having a light right foot and ensuring all acceleration is gentle is very important to fuel efficient driving.

Anticipation – don’t lose momentum. Keeping your car moving at a constant speed is essential to fuel economy. Obviously, this depends on traffic conditions and what’s happening on the road ahead, but slowing down and having to accelerate again naturally uses more fuel.

Try to anticipate what’s going to happen in front of you by looking well ahead. This way you’ll see traffic lights on red meaning you can ease back on the accelerator or slow down naturally and potentially keep moving as opposed to coming to a stop.

Drive as smoothly as possible, making use of accelerator, gearbox and brakes. When slowing down, it’s important to remain in gear as the fuel cut-off switch in a fuel injection engine is then activated, meaning virtually no fuel is used while braking.

Driving up hills destroys fuel economy. When you spot a hill coming up try to accelerate a little before you reach it, then ease off as you drive up. The extra momentum should be enough to minimise additional fuel consumption.

Other factors

Minimise wind resistance – do you use a roof rack for holidays or weekends away? If you do, it will increase your fuel consumption, so if you are not using the rack, take it off. Using air conditioning – The UK is not known for year-round hot weather, so turning off your air conditioning when you don’t actually need it will give you a welcome jump in your MPG figures.

If you are thinking of selling your home, we’ve put together a list of some of the top features that buyers are likely to be looking for in an ideal world:

1. Garages for extra storage space

Storage space is always at a premium, so it’s no surprise that potential buyers are looking for garages that offer extra potential for storage. This can be especially true for families with children, who need a place to store sports equipment, bicycles, and other outdoor gear.

 2. Open floor plan

Gone are the days of compartmentalised rooms and closed-off spaces. Today’s homebuyers are looking for open floor plans that allow for better flow and communication between rooms. An open floor plan makes it easier to entertain guests, keep an eye on children, and enjoy the natural light that flows throughout the space.

 3. Home office

With more people working remotely, having a dedicated home office is more important than ever. Buyers are looking for properties that offer a separate space for a home office, whether it’s a spare room, a converted attic or basement, or a small nook in a larger room. A dedicated home office can make it easier to focus on work and be more productive.

 4. Modern kitchen

Homebuyers will appreciate modern kitchens with all the latest amenities, including high-end appliances, plenty of counter space, and storage for pots, pans, and other kitchen tools.

 5. Outdoor patios

Outdoor living spaces are more important than ever, and now the weather is getting warmer, homebuyers are keen to find properties that have a private outdoor patio as a place to relax, entertain guests, and enjoy the fresh air and sunshine. A patio can also add value to a property, making it more attractive to potential buyers in the future.

6. Energy efficiency

Homebuyers are increasingly concerned with energy efficiency and sustainability. They’re looking for properties with energy-efficient appliances, windows, and insulation, as well as other sustainable features like solar panels. These features can  help reduce energy bills and a property’s carbon footprint.

7. Hardwood flooring

Finally, hardwood flooring is high on the checklist for housebuyers.  Hardwood floors  are durable, easy to clean, and add warmth and character to a home. They are also versatile and can be matched to a variety of different interior design styles. From storage space, to energy efficiency, to modern kitchens, all these features can make a property more attractive and valuable to potential buyers.

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.