Buying a house involves so many decisions, from selecting an ideal location and house size to ensuring you’ve got the right financing in place for the move. So, a crucial part of this journey is deciding whether to use a mortgage adviser to help you with this or to manage your home loan independently.

Both first-time buyers and experienced homeowners can benefit from understanding how a mortgage adviser can streamline this complex procedure. In this guide, we’ll explore the pros and cons of employing the help of an adviser, in addition to sharing some tips to help you choose the best adviser for your needs.

Understanding the Role of a Mortgage Adviser

A mortgage adviser, or mortgage broker as they’re often referred to as, serves as your liaison with potential lenders. They work with multiple banks on your behalf to locate the most competitive interest rates and suitable loan options tailored to your needs.

Whether you are a first-time buyer or an existing homeowner, mortgage advisers leverage their network of lenders to simplify the mortgage process considerably. I personally used one when I was buying my first home – and therefore knew nothing about the house-buying process – so having their guidance was really helpful.

The Benefits of Using a Mortgage Adviser

Working with an adviser can significantly reduce time and stress by managing all aspects of the deal, from searching for the best offers to handling your application. Below are 4 key benefits of seeking professional assistance:

1. Gain Access to Various Loan Options

Mortgage advisers can provide access to a diverse range of lending sources – possibly with hundreds of different mortgage products. This vast pool ensures you receive more favourable interest rates and terms that are aligned with your current financial situation, without you having to do all the research yourself.

2. Receive Expert Guidance

The technical language and intricate details of mortgage agreements can be overwhelming. Advisers demystify these complexities, offering insights into the best deals and highlighting possible pitfalls. This can be particularly valuable for those daunted by the financial aspects of purchasing a home.

3. Saves You Time

From collating necessary documents such as credit score reports and income verifications to fine-tuning your application and communicating with lenders, mortgage advisers handle the legwork, saving you time and effort. They will also tell you which lenders are likely to accept your application, helping to speed up the process further.

4. Receive a Personalised Service

Unlike a typical bank loan officer, mortgage advisers provide customised service. Motivated by commission upon closing a deal, they are driven to cater specifically to your needs. Their expertise allows them to better understand which products best fit your financial situation, potentially saving you money over the life of the loan.

The Cons of Using a Mortgage Adviser

Using a mortgage adviser can be very beneficial, but whether it is always the best choice depends on your circumstances, knowledge, and preferences. Here are some possible reasons why some individuals may choose to forgo the help of an adviser:

1. Additional Costs

Ultimately, employing a mortgage adviser may add extra expenses to your overall property purchase since advisers are compensated through commissions paid by either you or the lender. These costs could increase through higher interest rates or additional fees, too.

2. Varying Quality and Practices

The quality of service among mortgage advisers can differ. It’s essential to research and select someone efficient and reliable. Get recommendations of advisers who’ve helped your friends and family. Plus, it’s helpful to choose someone local as they know the housing market in the local rea well – plus, it’s not too far for you to visit if you need to submit paperwork.

3. Limited Control of Decisions

If you prefer to be hands-on in every financial detail, using an adviser might feel restrictive. They handle major tasks on your behalf, which might leave you feeling detached from some decisions.

4. The Potential for Bias

Some advisers might favour lenders that offer higher commissions, which could influence their recommendations. It’s therefore crucial to ensure that your adviser is transparent about their compensation structure so that you can be sure that they’re putting your needs first at all times.

Tips on Choosing the Right Mortgage Adviser for You

If you opt for professional guidance, consider these steps to choose a suitable adviser:

• Shop Around: Gather referrals and check online reviews to compare advisers.
• Verify Credentials: Confirm that the adviser or firm is authorised by the FCA (Financial Conduct Authority) and ask about their qualifications.
• Ensure Transparent Communication: Your adviser should clearly explain their fees, processes, and compensation.
• Ensure You Feel Comfortable: Comfort and trust are paramount since you’ll be working closely with the adviser. You should feel comfortable asking questions throughout the process.

If you are based in the UK and are considering seeking financial advice, you can find regulated mortgage advisers using the resources below:

Financial Services Register

FinancialAdvisers.co.uk

Consider Using a Free Mortgage Calculator

In today’s economic landscape, using a free online mortgage calculator before engaging with an adviser can help you to understand what you can realistically afford.

These tools can help you understand potential monthly repayments and assist in financial planning to avoid overstretching your budget. It’s also worth using a calculator if you are considering foregoing the services of an adviser.

Should I Use a Mortgage Adviser?

Ultimately, using a mortgage adviser has advantages and disadvantages. Your choice will largely depend on your personal preferences and circumstances. Whether you choose to use an adviser or go it alone, it’s important to ensure that you are thoroughly informed and comfortable with your decisions — after all, purchasing a home is a significant life milestone and a big commitment!

I hope this article will help you if you’re considering getting a mortgage in the near future. Let me know in the comments below if you used a mortgage adviser and how they helped you, I’d love to hear if you cut the cost of your mortgage or got some helpful advice.

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The excitement of buying a home might cloud your judgment. You’re eager to move somewhere new and start a different chapter in your life – or maybe you’re keen to buy a second home and use it as a rental property. In any scenario, you can’t let the excitement get in the way and force you into a bad decision. 

If you’re not careful, you’ll end up with a money pit. We don’t want this to happen so let’s look at how to avoid buying a money pit at all costs! 

What is a Money Pit?

The Cambridge Dictionary defines a money pit as: 

“Something on which you keep having to spend a lot of money, especially when it may become a waste of money.”

A whole tirade of things can be classed as a money pit, but in the house-buying sense, we’re talking about properties that end up costing far more than you bargained for. You buy a house and then end up spending a fortune on little things here and there. 

Wait a minute, how is this different from a fixer-upper? 

Excellent question! A fixer-upper may sound like a money pit as the idea is to keep spending money on renovations. The difference is that you’re making thrifty renovations that add value to the home. All the money you invest in your home becomes worth it as you’re raising its sale price and making it more valuable on the market. 

A money pit is a home that doesn’t see significant growth in market value despite all the cash you spend on it. You’ll also buy a money pit if you purchase a house and discover it has countless repairs that can’t be fixed. 

All in all, you’re in a situation where you’ve spent hundreds of thousands of pounds on a property and stand to gain very little in return. Money keeps leaving your account to sort issues out and it gets to the point where you have to cut your losses and sell. 

How Can I Avoid Buying a Money Pit?

If it wasn’t already clear, it should now be very clear why avoiding a money pit is essential. Nobody wants to waste money – especially in this day and age when the financial state of the world hangs finely in the balance. 

Thankfully, money pits are not too difficult to spot when you take the right precautions. Look, we all wish we could zoom through the house-buying process and purchase a new property within a few days or weeks. That’s not how things work; unless you’re willing to take risks and potentially buy a money pit. 

Rather than putting yourself through the stress of dealing with a money pit, here are some things to do or look out for to avoid being stuck with a house that leaks money: 

Get a proper roof survey

The roof is usually a top place for money pits to form. A bunch of things can cause big financial problems here, such as: 

• Severe structural damage to the roof
• Water leaks in the roof
• Specific roof materials

That’s why you need a proper roof survey from a professional to assess the state of the roof. You need to know that the roof is safe, doesn’t have any significant problems and is easy to maintain. 

The last point is a seriously critical one. Some roofing materials aren’t widely used anymore, so it will cost a fortune to maintain that roof type or replace it in the future. Thatched roofs are particularly bad in this regard; they’ll set you back tens of thousands when you need to replace them or repair parts. Get the survey and be sure the surveyor is happy with what they see. 

Inspect the insulation

Next, turn your attention to the insulation throughout the house. This is one of those hidden things that might come back to haunt you. Your biggest concern is spray foam insulation; it can devalue a property and create some health problems. Plenty of lenders will refuse to give you a mortgage for a house with spray foam insulation – and some home insurance providers will also refuse to give you a quote. 

The ideal situation is to find a house with quality insulation that doesn’t need to be replaced. If it does need replacing, it should be easy and affordable to do. Look for things like Recticel insulation boards as they’re highly cost-effective, simple to install and last for ages. If a home already has them, then you’re onto a winner. 

Conduct a thorough damp/mould check

Why should I do a damp/mould check before buying a house? Damp and mould are big warning signs. You can get rid of them, but they may have already done untold damage to a property. When damp turns into mould it eats away at structures. This can mean important wooden beams are rotten and there’s a genuine possibility the house will collapse within a few years unless the situation is fixed. 

According to Checkatrade, mould removal on its own can cost around £1,200. That doesn’t take into account all the restoration jobs that may be required after the mould is gone. Serious mould and damp problems will cost thousands more – and there’s always the worry that they’ll come back. If you can’t identify the source of the issue, who’s to say you won’t have a lifetime of mould removal jobs on your hands?!

Always check for mould and dampness and get expert opinions on the state of it. A small bit here and there isn’t an issue; particularly if it’s only damaging on an aesthetic level. It can be cleaned away and the home won’t face further problems. When the mould runs deep, that’s when it’s a good idea to avoid the property as it might draw you into a money pit. 

Get full details on the plumbing and electrical systems

If you’re buying a modern house that’s been built within the last 10 or 20 years, there shouldn’t be severe problems with the plumbing or electrical systems. They should be built to modern-day technical specifications, so there won’t be issues relating to the materials used during installation. 

However, older homes could have serious problems that cost a fortune to fix. The plumbing might be made with galvanised steel pipes, which were hugely popular decades ago. Now, we don’t use this material as sediment is known to build up in them and cause leaks/corrosion. 

The same goes for the electrics; older systems might use things like aluminium wiring, which is now a known fire hazard. Fail to spot things like this while looking at the house and you’ll need to replace the entire system when you move in. 

Who knows how much this will cost – let alone the disruption it will cause throughout your property. If you need to remove and re-install the entire plumbing and electrical systems, you may as well build a house from scratch – or buy a brand-new one. 

Call in professionals for advice/quotes

There’s every chance you’re looking at a house and it doesn’t have the problems listed above. Or, it has one or two of these issues, though they’re only minor. Does this automatically mean you’re inheriting a money pit? No! 

A house can have loads of issues and not be a money pit – or it can have seemingly no glaring problems yet still leak money. It all comes down to how much you’ll need to spend on the home to get it to your desired state. As a result, you need to call in professionals for advice and quotes. 

If you like the look of a house, but feel it needs extensive renovations, call in a home contractor to view it with you. Walk them around the house and explain your plans. They can see the state of the property and provide advice on the best ways to make your dreams a reality. They’ll also give you a rough ballpark for how much the renovations cost. In some cases, they may look at a home and tell you straight-up that it’s not worth buying. Too much work is required and you’ll fall deep into a money pit. 

On the other hand, their advice could tell you that it’s worth purchasing a home as the financial investments will be worth it in the long run. Either way, you avoid a money pit! 

The Importance of Avoiding a Money Pit

We’ll finish this post by talking about the importance of avoiding a money pit. The obvious consideration is that you don’t want to waste money. A money pit can drain your finances and make you lose a huge chunk of your savings.

Nobody wants that – not to mention the stress that comes with handling a money pit. It’s not something you need in your life, nor is it something your family needs. Imagine trying to move your young family into a home yet dealing with constant renovations and expenses. It’s not ideal at all! 

Overall, be sure to use the tips in this post to stay well clear of any hidden money pits when buying a new home. And let me know if you have any other ideas for things to check when purchasing a property, it would be helpful to hear about your home-buying experiences in the comments below. Thanks!

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Some of the reasons for renovating are obvious, such as crumbling walls and poor plumbing, while others may be more personal to you. For example, perhaps you have a keen interest in using a high-end jacuzzi-like bathtub for those long evening soaks, so you prioritize your family bathroom before anything else. Or, maybe you want to entertain more readily and are therefore planning to knock out the adjoining wall between two rooms to create a more open-plan living space.

It’s your property to renovate not everyone is as bothered by the lifestyle impact of a renovation effort. For some, it’s all about value and return on investment. After all, our homes are often our most valuable asset and improving and extending the property may make your home more valuable. Or perhaps you intend to move out not long after the complete refurbishment and the new addition will make your home more saleable when it goes on the market?

If you find yourself considering a renovation, ask yourself this simple question – where are the most valuable renovation hotspots in your property? From the kitchen to first impressions – and even the layout – there are so many spaces you can improve, even if you’re on a budget. Here’s how…

Investing In Kitchen & Bathroom Upgrades

Let’s start with the obvious first. The kitchen is often considered the heart of the home so, without a nice kitchen space, it can be harder to make the meals your family enjoys. Even if you’re rarely at home and mostly eat out, having a nice kitchen area is something that many homeowners seek to invest in first, as it’s the hub where everyone gathers as a family.

So – how could you update yours? Maybe you’d like to make it feel cosier with a wood-burning range cooker, which will also lend a farmhouse vibe. Perhaps you could open up the space by knocking through the wall and adding a freestanding island with a sink, giving you more surface space. Stick to three golden outcomes – more space, better function and welcoming aesthetics. If you can invest in these, your new kitchen will add value to your property and make cooking more enjoyable.

Of course, bathrooms are essential too. However, a prospective buyer is unlikely to drop their offer that much if a bathroom is just functional and clean instead of space-age and renovated. That being said, a shoddy bathroom can really put buyers off, as well as being unpleasant for you to use. For this reason, bathroom remodeling can be worth your effort as it’ll boost the value of your property AND give you a lovely spa-like space to enjoy chilling out in.

Enhancing Kerb Appeal For First Impressions

Much is said about ‘kerb appeal’ – that age-old truth that first impressions matter and can taint our viewpoint still counts. Yet the truth is enhancing kerb appeal is about more than just fixing up the window ledges and repainting the front door, although those efforts certainly count.

There are practical elements to enhancing kerb appeal, too. For example, widening the driveway a little to accommodate two cars, pruning your trees where appropriate, adding a safety mirror for sharp corners out of the drive, fixing the front gate for security, and power washing or replacing your garage door – all of this counts towards kerb appeal.

Consider Your Property Layout

It’s worth considering how your property is laid out, as many properties were built in an era where smaller rooms were easier to heat. However, this might not be the way you wish to live in your home so thinking about layout changes can serve as a great baseline for how you plan and manage your renovation from that point on.

Perhaps you’ll add a large playroom or create a dining room by incorporating the garage into the home. If your child has flown the nest you may have space to reclaim and could use it as a home office or a utility room. Always consider broader uses for each room before renovating to make sure the property works for you and serves all your day-to-day needs.

Maximize Unique Value & Character

All homes, much like all people, have their own unique characteristics and strengths. Sure, this might be reflected in many of the other properties on your street built to the same standard, but that doesn’t mean yours is any less appealing – unless it lacks original character.

For this reason, maximizing the unique value and character of your property can be a worthwhile approach. To start with – and something you might not have ever thought about – you might consider renaming your house back to its roots to really highlight the character. For example, of you live in a converted blacksmith’s workshop, you might rename it to “The Forge”.

If you have amazing period fixtures like original fireplaces, wooden beams on the ceiling, or even small plasterwork details around the cornicing or light fittings, renovating and refixing these to take centre stage can be impressive. Maximizing the unique period character of your building will increase its value – and sometimes that’s as simple as reinstalling a wood burner and unblocking/cleaning the chimney.

Installing An Exterior Building

If you have garden space, installing an exterior building can be a fantastic method of adding value to your property. Of course, determining what function this building will have is key. You will also require planning permission if you’re adding a freestanding structure that’s any more grand than a general shed.

An exterior building for a small creative studio, a spare room with en suite capabilities, a home office, a gym or even just functional storage for your garden tools are all good suggestions. You might also create a structure for socialising – perhaps a pergola with a garden bar, a BBQ station and outdoor seating. 

Many prospective home buyers care about functional space and an exterior building can serve as a fantastic addition. So make a plan before you start, considering everything you might need for the project such as contractors, any foundational work needed and the provision of materials like corrugated roof sheets or paving for landscaping the area around it. This will help you to cost the project and determine the expected end value as a result.

Revitalizing The Entryway For A Grand Entrance

A great first impression doesn’t end at the exterior of your property. The first steps into the space matter, too so a hallway update can help. First of all, it’s important to make sure security and stability are considered. For example, you might install a porch – somewhere to shelter from the weather when you’re unlocking the door. Or at least, add a space in the entranceway where wet coats, shoes and hats can be removed and stored.

Warm lighting, comforts like a large rug, enough space to move past one another, and solid, easy-to-clean flooring are all essential implements here. A grand entrance might also include the home comforts a prospective buyer could see themselves impressing upon, such as lovingly framed photographs of your family. Sometimes, renovating the entranceway, especially one that has lacked attention for some time, could be the primary value-added proposition in any renovation effort.

Home Office Spaces Are Of Intrinsic Value

Since the pandemic, many more homeowners have begun valuing a comfortable home office. Many corporate jobs now implement remote work possibilities where necessary so someone may intend to move to your property with a job they can also do virtually.

As such, home offices have become a great value proposition for those looking to renovate their home. Better yet, these rooms don’t have to be particularly complex or require intensive rewiring or plumbing efforts compared to areas like a bathroom or kitchen. A great wall desk, maximizing natural light, refitting power outlets, integrating features like standing desk room or cable routing fixtures – all of this can help a homeowner know that yes, there’s a productive space available if they need it. Moreover, a home office doesn’t have to be large, so it’s the perfect use for a box room or a small landing space.

Let me know what you think is the most valuable renovation project you can do if you’re planning a future move. I’d love to hear what DIY upgrades you made when trying to sell your own home in the comments below. Best of luck on your home renovation journey and eventual sale.

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When I was looking to buy my first home, it made financial sense; we were paying more on rent than it would have cost to mortgage the same kind of house. We also had a deposit saved but our savings were earning little-to-no interest. And, most importantly, our budget would cover the associated monthly bills.

But that was 6 years ago and things have changed a lot since we bought our first house. The pandemic, the cost of living crisis, soaring interest rates and inflation have all contributed to an economy that’s not as great as it once was.

With so many financial concerns looming, does it even make sense to buy a house any more? Let’s look at the costs associated with moving and consider whether downsizing your property or moving to a cheaper area will actually help lower your bills or will it leave you worse off overall?

1. Mortgage Vs. renting

At the moment the cost of renting feels like it’s sky-high. However, with higher interest rates on mortgages and expensive house prices, it may work out that renting is now the cheaper option over mortgage repayments.

The key thing to consider here is your monthly budget – you know how much money you’ve got coming in and you know roughly what your bills will be each month. So, what’s left over for your home? Do you have enough to cover your current rent? Would that same amount of money cover a mortgage repayment?

You can use a free mortgage calculator to figure out the monthly repayment cost on any house price and at any given interest rate before you even consider buying it. This way, you’ll be able to determine whether you would actually save money each month with a mortgage Vs. renting.

And definitely check the costs if interest rates were to continue rising. Could you still cover a repayment if the interest rate went up to 14.88% like it did in 1989? You want to feel safe in your home and being able to cover higher rates if necessary is important for that.

2. Buying and selling costs

If you already own your home, you might be able to make savings on your monthly repayment by selling it and moving to an area where the house prices are cheaper. Or you could choose to downsize to a smaller property, which will have a smaller price tag.

However, there are costs associated with buying or selling a property that need to be considered before you make the move. Once you’ve added up the cost of conveyancing, stamp duty, valuations and surveys, mortgage arrangement fees, estate agents fees and even removal companies, This ‘one-off’ bill for moving house might be prohibitive.

That said, if you’re a first-time buyer or are buying a lower-cost property, you may be exempt from stamp duty. Plus, you could shop around for local solicitors and get the help of a mortgage advisor to lower the cost of arranging your new mortgage.

Even so, these are all costs that you’ll need to cover in order to make the move – so make sure you’ve got enough extra cash in the bank before you start looking at houses to buy. But on the flip side, if you’re selling a house and downsizing, you might earn extra money from the house sale to put in the bank – which brings us nicely onto…

3. Interest on savings

Will you actually have less income if you buy a property? The benefit of higher interest rates is that your savings – the deposit for your home and the lump sum you’ve put aside for all the property buying fees – are actually making you money each month.

At the moment, most of us are getting a good level of interest on our money – or could be getting a good amount of interest if we move our savings into a high-interest account or a fixed-term ISA. It can be quite exciting to get ‘free money’ paid into your account each month as interest, and it might even help towards your existing monthly bills.

That means, if you were to hand over your savings as a deposit on a property, you would no longer have that extra bit of cash being paid into your account each month. So, not only should you consider if you can afford the mortgage, but can you afford not to have the interest coming in to add to your budget each month?

At the moment, it might be more financially helpful to keep hold of your savings and put the interest you earn towards the current cost of your rent/mortgage. It might help to lower the overall cost of either of these, meaning you might be able to ride out the current interest rate rises. Then, you’ll still have your savings available, ready to buy a home when interest rates start to fall again in the future.

4. Ongoing bills

Moving house means a whole new set of bills – and you might end up paying more for heating and electricity if your next home is bigger or older and less well-insulated. Or, perhaps it’s a new-build that’ll have better insulation to save on hosts but might it be in a higher council tax band than your previous home?

Plus, you might have extra transport costs if you’ve moved to a different area with lower house prices so you may have to travel further by bus, train or car to get to work. If so, all those extra costs should be added to the monthly budget too.

Use my free monthly budget planner to complete a thorough monthly budget before you commit to moving. The numbers should be based on your best estimates for the extra cost of repaying a mortgage, along with energy bills, transport costs and council tax to give you a final total for the month.

That way you can be certain that you’ll either save money (so the move is worth it) or it’ll cost you more (so you might want to reconsider your options).

5. Finally – the cost of moving

There’s always a cost associated with physically moving your belongings from one home to another so this is an important expense to consider. Whether you’re using a white-glove moving company or are renting a van and lugging boxes yourself, you’ll still need to get some quotes in advance and add this expense to the ‘house moving budget’.

The cost of physically moving might even impact your search for a new home – as you may want to limit the distance you’re moving so that you can more easily transport your furniture and belongings. It will naturally cost more to move from the south coast to Scotland than it will to shift your stuff a dozen or so miles, and it’ll be before most expensive to transport your items abroad. So it’s worth considering this when you’re planning your next move.

Although I’m not saying you shouldn’t move house – especially if you can’t afford your current monthly outgoings – there are definitely hidden costs that you should consider before making any decisions. Let me know if you can think of any other expenses in the comments below and I’d love to hear how you’ve saved money on your housing budget, too.

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With such an important family occasion coming up at the end of December, it’s only natural that you’ll want to feel settled in your new home by the time Christmas comes around. Not only is it the season when you spend the most time inside your home but, if you have children or teens, it’s also more convenient to move house within the school holidays rather than during term time.

Plus, you may want to entertain guests during the festive period and are looking forward to doing that in your next house. Or you may have family coming to stay during the holiday period and want to welcome them into your new guest room. Perhaps it’s even essential that you move before Christmas if you’re moving into a bigger property that has more space for the above visitors.

The winter is also the time of year that we all want to feel cosy in our homes; settled and snuggled in a warm home, ready to ride out the child weather and dark days. So, let’s get you into your new home before the big day comes…

Image by Coorie At Corvisel

1. Consider the conveyancing timeline

Although Rightmove has indicated that the duration of the conveyancing period has increased in recent years by 66 days – taking it up to 150 days total, which is already beyond Christmas – it IS still possible to speed up the conveyancing process.

Firstly, you can choose a conveyancing solicitor that has a usual conveyancing time that’s less than the national average. When you get a conveyancing quote, try to find out the number of days that the conveyancing team are taking to complete the process.

Secondly, you can ‘upfront’ your conveyancing by instructing your solicitor before you even put your home on the market. This means all the information on your own property is prepared in advance, reducing the likelihood of a sale falling through by up to 50%.

The paperwork and deeds are ready to go so, as soon as you find a buyer for your property, you’re already ahead of the process and it’ll be much speedier overall. This extra preparation will make it even more likely that you’ll meet your festive deadline.

2. Get renter ready

If you’re renting, it can be easier and quicker to move so you’ll be more likely to be able to make that move by Christmas. However, some landlords require three months’ notice when you’re leaving a property, so be sure to check your contract.

Even so, you’ll still be on track to move during the school Christmas holidays if you hand in your notice now – so there’s no time like the present to get on with contacting your existing estate agent and making plans.

Plus, you might need to gather together paperwork to be able to lease your next home, so start to get references, check your credit score and pull together any other identity info you might need. You’ll also need to put aside your rental deposit and save for any associated moving expenses.

Finally, check the inventory of your existing rental contract so that you can make sure the property is in the same condition as when you moved in, will make it quicker and easier to get your original deposit back after you leave.

3. Be ready to move

Sometimes, if you know you’ve got a deadline, you’re much more likely to do the things you’ve been putting off. Many of us can’t find the time to declutter our homes – we really want to have a clear out but there’s never the right moment or you run out of energy before even starting the task.

However, if you want to move before Christmas, you already know you will have to pack boxes and perhaps get rid of some of the belongings that can’t move with you, such as large furniture that won’t fit in the new space or clothing and toys that the kids have outgrown etc.

So, having that potential pre-Christmas moving date on the calendar will give you the encouragement to start tackling the packing and decluttering right now. While packing all in one go can be overwhelming, if you do a small amount each evening or dedicate a few hours at the weekends, it’ll soon add up to a big result.

Let’s face it, the packing and decluttering will still need doing before you move, whether it’s a stressful all-at-once task or a little-and-often approach. The benefit of starting it now is that you’ll feel more on top of the situation and it won’t be a panic if a quick moving date suddenly becomes available.

Plus, if you’re selling your home, it will look clutter-free for viewings and will be easier to keep tidy and clean, making it more likely to sell quickly when potential buyers view it!

4. Do your research

Now is also a great time to start preparing for the inevitable move. You’re definitely going to be moving house at some point over the coming year (whether you manage to do it before Christmas or not!) so there’s no harm in doing your research to be fully prepared to move.

So, start to get quotes from professional movers or van-hiring companies. This not only prepares you for the costs associated with moving and helps you budget for it, but it’ll also help you to figure out just how much cubic footage you’ll have available in the vehicle. If you know the size of the truck, you’ll know the limit of the volume of items you can take, which may make it easier to let things go during the decluttering process if they won’t fit in the moving van.

As such, you may also need to research self-storage companies. If you have items that you don’t want to get rid of but that you don’t yet have space for in your new house (for example, if you’re planning an extension on the new property and will have space for that piano in the future) then you might want to store them.

Also, there might be a period of time when you’ve left one house but haven’t yet moved into the new home, but you can build the expense for storage into your house-moving budget so that you can keep hold of bulkier belongings during this in-between period.

In the comments below, please let me know if you have any other tips for moving house at this time of year or any other ideas for speeding up the process. And I’ll be keeping my fingers crossed for you to move into your new home before Christmas!

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If you’ve ever wanted to buy your own home, you’ll know how frustrating it can feel to be unable to invest where and when you want to. I remember it taking ages for us to find a home that we could afford so we were stuck renting for many more years than we’d planned.

Even if you’ve saved a good deposit and have a great credit rating, that doesn’t always mean you’re free to buy whatever home you like – often the interest rates on a mortgage will be too high and the monthly repayments may be beyond your budget.

Plus, house prices can mean that, even though you’ve got savings in the bank, it’s not enough to cover the large deposit required. You’re so close, yet so far away from your dream of owning a property.

I’ve seen first-hand how difficult it can be to get onto the property ladder as a first-time buyer if the area you want to (or need to) live in is expensive, with homes priced above the national average.

If that sounds familiar to you, I feel your pain. It can take years to get a larger deposit together so that you can actually afford to invest without having crippling mortgage repayments each month. And who can afford to save a deposit when you’re spending £££s on rent?

I’ve previously shared a blog post on how to continue saving a deposit for your home during the cost of living crisis so be sure to check that out to get you started – it might give you some ideas to cut costs and put aside more money for your future home.

But the good news is that there’s another possible way to enter the housing market – and that’s Shared Ownership. It offers a solution for those of us who are stuck renting but can’t afford to buy a house outright.

It’s a government-backed scheme for first-time buyers that allows you to buy a portion of the property – anywhere between 25% and 75%, depending on what you can afford, either as a cash deposit or with a mortgage.

You’ll own that amount and can then pay rent to cover the remaining share. The rent is usually paid to a housing association so it’ll be subsidised and lower than the private rental market. As such, it’s restricted to those with a household income of under £80,000 (or £90,000 in London).

As your financial situation improves or as you save more, you can increase to owning a larger share of the property – a process known as ‘staircasing’. This gives you more equity in the property (therefore more profit if you ever choose to sell) and it gets you a step closer to owning the property outright.

The best part is that you won’t have to compromise on the area you want to live in or the type of property you want to own. You won’t need to buy a fixer-upper with all kinds of maintenance problems or live in a less desirable area.

In fact, most Shared Ownership properties are new builds so they’ll have the latest fixtures and fittings and will conform to current standards of insulation and heating, which will save you money on your utility bills each month.

And you can live in more expensive areas that may be out of reach otherwise. So, if you’re considering living in east London, Berkshire, Guildford or Brighton (where I lived as a student and could never afford to buy!) you may actually find that your mortgage repayments plus the subsidised rent will still result in a smaller monthly payment than renting in the same area privately.

Shared Ownership is about jumping up the ladder when, otherwise, you might not even be able to make it onto the first rung, so it’s worth considering – if you can afford it. Consider changes in interest rates, your career and the cost of living, adding ‘worst-case scenario’ costings to your budget so see if you’ll be able to cover any fluctuations in your financial situation.

Let me know if you’re considering Shared Ownership in the comments below and please share your positive experiences with me if you’ve already invested in a property in this way.

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This article is a sponsored collaboration. The pink links in the content indicate a sponsored link or information source. The blog post reflects my own experience and the sponsor hasn’t had any control over my content

When children start at their first primary school, or when they move up to high school, it’s a key time in their education. Not only are they meeting new friends, getting to know their teachers and learning the processes and rules that the school follows but that new start is going to make a huge impact on their education as a whole.

That’s the reason why families choose to visit multiple schools and opt to send their youngsters to the institution that the child is most comfortable with – and the one that will be able to offer the best education. And sometimes that school isn’t necessarily in the area you currently live.

But don’t fret – there are things you can do to ensure your child gets into the school of their choice. Plus, there are ways to make the transition to the new school as easy as possible. Both of which may involve moving house and, crucially, doing it at the right time.

So, if you want to move into a new catchment area, where are some things you should consider

School catchments

I always thought that catchment maps were fixed, and were based on the immediate area around a school, or the availability of a transport route from the catchment area to the school. However, catchment areas are NOT fixed – apparently, school catchments can (and sometimes do) change for each academic year.

Of course, your postcode will have a big impact on whether you’re within the catchment area or not, which is something you can check online via SchoolGuide or through your local council’s admission criteria for schools. This is where moving within the catchment zone can help.

So, if you’ve got your eye on a particular school, you may need to check where you need to live in order for your child to study there and if you were thinking of moving house anyway, you may even need to move to the new location to make that happen.

When to move house

It’s quite an upheaval to move a child to a new school during term time – plus, if you move house outside of the admissions period, there may not be a space available for your child at the school in your new catchment areas. That’s why it’s important to consider the timing of your house move.

Before the child starts primary school or goes up to high school is the ideal time. But that’s not all – you’ve got to work backwards from your ideal moving date (probably during the summer holidays before they go to the new school) and then figure out how long the selling and buying process will take.

So, this probably means putting your house on the market in the spring to move during the school holidays. Now is the perfect time to contact estate agents, get the photos taken and get the ball rolling. You’ll also need to be house hunting within the catchment area at the same time to make sure the property chain runs smoothly to fit in with your timescale, as well as contacting UK removals companies for quotes and timescales.

Conveyancing

Finding a house and selling your own home can be a relatively quick process however, any time that you’re moving home, there are going to be some delays during the paperwork stage. With the searches, surveys and contracts to complete, just how long does conveyancing take?

Well, it can sometimes take approx. 12 weeks but occasional snags mean it can stretch longer – it took around 5 months when I bought my home. So, if you’ve got your summer holidays deadline to stick to, there’s something you can do to speed up the process.

You could use a MoveReady conveyancing service, which prepares all the legal documents required to sell your home at the same time that you instruct an estate agent. This brings together all the ownership documents, guarantees, authority searches etc before your house is sold so that you are ready to act straight away when your house sells.

Attwells solicitors say, “By providing all the upfront information on your property you are reducing the risk of the sale falling through by 50%”, which is fantastic news if you need to stick to a timescale that’s dictated by the academic year. Of course, you can’t control the other houses in the chain, but at least you can be reassured that the conveyancing on your home won’t be causing any delays.

That said, you should also be aware of gazumping. This is when a higher offer is made on a property where a price has already been accepted, therefore pushing the original buyer out of the picture. If that happens, you may be left with bills to pay for services that are already in process, but you could investigate arranging gazumping insurance to cover mortgage arrangement fees, solicitors and surveyors bills that are incurred.

Getting ready to move

It’s not just the paperwork you can start straight away, you can tackle the task of moving too. You can start packing up things that you know you won’t need for the next 6 months and pop the boxes in the loft or garage.

Get in touch with moving services to research moving options and decide on the size of vehicle you’ll be using to move. This gives you an idea of how many boxes and pieces of furniture you’ll be able to fit in the truck – you can even map out the space in a spare room and start ‘loading’ the area to make sure your items fit.

This will also give you an opportunity to have a clear out, as not everything will be moving with you e.g. clothes and toys that have been outgrown, duplicate kitchenware, newspapers and magazines, old paperwork that needs to be shredded etc.

This not only gives you a head start on moving but will also make your home look clutter-free, which is always a bonus when people are coming to view your home. It helps them to imagine living in the house with their own belongings if your items are safely packed away and the house is neat and clean.

Hopefully, this guide will help you to plan (and make!) your next house move, especially if you need to switch homes into a new catchment area to coincide with the new school year. If you have recently moved house to a new catchment, please share your experiences in the comments below – it would be handy to learn any tips you have about moving during the school holidays.

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This article is a sponsored collaboration. The pink links in the content indicate a sponsored link or information source. The blog post reflects my own experience and the sponsor hasn’t had any control over my content

Whether you rent or own your home, if you’re living in a property that’s bigger than your requirements, you could save money during the cost-of-living crisis by moving house.

Although it’s not always an option, and you might not want to make a change at the moment, why not put together a theoretical budget to find how you could cut your outgoings if you did make the move?

The main problems during this cost-of-living crisis seem to be:

• Heating – so fewer rooms and smaller spaces to heat could help you cut costs. And, if you move into a newly-built property, it may have better insulation and triple-glazing, which will help you to stay warmer.
• Electricity – again, a newer home may have better facilities, such as solar panels on the roof or newer appliances with A++ ratings, which could help you save money on electricity.
• Interest rates – if you’ve got a mortgage on a bigger house than you really need, you might be able to reduce your monthly mortgage repayments by moving to a smaller – and therefore cheaper to buy – house or apartment.
• Interest rates again – In fact, you might even be able to make money by moving, as your home may have appreciated in value since you bought it and you might be able to sell it for more money than you spend on a smaller property. That’ll give you cash to put in the bank, and then you can take advantage of the high interest rates by saving your money in a tax-free ISA and gaining interest on it.
• Rent – the cost of renting a property is increasing because landlords are having to pay more interest on their buy-to-let properties. If you’re in a larger house than you need, you could cut the monthly rental cost by moving to a smaller property.

So, if you put all your current income and outgoings into a budget planner (find one for free in my resources library) you can see where you currently are. Then, create a theoretical budget for a smaller home, with a lower mortgage or smaller rental cost, and the potential reduced heating and electricity bills.

At least then you’ll have a clear idea of whether it would make sense to downsize your home during these difficult times. I’ve previously shared my budgeting tips for first-time renters on my blog, which may be useful when considering the cost of moving. And, if you do decide to make the move, there are other ways you can get extra money as part of the process.

For example, if you move to a smaller home, it’s likely that you’ll have an excess of stuff to get rid of – furniture, rugs, bedding, and it might even be time to clear out some of your belongings and declutter your wardrobe. Therefore, you can sell these items second-hand via online marketplaces, at car boot sales or even on local noticeboards.

But, if your finances can’t hold out so you’re in a hurry to make the move and start saving money each month, you can pack up the items that you can’t fit into your new home and could keep them in a self-storage unit with a company such as Now Storage to temporarily house your belongings while you’re in the process of moving house.

Then, you can work your way through selling all the items after the move is complete, getting extra cash in your pocket every month. And, if you’ve only got the storage unit for a short period of time you’ll be extra motivated to get the stuff sold as quickly as possible.

Who knows? You might even become a minimalist in the process – I’ve blogged about the money-saving benefits of being a thrifty essentialist minimalist so be sure to check out that blog post, too.

Also, if you choose the location of your new home carefully, you might be able to reduce your monthly travel costs, too. For example, if your new property is on a public transport route, it could be cheaper to get a travel pass than to run your vehicle, which fuel, insurance and road tax.

Or you could simply move closer to your work or the kids’ school so that the distance you need to travel is reduced. Could you even cycle or walk to work? Any of these options would help to save money on your travel costs every month, that’s an added bonus from moving house.

Even though it might not be easy to move house to cut costs, it’s worth looking at the possibilities and seeing what kind of savings you can make on your monthly bills if you do make the move.

Let me know if you can think of any other ways to save money during the cost of living crisis in the comments below – I’d love to hear your hacks for minimising electricity, heating and travel costs.

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This article is a sponsored collaboration. The pink links in the content indicate a sponsored link or information source. The blog post reflects my own experience and the sponsor hasn’t had any control over my content

The current financial situation in the UK has certainly got many of us worried. The increased cost of living and energy price rises are enough to make us wonder whether we’ll be able to cover our usual bills, without considering saving money for our future.

However, it’s more important than ever to put aside as much money as you possibly can, whether that’s for a deposit, saving an emergency fund, paying for further education or building your business. And just because your expenses might have increased, it doesn’t mean that ALL your money needs to go on bills.

Pre-plan your mortgage

It’s important to understand your starting point and to know what you’re heading for. For example, there’s no point in trying to save a huge deposit for an expensive home that you wouldn’t be able to afford the repayments on.

Instead, you can work backwards from knowing how much you want to allocate in your monthly budget for mortgage repayments, and let that determine the cost of the home you’ll be able to buy, and then you can figure out what percentage of the purchase price you’ll need to save as a deposit.

This might mean you’ll be able to reduce the budget for your home search and therefore reduce the amount of monthly savings you’ll have to make to achieve the lower deposit. It’s therefore a good idea to sit down with a mortgage advisor and broker when you want to start your home-buying journey and let them help you create a plan.

When I bought my first home I went to see the mortgage advisor and they were able to show me all the possible scenarios based on different amounts of deposit, different interest rates, different mortgage term durations and different repayment costs.

That way, I knew what kind of difference a larger deposit would make, and what price of house I could afford based on my desired monthly repayments etc. That gave me a clear goal to work toward and meant I could divide the deposit required over 12 months and I knew exactly what I would need to save each month to achieve it.

Organise your finances

But, knowing how much you want to save and actually finding money to put aside for the deposit are two very different things! How can you possibly save for a mortgage when you don’t have any extra money available at the end of the month.

This is where understanding and organising your finances come in. If you’ve got a fixed regular income, you’ll be able to use a monthly budget planner to organise your incoming pay and outgoing expenses to get a clear picture of your available funds.

If you’re self-employed or a freelancer like me, it might be more difficult to plan your monthly income and expenditure. However, you’ll be better able to understand your finances with a freelancer accountancy service.

It not only helps you to organise your tax and national insurance (and therefore the money you’ll need to put aside for this) but can also help you to clearly see your current and potential earnings, so you can forecast how much money you’ll be able to save each month, and what you might be able to afford to spend on mortgage repayments in the future.

Once you’ve got a grip on your finances and are clear on exactly how much money you can earn, spend and save, you’ll have a much better idea of how to progress in your saving journey.

Resources for saving

The key to saving is consistency and commitment. Sure, the above ideas will give you the knowledge to know exactly what financial goal you are heading towards, but now you need to stay focused and do everything you can to meet that target.

Even if it looks like the spare cash you have available is minimal, don’t worry – there are things you can do to better your budget or increase your income to make the savings you need.

I’ve shared some free downloadable ebooks in the My Thrifty Life Resources Library to help you continue saving money, even when you think you won’t have any money left at the end of the month, including:

• 20 Ways to Save
• Monthly budget planner
• 30 Ways to find money checklist

Plus, there are some motivational phone backgrounds available to download to keep you on track, so feel free to have a look at my resources library and help yourself to any of the ebooks and planners you need.

I hope that this blog post has been helpful in getting you started on saving for your first home or other financial goal and I’d love to hear how you are moving toward your target in the comments below. Any advice or money-saving hacks would be really handy to learn so please share your tips too!

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Debt can be beneficial because it allows you to finance large purchases, such as a home or a car. Let’s face it, without a mortgage or personal finance options, you might never be able to afford a home or build that extension. As such, it’s possible compare installment loans online to see how taking on debt can actually help you. However, debt can also be detrimental if it is not managed properly.

Too much debt can lead to financial problems, such as missed payments, late fees, and damage to your credit score. With a poor credit score, you won’t be able to get a mortgage when you want to buy a property – and it can even affect your ability to rent a home, yikes!

The four main types of debt are secured, unsecured, revolving and installment and here’s a little more information about all of them so that you can make an informed decision if you ever need to borrow money in the future. Of course, you should always do your own research and make a decision for yourself, this is just a handy guide to the basics of borrowing.

Secured debt

Secured debt is debt that is backed by collateral. This means that if you default on the debt, the creditor can take possession of the collateral. Common examples of secured debt include mortgages and car loans. The main disadvantage of secured debt is that you could lose your collateral if you can’t repay the debt.

Unsecured debt

Unsecured debt is debt that is not backed by collateral. This means that if you default on the debt, the creditor cannot take possession of any property. Common examples of unsecured debt include credit cards and student loans. Unsecured debt is handy because you don’t need to own any prior collateral, but the disadvantage is that it’s more difficult to get approved for unsecured debt.

Revolving debt

Revolving debt is debt that has no set repayment schedule. This means that you can make minimum payments until the balance is paid off. Common examples of revolving debt include credit cards and lines of credit. Revolving debt is handy because you can pay it off over time without any pressure. The disadvantage of revolving debt is that it can be easy to get into trouble with debt because there’s no set repayment schedule, so the debt can continue to build up to an unmanageable amount, with interest added on top.

Installment debt

An installment debt is a debt that has a set repayment schedule. This means that you will make fixed monthly payments until the debt is paid off. Common examples of installment debt include mortgages, car loans and business loans. The disadvantage of installment debt is that it can be difficult to get out of debt if you can’t make the payments and you may be charged fees if you don’t make the agreed payments.

Debt can be both useful or worrying depending on your circumstances. It is important to understand the different types of debt and how they can impact your life before making any decisions about using debt. Let me know your experiences with using debt in the comments below and always do your own research if you’re planning a large purchase or need to borrow money. Never overstretch yourself because you WILL always have to pay it back.

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