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Details: Published: 24 July 2023; Hits: 226

Many parents are keen to help their children get onto the property ladder, but if they don’t have a large lump sum available to hand over, they often believe that there’s nothing they can do to assist.

However, that isn’t actually the case. At Warren Powell-Richards, we often see clients who are searching for property solutions for their kids, and one of the options could be a family offset mortgage.

Family Offset Mortgages – What Are They?

A family offset mortgage is one of the types of offset mortgage on the market today. All kinds of offset mortgage work by offsetting savings against the home loan to reduce its total amount and, thus, reducing how much interest is paid overall.

There are three key points to note when it comes to family offset mortgages:

The total capital repayments stay the same, but the amount that interest is charged on, will reduce.
The linked accounts won’t earn interest.
A family offset mortgage may not have as competitive an interest rate as a standard mortgage.

Bearing these three points in mind, it’s important to work out the advantages and disadvantages before going for this option.

How Much Do I Need To Have In My Savings Account To Apply For A Family Offset Mortgage?

All lenders have their individual criteria when it comes to applying for a family offset mortgage, but in general, you’ll need around 10% of the property’s purchase price. With some lenders, the levels will be significantly higher. There may also be extra stipulations, for example, a minimum yearly income.

Can I Make A Family Offset Mortgage Application?

If you have sufficient savings, there are some other considerations to keep in mind when determining whether you can make a family offset mortgage application. Approval will depend on your credit history, your debt-to-income ratio, and even the type of property being purchased.

Does Every Lender Offer Family Offset Mortgages?

There are some lenders who offer this type of offset mortgage, but many of the big-name lenders don’t offer these specialised products. Other lenders offer them but call them by a different name! It’s therefore essential to seek professional advice if you’re interested in taking out this kind of mortgage.

Should I Opt For A Family Offset Mortgage?

There are a number of advantages in applying for a family offset mortgage as a way of helping your child buy a property. They include:

Less interest will be paid overall.
There is more flexibility so the mortgage duration could be shorter or lower amounts could be paid each month.
Most family offset mortgages accept overpayments.
If you’re a higher-rate taxpayer, this mortgage could potentially benefit you.
Your savings can still be accessed.

On the downside though:

You’ll receive no interest on your savings.
The interest rate will likely be higher.
You will be restricted to only a few lenders.
The terms may not be especially attractive.
The LTV ratio may be prohibitive.
You may not have enough savings to make it worth your while.

With all of this in mind, it’s easy to see why talking to a mortgage professional is so important. However, once you’ve made your decision, or if you need advice about finding a suitable property for your child to help them onto the property ladder don’t hesitate to give our team a visit or email us at This email address is being protected from spambots. You need JavaScript enabled to view it.

Details: Published: 24 July 2023; Hits: 209

Minimalist isn’t just about décor, it’s a lifestyle.

If you want to create a minimalist home, you’ll need to commit to changing both your environment and your mindset.

To help you get on board with the minimalist trend and start living a simpler life, here are four tips you’ll love on how to create a minimalist home.

What is a Minimalist Home?

A minimalist home is often referred to as a modern design for the interior of your home. It usually involves using the bare minimum of things to create a simple and uncluttered space. A minimalist home is usually one that feels spacious, neutral, and simple.

4 Tips on How to Create a Minimalist Home

Declutter

One of the fundamentals of minimalism is that less is more. Fewer things and less clutter are two of the biggest principles.

But minimalism isn’t just about getting rid of things. It’s about having things in your home that serve a purpose – either emotionally, aesthetically, or functionally. If your stuff doesn’t fit that criteria, Marie Kondo it, thank it for its time and pass it on to a new owner!

Opt For Bright, Neutral Wall Colours

A minimalist home utilises space in the best possible way. To make your home appear bright and spacious, paint the walls in light, neutral tones. This can create a more natural look to your home that feels calming.

Choose Bold Furniture

If you want to create a minimalist home, be bold! Opt for furniture that’s big and has solid colours – like orange, brown, green, or navy. If you don’t want to buy completely new furniture, try repurposing the things you already have. You could paint your old furniture or upcycle something on the cheap.

To keep your home clutter-free, stick to having a few bigger pieces around your home – like artwork or mirrors – rather than lots of smaller accessories.

Buy Intentionally

Everything in your home needs to have a purpose, both now and in the future. The trick to keeping your home minimalist is to buy with intention.

Before purchasing anything, consider these things:

Does it match your existing décor?
Will it have a place to live?
Is it made from the same or similar materials to the other items in your home?
What will this item’s purpose be? Functional, aesthetic or emotion-inducing?

Make it a rule that you don’t buy something unless you can answer these questions.

Are You Going Minimalist Before Selling Up?

One of the best things you can do when staging your home for a sale is to opt for a minimalist look. Less stuff means fewer distractions. Fewer distractions lead to buyers visualising themselves living in your space!

If you’re becoming a minimalist before selling up, we’d love to help. Here at Warren Powell-Richards, we’re experts in helping you sell your home in the best way.

Email us today; This email address is being protected from spambots. You need JavaScript enabled to view it.; or pop in and see us to arrange a valuation from one of our experts.

Details: Published: 17 July 2023; Hits: 170

Many people believe that spring is the best time to sell a house, with buyers wanting to be moved in ready for summer, viewings able to take place later in the day thanks to the lighter evenings, and spring traditionally being a time for new beginnings.

However, there are plenty of reasons why September is actually a better time to sell, with leading property website Rightmove even confirming an increase in traffic numbers to their website in their most recent figures.

If you’re thinking of selling your property here are a few reasons why September is a great time to sell:

Motivated Buyers

Buyers who start looking for a home in September are generally planning to be moved in by Christmas, particularly if they’re looking to host family and friends in their new home.

As a result, they see December as a self-imposed deadline, which can encourage them to make an offer quickly and also do their best to speed up the buying process.

The School Holidays Are Over

Summer is usually seen as the worst time to sell, especially if your home is ideal for a family. With the kids off school, and many families going away on holiday, most parents don’t have the time or energy to be looking at properties during July and August.

However, once September comes around again, it can be much easier for buyers to fit the time in for viewings. It’s also better for sellers too, as it’s easier to keep the house clean and have viewings during the day with the kids back at school.

School Admission Deadlines

As parents will know, school admission deadlines fall in late January, or early February. Therefore, families looking to move into the catchment area for a particular school will need to be moved in by this point, making September an ideal month to start looking for a new home.

You Can Highlight Your Home’s Features

With the Winter months approaching, gardens become less of a focus for buyers, as they’re more interested in a cosy home where they can stay warm.

This gives sellers a great chance to highlight the interior features that make their home ideal for the colder months, such as a fireplace or a wood-burning stove.

And having it lit for the estate agent’s photos can really make a difference to buyers.

You Can Show Off The Views

If your home has great views that are obscured by fully blossomed trees in the spring and summer months then September can be a great time to highlight its full views to buyers.

With autumn fast approaching and the leaves starting to fall, it may be the ideal time for buyers to see the views at their best, and it can even allow more light into the house and garden.

You’re More Likely To Get The Full Asking Price

Research shows that September is a strong month for buyers, with property searches very high, compared to November and December for example.

This means more potential buyers for your property, which in turn means more competition among buyers. When you consider the fact that there are more motivated buyers too, it can create a perfect storm for sellers.

It’s also worth noting that if you list your house during a quieter month it might stay on sale for longer. This may lead to buyers questioning why, and perhaps going in with a lower offer than they’d otherwise be making.

Are There Other Good Months To Sell?

March is still considered by many people to be the best time to sell. Houses that come on to the market during that month tend to sell quickest on average, and there are several reasons why it’s considered to be a good month.

The weather’s getting milder, which encourages buyers to go and view houses
Gardens are coming into bloom
The evenings are starting to get lighter, so buyers can see a house in its best light
There’s usually plenty of buyers in the market for a new home
Kids are still in school, so busy parents have more time to view properties

However, it’s worth remembering that different times of the year can appeal to different buyers.

For example, September is still seen as a good month for buyers with children, due to the school admissions deadline and wanting the family to be in their new home for Christmas.

On the flip side, first-time buyers and young couples may wait until the new year to start looking, with the aim of being in their new home in time for the summer, when they can host friends and family into the evening, with no kids to think about!

Thinking of selling in September?

Warren Powell-Richards are your local property experts. Pop in to see our friendly team.

Details: Published: 17 July 2023; Hits: 174

Could A Garage Conversion Boost Your Property Value?

As a homeowner you may wonder whether a garage conversion could be the best way to add more living space to your home while boosting its value.

It’s becoming increasingly harder to move up the property ladder to a larger home due to rising property prices, so as the need to accommodate a growing family becomes more pressing for many families, it isn’t surprising that a garage conversion could be the answer.

If you’re considering converting your garage, the team at Warren Powell-Richards have some helpful advice that will enable you to make a well-informed decision.

What Are The Benefits Of A Garage Conversion

Fewer people park their cars in their garages these days, instead using this valuable space to store clutter and junk! Whether a single or double garage, a conversion will create a functional extra room that could make a massive difference to your family’s living arrangements. Not only will the extra space improve your home’s functionality, but it will also make it more appealing to purchasers when you’re ready to sell.

Do I Need To Get Planning Permission For a Garage Conversion?

Usually, you don’t need to get planning permission for a garage conversion so long as all of the works are internal with no extension to your property’s footprint. The only exception is if you live in a listed property or conservation area when planning permission may be needed. You should also note that obtaining a party wall agreement from your neighbours may be necessary before beginning work.

Garage conversions must comply with the appropriate building regulations concerning energy efficiency, structural safety, drainage, fire safety, and ventilation. This approval must be in place before beginning work, and inspections may need to be carried out at different stages during your project.

How Much Do Garage Conversions Cost?

Your garage conversion cost will vary depending on your garage’s size, the complexity of the project, the type of materials you choose to use, and the finish you decide to opt for. In general, the average cost of converting a single garage will range between £5,000 and £20,000.

What Could I Use My Garage Conversion For?

Converting your garage will give you valuable additional space, but the purpose you choose to use it for is up to you. Some popular ways of using garage conversions include:

Home office
Fitness room
Playroom
Guest bedroom
Extra family room
Games room
Media room
Kitchen extension
Extra bathroom

All these options will add value to your home and make it more attractive to potential buyers when you decide to move on.

When you’re ready to sell your home or look for a new property, the Warren Powell-Richards team is here to help.

As experts in the local property market, we’re confident we can help you find the perfect buyer for your existing property and the ideal new home to move into.

Details: Published: 11 July 2023; Hits: 202

To buy, or to rent, that is the question

Whether you’re going to rent, or if you’re planning to buy, your next home move is a personal choice. There are pros and cons for both, and some thinking will need to be done before making a decision.

While many people want to own their own home, for others renting is the best option for them.

It’s not just younger people who are renting either. A large proportion of renters are those who cannot yet find enough money for a deposit to get on the first rung of the property ladder, but there is also a growing number of older people who are renting as they downsize or move to be near family.

But what are the pros and cons of renting or buying?

What should you consider?

Here, we look at some of the things you should be thinking about.

Renting to keep costs down?

It could be said that renting doesn’t cost as much as buying because you don’t have to find a deposit for a house. This is indeed true – but not always! Monthly rents are sometimes cheaper than monthly mortgage payments but this is not always the case. You will need a deposit (which is protected by government-backed schemes), and you will usually need to pay a month’s rent upfront. This however, is still a lot lower than having to find upwards of a 15 per cent deposit to buy a house.

Renting may initially be cheaper, but you will not be on the property ladder and you won’t be investing in bricks and mortar and the potential profits that can accumulate as a property’s value rises.

What about maintenance costs?

This is often a tricky question to answer. Why? Because as someone who rents, your landlord will be expected to keep the property well maintained, and legally they have to make sure that the house is safe to live in, with regular electrical and gas safety checks.

But, as the person who rents, you will need to look after the property and there is an acceptance by many that it is up to you to keep the property in good condition. If you break items, the likelihood is that it is in your contract to replace like for like.

Of course, if you own the home, then all of the maintenance will come down to you and you will incur the costs – but on the plus side it is your home and you are investing in it.

Top Tip: Think about your finances and whether or not you can afford to keep your own property in tip-top condition.

It’s flexible

Renting is a way for you to live somewhere where you may not be able to afford to buy, or where work means you have to live. Renting can be a good option in this case because if you have to move often due to your work, you’re not going to want to go through the selling and buying of a property multiple times.

This is a real benefit to renting, but please be aware that if you are tied into a contract for a specific length of time, then you may not be able to get out of it easily.

Top Tip: If you can, specify the length of your rental contract. If you think you may only be somewhere for six months, make sure you are not tied in to a contract with a no break clause.

When it comes to renting or buying, it’s best to take the time to make a list of all the pros and cons. Circumstances may mean that you have to rent, but if you look at the figures, you might think it better to get on the property ladder.

You will need to do all the financial calculations based on your circumstances to get the answer to these particular equations, but we at Warren Powell-Richards can offer you our professional advice to help you make an informed decision.

For more advice pop in and see us. We might even have a house for sale that is perfect for you!