Securing a mortgage so you can buy your home is an exciting time, whether you’re buying as an individual or with your partner or a friend. As well as having to pass a series of checks in order to acquire a mortgage, you will need a deposit, too.
This means that you’ll already be used to putting money aside and saving it, so should find budgeting for your mortgage payments is quite straightforward.
Your mortgage will be paying for the roof over your head, so ensuring that you treat this payment as a priority and are always able to meet your obligations is 100% necessary.
Planning your mortgage budget is something worth doing while you’re saving your deposit, as you’ll be able to secure lower mortgage payments by saving more towards the deposit in the first place.
Here are some tips to help you budget effectively.
Analyse Your Finances
Look at your total incomings and outgoings. If you’re buying as a couple, even if you usually keep your financial affairs separate, you should do this together including both sets of finances so you get the most accurate idea of what will be affordable.
If you’re moving to a new area or into a bigger house than where you currently live and bills are likely to change, make sure you research adequately so you can project what you’re likely to be paying. Far too many people find themselves struggling as they budgeted based on what they currently pay or on rough estimates.
As well as being careful to include all bills within your outgoings, it is also worth checking which benefits you might be entitled to, depending on where you live, if you have children, and your employment circumstances.
Dealing with Changes
Speak to potential mortgage providers to ask how they deal with changes to base interest rates and economic conditions. If you take out a variable rate mortgage, for example, you know you’re going to pay more if interest rates go up. However, lenders won’t be so quick to reduce payments should interest rates fall, but they might allow you to take a one-month payment break or pay a reduced payment as a one off.
You should also consider any introductory rates when budgeting. Look over the longer-term to learn whether you’re actually better off, or whether such a promotion is merely a vehicle to make more money in future.
We don’t know what is going to happen to us in the future. If you have an accident and you are unable to work, or you’re made redundant, then you don’t want your home to be at risk. Ensure you take out insurance so you can still pay in the event of unemployment or sickness, and be sure you aren’t paying too much like you might have been in the past with credit card payment protection cover.
You should also look to build a ‘buffer’ into your budget so you’re able to save a little extra in the event of unexpected charges or increases in payment, and remember also to revisit your budget on a regular basis.
Denise is a finance entrepreneur who is currently interested in paying cash for structured settlements as she looks to secure a consistent cash flow for her family in the future. Denise sees this approach as a great alternative to traditional investments.
Period properties were built with some spectacular features, many of which are back in vogue. However, due to the change of styles, many of these period features were ripped out throughout the 1900s.
With such a high demand for period features and few properties with them, they could add thousands of pounds to the value of your home. If you live in an older property, you will likely find buyers are willing to pay a premium if you have restored the original features.
There are of course a number of features that your home may have, so where do you start? Well, here are a few of the most loved features that buyers are looking for.
Tiled entrance halls
When you walk into a home to a tiled entrance hall, it really makes a splash. If you’re living in a period property, it could even be hidden underneath the current flooring. It’s worth taking a look as by revealing it to buyers; your home could be in serious demand
New builds are often very box-like with small rooms with low ceilings. A high ceiling, hopefully complete with detail, makes the smallest of rooms feel spacious. If your home features a high ceiling, make sure you show it off.
Following on from high ceilings, cornicing and ceiling roses will really bring a room to life. Due to the high ceiling, if the room doesn’t have any features, such as the dado rail and cornicing, it can sometimes look out of proportion
Today you’re more likely to find white plastic double-glazing than any original windows, so box sash windows and traditional casement windows are very popular. If they’ve fallen into disrepair, don’t have them replaced; get them restored to their original beauty.
A large fireplace makes for a spectacular focal point. However, buyers these days are clued up on which fire place suits which period. Stick an overbearing Art Deco fireplace in a Victorian property and they won’t be impressed. If it’s not already there, make sure you’re restoring features from the correct period.
Impressive panelled doors with brass fittings are definitely a show stopper in any period property. After all, it’s the first thing that buyers see when visiting the home. If your period home is missing the original doors, it is possible to get one made.
Shelter is probably the best known charity in London for homeless people, but there are many more smaller charities striving to make a difference. London is an enormous city, so it should come as no surprise that there are several charities with a remit for helping the homeless people of the city.
Here are four London homeless charities that tirelessly raise funds for helping the homeless.
SHP is a London based homeless charity that has been operating for over 35 years. It was founded in a single property in Pimlico by a small group of homeless people. Since then it has grown to help over 6,000 of London’s homeless across 16 boroughs. It aims to help people get access to the appropriate treatment for substance misuse and work with authorities to break patterns of offending behaviour.
SHP also helps people with mental health problems and helps them to manage their tenancies and develop the appropriate life skills.
Broadway also supports homeless and vulnerable people in London. The charity works with over 7,000 people every year to support them on the journey from life on the streets to a stable life in their home. The charity runs a variety of projects from Street Outreach to Advice Services to help their clients improve their physical and mental health and gain training and employment to help them achieve independence and success in their lives.
The charity also works with other agencies and government to improve practices and homeless policy.
Centrepoint works with young homeless people across London and it also has a presence in the North East of England. The charity is patroned by Prince William and provides support to over 1,000 young people every year. It provides a variety of support structures from health and housing to education and ongoing support. Centrepoint also works with other charities and aims to represent the young and homeless people of Britain in parliament.
St Mungo’s is a homeless charity which operates in the city of London and across the South of England. The charity started life in Battersea with a small volunteer run hostel and added several new hostels across London in the 1970’s. Since then it has grown and now supports over 2,000 people every night.
Aside from offering those in need a bed, St Mungo’s also provides a range of additional support services, including psychotherapy, peer-support, life skills development and job opportunities. The charity aims to tackle health, dependency and unemployment as well as running an emergency service to rescue people from desperate situations.
St Mungo’s aims to tackle each individual’s unique circumstances and help them feel like they are making progress in their lives.
Supporting Charities in London
Charity work in London can be a hugely challenging and rewarding career choice, whether it is helping people find a home or addressing their mental health issues. There are a large number of organisations in London alone. Each needs help and support in order to maintain the invaluable services they provide to the community.